Have you reflected on why you became a financial advisor? Have you created a story around the answer and repeated it to your clients and prospects? If you haven’t, I urge you to do so.

In 2009, Simon Sinek gave the fourth most watched ever TED talk. That talk has been viewed more than 50 million times.

Sinek expanded on a very simple thought. "People don't buy what you do; they buy why you do it." Why you solve financial problems is more important to people than how you solve financial problems. Your "why" is the reason people believe in you and open accounts with you.

People don’t share your vision if they merely know what you do or how you do it. They share your vision, and will follow you, if they know why you do what you do. "Why" is your belief. "How" is the action you undertake to realize your belief as you do your job. "What" is the result of your actions; the financial plans you create, the solutions you provide and the advice you dispense. There’s little or no differentiation in the what or the how among financial advisors. Differentiation is in the why. Don’t just be a financial advisor with good products and good solutions. Be a financial advisor with a cause. A well-stated why will decommoditize you.

So, if you haven’t already done so, build your "why I became a financial advisor" story today. You want to get your why across and a story is the greatest delivery system of all. Stories are memorable and easy to understand. Also, a well-told story will help you connect emotionally with your listener. Connecting emotionally is critical to your success. People need to know you are in business for the right reasons. Sinek is convinced that letting your passion show through while explaining your why triggers trust and loyalty in your listener’s brain.

People want to know what drew you to your profession. If you demonstrate an obvious passion for your work, this will influence their opinion of you and make all the difference when it comes to choosing among several advisors.  

I know an advisor who tells his clients and prospects that he was in medical school and couldn’t afford to finish. While in medical school, he noticed patients making medical decisions based on their finances. He didn’t think that was right. That observation led him to become a financial advisor.

I have a friend in St. Louis who became an advisor because of what his family went through. His father was a drycleaner. He never set up a retirement plan. He leased the space for his dry cleaning store. He rented the equipment he needed. There was no money, other than personal savings, at the end of his journey.

These are great reasons to become an advisor and those reasons make for great stories.

Loyalty cannot be established until people know your why. People will be ready to listen once they know you are there for the right reasons.

First « 1 2 » Next