business woman leaning against giant dollar sign

Winning business puts you in a competitive situation. You are directly competing against others: "We are interviewing several candidates." Or it can be safely assumed you are competing against the prospect itself: "We can go online and do this alone; what do we need her for?"

How can you establish the value of you and your firm?

Forget what you've been told

Sales training comes back in a flash. Sell yourself! But unless you have your own TV program and have personal brand identity, this is unlikely to win the sale on its own.

There are lots of independent agents and advisors out there. Prospects often commoditize them, which leads to "give me your best price" conversations. Somehow, the prospect needs to feel they are "taking a step up" when they do business with you and your firm.

Selling the firm

Let's lead with the firm. Years ago, I presented training in Honolulu. After my last session, a big producer invited me into his spacious corner office. He explained he was losing business in big ticket competitive situations because he couldn't differentiate his firm from the many competitors also competing for the prospect's business.

When we come up with selling points, arrows in your quiver, so to speak, they must be provable. You can't say: "We're the best" and leave it at that.

I suggest your source material include the parent company's annual report. It's the ultimate Compliance-approved document! You can point to stuff. Prospects can take the booklet with them.

You want reasons that are relevant, easily related to and provable. You want them to see value without you needing to explain too much. Here are 8 potential reasons to do business with your firm:

1. Integrity. The value is obvious: People trust your firm. How do you prove it?

How many years has the firm been in business? Longevity matters. How many clients does the firm have? How much in assets under management or another measure of monies entrusted to the firm? How many corporate retirement plans does the firm manage? How many benefit plan clients?

You are bound by client confidentiality, but some institutions must make this information public knowledge. In that case, mentioning those high-profile names may be permitted by Compliance. This information is likely in the Chairman's introductory letter at the beginning of the annual report.

2. Size. It matters. If someone's entire contact with the firm is just you in your one-person office, what happens when you are on vacation?

Seriously, a firm with hundreds of offices in all 50 states means there's help when and where the client needs it. There's a good feeling to hearing "The resources of our firm are available to you." We are everywhere." The number of offices, agents and employees should be in the annual report.

3. Name Recognition. Now those ads on TV and the firm's name on the tallest downtown building come into play.

The integrity and size build brand awareness. The firm may be the largest insurance company in North America. Maybe the world. This is usually quoted in articles in the financial press.

You want the prospect to feel they are taking a step up when they sign on with your firm. Your firm is a respected partner. Find an article in the financial press that speaks to your firm's position vs. its peers.

4. Stability. Clients want to feel their money is safe.

Banks have gone under before. How do they know your firm is stable? Rating services make it easy. Lots of credit agencies and other firms provide ratings. You want to show your firm gets the highest marks. Find a source for credit ratings. It might even be in the annual report. It's good to have a third-party source.

5. Global presence. If your prospect is wealthy, it's likely they travel. They want to know help is available overseas too.

Why might this matter? Maybe they have bought health or travel insurance. They feel better knowing there's a brick-and-mortar location they can walk into, identify themselves as a client and say: "I have a problem." That office might just phone you, but it should make them feel better. Number of global locations is often in the annual report too.

6. Awards. Now it's time to stand out – "we're #1! — and to prove it.

Plenty of magazines and organizations conduct annual rankings. Find some awards the firm has won. Customer service is one that would matter to clients. You want rankings where the firm is #1 or #2. As I heard someone say, "No one wants to travel on the world's 8th safest airline." Your company website likely has a Press Room tab. These awards usually show up there.

7. Technology. It's a safe bet your company spends a lot on it.

The most important benefit to your client is the ability to access information 24/7, without waiting to call you. Find out where and how your firm is spending their technology dollars.

8. Local Presence. Here's a sleeper. How long has your firm been in town?

It's likely been decades. They probably give back through charitable contributions. Why is this important? Online firms often don't have a Main Street presence. If they do, they are often slick newcomers. Show that your firm has been part of the community for a long time. Your branch website likely has this historical information. If they don't, it should.

Selling yourself

OK, we have eight powerful reasons to do business with your firm. How about selling yourself?

1. Experience. How long have you been in the business?

Prospects are often afraid to get "the new guy" because they may not know everything, or still be learning. In most professions, you get better the longer you are doing the job. You likely have certificates on the wall or plaques on your desk giving an idea of your tenure.

2. Education. You are an insurance professional. You have likely earned several professional certifications.

These require continuing education. Talk about your qualifications. Your prospect likely has a similar series of steps to attain in their own field. Point to those certificates.

3. Stability. You've heard of people who jump from firm to firm.

Clients might wonder, "What happens to me?" Stability shows a commitment to your clients. I met an advisor in California who had a large B+W family photo on the wall. He explained he has been with the firm 20 years, been married 15 years and has two children, ages 12 and 9. The photo makes a statement. Commitment in marriage often comes across as a commitment to clients. Get that photo onto your wall.

4. Your team. It's not just you. There are other people who can work on behalf of the client.

You have an assistant, maybe they are a shared resource. You might have team members. Maybe your office has onsite specialists. There's more help that's a phone call away, a virtual team. Show your team's organization chart. Ideally there are photos.

Now you have many arrows in your quiver. You have an arsenal. You don't roll them all out. You pick and choose, depending on what you think the situation requires.

You can sell the firm and yourself, so your prospect can think: "I'm taking a step up when I sign on with this agent!"

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.

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Why you? How to establish the value of you and your firm

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