Advisor Identity – Who Are You and Why It Matters

All of us in the financial advisory business know what sort of rocks have been thrown at us over the years since the financial meltdown. The BREXIT volatility doesn't help either in conversations with clients trying to move the conversations to rational thought.

A recent piece posted by Carl Richards on a Vanguard post (in his always simple yet insightful illustrations) that captures an important issue –

Carl astutely notes that the key differentiator in the advisory business these days – particularly when we are competing with Robo Advisors - are the uniquely human aspects of the relationship – namely empathy and trust.

Thus, pursuing techniques and tools that prioritize your efforts as well as focus on processes that help grow your expertise and expand your toolkit for incorporating empathy and trust into your client service are keys to the massive opportunity that Carl suggests.

In other words, WHO ARE YOU - relative to WHO YOU SHOULD BE regarding aspects of the relationship your clients need from their advisor?

We all hear the words "invest in relationship capital", but how do we really do that?

Arming yourself with a range of tools that help you take a deeper dive into what drives the thinking and sense of well-being for each client – as well as the interactions between couples in their financial decision making - will clearly help you grow your ability to align your consulting presence with who they are.

MarketPsych Insights is an interesting collaboration of efforts from Drs. Peterson and Murtha (the psych geeks) with two practitioners (financial advisory troops in the trenches – both with the CFA mental curse) to develop a client profiling system based on historical research in psychology (i.e., the "big five" characteristics that define personality).

We have collectively developed a workable tool that is a straightforward, easily usable system that will help enhance your understanding (and appreciation) for the differences in your client's perspectives and prioritize your actions more efficiently in serving their needs.

Our business objective is to help advisors be better at what they do. Our industry can benefit from more credible advisors who know their clients in a way that allows us to answer questions they didn't know they needed to ask.

Our success depends on your success in each client you serve.

Mark the advisor

comments powered by Disqus