Are you an extrovert? The answer is probably yes because according to CareerExplorer.com, financial advisors score highly on extroversion. Successful advisors believe in themselves. Many years ago, when managed money and asset-based pricing was making its debut, I asked an advisor how they answer a prospect’s question: “What do I get for my 1%?” The advisor looked at me and replied: “You get me.” For an established relationship, this makes sense because the client has firsthand experience of what the client does for them. When it’s a new relationship, it might take more convincing to get the prospect to say yes.

Another thing I discovered was many advisors feel their firm’s multi step investment process is unique and proprietary. They would explain the financial planning, risk tolerance, asset allocation, investment selection and ongoing portfolio review process in a reverential tone, totally convinced their firm is the only financial services firm doing it this way. Regardless of the number of steps, most firms have a similar process. Prospects know that and might stare at the advisor in disbelief.

Selling yourself makes sense. You are going to be the client’s point of contact going forward. You intend to do the best job possible and develop a long-term relationship. This can be tough when the advisor is new or if they their background sounds similar to other advisors the prospect is considering, a point they might not have revealed.

Selling the firm can swing the pendulum in your favor. The object is to deliver the message your prospect is taking a step upwards when they choose to become a client at your firm.

Ten Easy Ways To Sell The Firm
Let us start by mentioning you cannot simply make a statement and assume the prospect will accept it as true. You will need to back it up with facts. Fortunately, these facts can often be found in the annual report of your firm, assuming the firm is listed. Your firm also provides press releases and factsheets detailing similar information.

1. Years in business. Longevity implies stability. This speaks to integrity. The prospect should know the economy runs in cycles. If your firm has been around for 100 years, it has survived the Great Depression, the Dot.com bust and the Great Recession. Your firm’s “years in business” likely accounts for firm succession and acquisitions over the years.

2. Years in the local market. This is important because it demonstrates commitment to the local community. Your firm likely gives back through charitable contributions. The competitors your prospect is considering might include firms with a primarily online presence or similar firms taking steps into brick-and-mortar establishments. They might be testing a market. Your firm has shown commitment.

3. Total assets under management. This is another way to talk about integrity. People trust us. Assets can be expressed as an overall number of investment account relationships and the total dollar value of client assets at the firm. This implies longevity and stability. If the firm had serious financial problems or impropriety, assets would logically have decreased dramatically as investors pulled out and took their money elsewhere.

4. Total retirement assets at the firm. This additional number can be impressive because it is natural to consider a person’s retirement assets as those most important to them, the money they would guard most carefully. Put another way, it’s not their “play money.” A big number for assets and individual accounts means people trust the firm with their money. Client confidentiality prevents you from name dropping, but there is a possible exception. In some cases, the managers used by pension funds or endowments can be a matter of public record. The right institution names can inspire confidence.

5. What’s the firm’s debt rating? You are making good points, but prospects like independent verification. Your firm should have bond ratings from firms like S&P, Moody’s and Fitch. Having a high rating means a third party has said the firm’s finances are in good shape.

6. What awards has the firm won? You have read younger consumers today give greater weight to restaurant reviews done by their peers vs. publicity by large firms. Major industry magazines do “best of” awards on an annual basis. These will likely be highlighted in press releases issued by your firm, but they should be able to be researched on the websites of the magazines giving the awards.

7. In what categories is your firm #1: Years ago, I recall a mutual fund wholesaler saying “no one wants to fly on the world’s eighth safest airline.” If your firm has the most assets of any financial services firm in the world, talk about it! If it has the most retail clients, that is another factor in your favor. People want to do business with the best. Bigger is often perceived as better.

8. Where does your firm stand in advisor awards? Barrons was among the first publications to select, list and publish the top advisors by state. Other publications have followed suit. How many of the Barrons top 1,200 advisors are at your firm? How about the number for this state?

9. How good is your research department? This can be presented in terms or awards won, but also by the number of analysts on staff and the number of countries where they are based. Having people on the ground in foreign markets costs money. It’s an advantage your firm brings to the table.

10. How large is the firm? How many advisors in total? How many offices? How many are overseas, often in financial capitals? Wealthy people travel. They would like to know if they ran into a problem overseas, your firm has an office nearby. They feel if they were in touch with you and you contacted the local office, they would get the help they need.   

You would not use one point after another to make your point. Consider each as an arrow in your quiver. You take out as many or as few as you need to make your point. You are making the case why your prospect is taking a step upwards when they become your client.

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 is available on Amazon.