The need for Social Security advisory services is unprecedented. Nearly all financial advisors’ clients will qualify for Social Security benefits, most claimants (96%) do not maximize their benefits, and the rules are extraordinarily complex.
With over 200,000 financial advisors in the U.S., competition in the financial industry makes it difficult to stand out. By obtaining industry certification as a Social Security expert, financial professionals who specialize in the niche offering of Social Security advisory services are finding success by distinguishing themselves from their competitors, increasing profits and delivering valuable insights to clients.
The following are five reasons why an industry certification in Social Security is the next new trend for financial advisors.
1. Differentiate Yourself And Your Business
The guidance and feedback of an expert is highly prized and one of the most valuable products on the market. Particularly with Social Security, the market for expert education and advice about claiming benefits is extensive. Specialization helps advisors become highly effective at serving their clients and increases their branding potential, with referrals converting 30% better than other forms of marketing.
By becoming a trusted Social Security advisor, you will quickly differentiate yourself and your business as the expert to turn to when questions arise about this topic, increasing your competitive advantage in the marketplace. Adding this service to your practice requires little or no capital investment. Your education and proficiency on the topic along with quality Social Security maximization software are the most valuable investments you will make.
An exceedingly small percentage of Americans are “very knowledgeable” about Social Security. In a recent SimplyWise survey, only 1 in 300 could answer all five survey questions correctly. Your specialization in the topic will be filling a vast unmet need in the financial services market space.
As a trusted financial expert and advisor, you should expect and encourage your clients to ask you about Social Security. If you are not able to help them, they may look elsewhere. As a Social Security expert, you will become the go-to advisor for this age group and clients who are grateful for your expertise will refer others to you.
2. Strengthen Current Client Relationships
As an established financial professional with existing clients, adding the specialized service of Social Security expertise is an excellent way to strengthen those relationships.
In fact, your clients may already be asking you questions about Social Security. Many financial professionals refer their clients to the Social Security Administration (SSA) for advice, but SSA representatives are not permitted to provide personal advice, only facts and information. With over 2,700 rules governing the Social Security program, becoming a certified expert on the topic gives you the knowledge needed to provide them with correct answers and information.
Making an educated decision about claiming Social Security is even more important for women than men due to women having the longer life expectancy, lower lifetime earnings, more time out of the workforce and being the likely survivor of a couple. At the same time, the need for women to obtain financial advice is growing with women quickly surpassing men when it comes to making money, increasing their earning power and accumulating wealth.
Therefore, financial advisors working with couples have an extraordinary opportunity for strengthening current client relationships by providing Social Security advisory services and making sure their female clients are included in all retirement financial planning decisions.
3. Attract New Clients
Attracting new clients by offering specialized Social Security services will begin with your existing clients and professional affiliations. There is nothing more powerful than an extensive network of others in the community who are aware of your skills and expertise and will refer people looking for your services.
Your reputation as a trustworthy source who understands the details of Social Security and who wants to share that knowledge, will establish you as a trusted expert advisor.
Becoming a thought leader in your community can be achieved by providing educational Social Security content that clearly conveys you understand the topic and have a good grasp of the issues involved. In addition to writing blog posts and articles, seminar and webinar presentations on Social Security are remarkably effective marketing tools.
People are more comfortable purchasing a service that they have been able to experience first, especially if the topic involves anything financial. Therefore, do not be afraid to share your Social Security knowledge. Many who come to know you may not need your services but will know of someone else who does.
Once you begin to advertise and spread the word to attract new clients, the referrals of individuals who work with you and experience your high-quality professionalism and expertise with Social Security will grow your business.