Most advisors are stating a value proposition somewhere in their marketing materials and digital presence—but they’re probably not doing so effectively, according to “Advisor Value Propositions: How Advisors Showcase Their Value—and What Investors Secretly Think,” a recent report from BNY Mellon’s Pershing.

According to Pershing, many advisors lack one or more of the four most important components of a value proposition: the attributes of the firm, the benefits to the client, a rational argument and an emotional component.

Pershing conducted a survey of more than 1,000 investors with at least $1 million in net worth, finding that advisors aren’t being effective at making their value propositions clear to prospective clients—more than two-thirds of the survey respondents, 63 percent, believe that all advisors make the same promises to clients and prospects.

When Pershing mined information off of advisor websites, it found that most firms’ value propositions concentrated on the firms themselves, discussing the business and revenue model of the firm, the investment management style and the type of services available to clients. The most popular theme among all of the advisor websites researched was “comprehensive portfolio management.”

Pershing’s survey found that the most desirable themes in a value proposition included the offering of tailored or bespoke solutions; the firm’s adherence to a fiduciary standard; and its assurances of trust, integrity and accountability. However, since these themes already appear on most advisors’ websites, they’re not enough to differentiate one advisor or firm from its competition.

When high-net-worth investors were asked if financial advisors truly work in their clients’ best interest, the responses were split almost 50-50, with 48 percent of respondents believing that advisors often render advice that is more profitable to the firm rather than recommendations that are in the clients’ best interest.

According to Pershing, advisors need to more clearly articulate who they are, what their skills and specializations are, and their vision for their firms, then differentiate themselves by speaking directly to their niche.

For example, a common theme among the respondents in Pershing’s investor survey was that, by themselves, financial planning and investing were not that important. Instead, the respondents were more likely to desire lifestyle planning aimed at maximizing their current and potential happiness. Nearly three-quarters of high-net-worth respondents sought financial advice that reflected goals beyond their personal finances.

From a website and marketing materials, niche clients should be able to understand exactly how an advisor’s services will benefit them. Firms should also identify their ideal clients and communicate a general understanding of the clientele’s concerns, according to Pershing.

Yet the survey respondents indicated that advisors targeting some potential niche value propositions, such as planning around life events like marriage, divorce and inheritance, or emphasizing community service, or offering services tailored to business owners, were not effective in attracting the respondents’ interest.

An advisory firm’s materials should also make a persuasive emotional argument to motivate prospects to choose it, according to the report. Pershing argues that advisors spend too much time touting their services and expertise and not enough time discussing how they can help protect and preserve a client’s wealth.

The investor survey respondents gave high marks to value propositions that emphasized confidence, empowerment and accountability.

Advisors should also speak directly to a client’s potential dreams and aspirations and discuss how their own visions align with the clients’.

According to Pershing, advisors are failing to tailor their messages to the client base they wish to target, and are missing an opportunity to emphasize the importance of trust, accountability and transparency.

When Pershing’s researchers were asked to look across social media for advisors’ value proposition statements and messaging, they came back largely empty-handed, according to the report. Yet prospective clients are turning to digital tools to find their advisors—more than three-fifths of the investors surveyed said they researched advisors online.

More than two-fifths of the respondents, 41 percent, said they used Google to find information about potential advisors, making it the top source, followed by LinkedIn, which was used by 27 percent of the respondents. The SEC’s advisor search, Facebook and Twitter rounded out the top five digital sources used by investors to find advisors.

Potential clients, especially younger ones, are also looking at advisors’ personal social media accounts for information, with one in three of the survey’s respondents looking at an advisor’s personal Facebook page and over 50 percent of them deciding not to work with an advisor because of something they saw posted there. More than two-thirds of the respondents under the age of 40 had checked a prospective advisor’s personal Facebook page, and of those, 66 percent had decided not to work with an advisor because of something they saw there.

Pershing warns advisors to be careful about posting their opinions on social media, and to make sure that posts expressed on personal pages remain in line with their firms’ value propositions.

Advisors should also keep in mind the differences among client generations. Younger investors care more about personal happiness, enjoying their lives and having a positive attitude toward their wealth as opposed to mere financial performance. Older investors tend to be more conservative and respond more positively to messages on capital preservation and income generation.

Investors under age 40 tend to be more entrepreneurial and are more likely to respond positively to value propositions offering guidance through life events. Investors over age 65, on the other hand, care more about trust, integrity and fiduciary advice.

Pershing identified “power words” that investors prefer most, including “committed,” “comprehensive,” “dedicated,” “independent,” “objective,” “financial planning” and “reliable.”

Advisors should also avoid specific words and phrases when communicating with clients and prospects, according to Pershing. These include “unwavering,” “holistic,” “expansive,” “passionate,” “360-degree view,” “employee-owned,” “consistent,” “unbiased” and “wealth planning.”

Pershing’s survey involved 1,031 investor interviews between February 8 and March 4, 2018.