Why would a prospect end up choosing you over another adviser?
There’s really only one thing that a prospect is looking for when they begin the conversation with you. If they believe you can provide it, it’s much more likely that they’ll become your client.
What Prospects AREN’T Buying
Despite what most advisers think, people aren’t working with them because of their:
- Superior investment selection
- Comprehensive financial plan
- Account aggregation software
- Years of experience
- Credentials after their name, etc.
We’re all proud of those things and they play a role in the decision to work with you, but they’re not the reason people choose you over everyone else. Prospects aren’t buying the products or features you provide. They’re actually not buying the benefits either.
They’re Buying Transformation
The one thing that they are buying is the transformation that they believe they will get by working with you.
What do I mean by that? It doesn’t matter what people are buying. Whether it’s a candy bar or new car, we’re all looking for the same thing: we’re living in a current state and we want to move into a desired “after state.” We believe making the purchase i going to move us into that place we want to be.
Imagine what your prospect’s thinking. Why are they talking to you? Why are they looking for a financial adviser? I can definitely tell you that they’re not calling you because everything is perfect with their finances.
They’re calling you because they are discontent with some aspect of their financial life. They’re not completely happy with everything they’re doing. They have a problem that they don’t know how to solve and they may be frustrated, worried or confused. The fact is they’re looking for an adviser because they are in a place that’s less than ideal.
And that’s your ideal prospect. Why? Because you know that you have the solutions they’re looking for.
Where Do They Want Go?
If their existing state is discontentment, then they need to move into a place of contentment.
This is the entire value of your service business summed up in one sentence: you are helping people move from their before state to an ideal after state.
If you can clearly communicate this in a way that they understand, you’ll never have to sell anything ever again.
What’s The Next Step?
Take out a sheet of paper and write down answers to these questions.
- Where are they now?
- What are their problems?
- Why are they looking for help?
- What’s their emotional state?
- Where do they want to be?
- How will this change after working with you?
- What will they have?
- How will they feel?
- What will they leave behind?
- What kind of person do they want to become?
Once you’ve written these answers, you’ve taken the first step to discovering the transformation your ideal client is looking for. Start using these things you’ve discovered as you talk with prospects moving forward. Pay close attention as you talk about their desired “after state.”
Dave Zoller, CFP®
Streamline My Practice