Select Advisors and Industry Thought Leaders Provide Advice on Articulating Your Value at FPA Denver 2010

On October 11, 2010 in Denver, Colorado, several leading advisors and industry thought leaders took the mic at this year's FPA Twitter Live session. This year, the focus was on how advisors can best articulate their value and position themselves with current and prospective clients.

I was pleased to serve as moderator in both 2009 and 2010.  We recorded their comments and you can view the videos below.

I'm sure you'll learn something new and/or become inspired by what you hear - I know I was!

Marie Swift

Kristin North, Vice President, Institutional Sales - TD Ameritrade - On Articulating Your Value

In a nutshell:

"At TD Ameritrade Institutional, we coach our clients -- financial advisors -- on various techniques and methodologies they may use to engage their clients and prospects.  Miller Heiman's Conceptual Selling Methodology can help anyone in a selling situation understand what is truly important to their clients.  Once a client's "concept" is understood, it is then possible to create a solution that will hopefully fulfill their need(s).  It's always important to realize that clients are primarily motivated by the need to "fix, accomplish, or avoid" an issue at hand.  By asking meaningful, probing questions and then carefully listening to the answers you can build credibility and work together with your client to create win-win solutions.

Additionally, it is important to incorporate the concept of working with buying styles.  By understanding an individual's buying style, it is much easier to tailor your own selling style to their needs. There are 4 primary styles to consider:

The Commander - likes to be in charge, is often guarded, and has a low tolerance for feelings, attitudes, and advice of others.  In order to engage this type of client, the focus needs to be on facts and the dialogue needs to be clear, direct, and formal. 

The Analyzer - is often soft-spoken, asks lots of detailed questions, and uses few gestures.  An Analyzer wants organization, documentation, and detailed facts to make a decision.

The Performer - is very enthusiastic and spontaneous, talks a lot, and laughs easilty.  This individual needs their ideas to be supported, a high level of energy and a perceived audience to commit.

The Empathizer - avoids risk and change, won't easily commit, needs signficant relationship building.  To effectively work with this type of client, you must understand that an empathizer takes things very personally, address any of their concerns, and show sincere interest in them.

The sooner that you can understand both a client's "concept" and understand their buying style, the more quickly you can mold your solution to meet the needs of that client and secure the relationship and a solution (or sale)."

Learn more about Kristin and TD AMERITRADE at www.tdainstitutional.com.

Ed Jacobson, Ed Jacobson & Associates - On Articulating Your Value

In a nut shell:

"The aim is to build a positioning statement – and a practice -- based on your positive core:  the person and professional you are when you are at your best.

Think about your most valued (cherished) client relationships where:

1. You clicked with the client;
2. You were at your best, when with them; and
3. You delivered more than you even dared promise.

What was there about them? About you? About the chemistry?

What do people turn to you for, because they know you’ll come through? (Note: this could be something people have always turned to you for, even as a child, or of more recent vintage.)

Clients? Family? Friends? Colleagues?

What skills, talents, qualities do you prize most about yourself?

Six Things to Do When You’re Anticipating Being Asked, “What You Do?”

1. Remember to breathe – and not just once!
2. Smile. (It will make you attractive, and fool your brain into thinking you’re relaxed and happy.)
3. Recall a client who is irrationally exuberant about you.
4. Imagine that you’re going to be in conversation about your work, and the other person will be fascinated and intrigued, and time will fly by; keep that image of success in mind. (Keeps your amygdale from firing, and hijacking your relaxed alertness.)
5. Be curious about, interested in, and fascinated by them; ask questions that reflect that interest. They will think you’re intelligent, empathic, and a good person to be around.
6. Remember: even though they’re asking about you, it’s not about you: they’re asking if you can solve a problem or make their circumstances better.

MY POSITIONING STATEMENT

What do you do?

Do you know how so many advisors are searching for a way to take their practice and their business – and maybe their life – to the next level, whatever that is for them?

Well, I work with them so that we get very clear on their great strengths, and their proven successes, and on what that next level really looks like. Then, we create ways to leverage those best qualities so they can be successful in getting to that next level – or beyond.

How do I do that?

I create a climate where it’s safe and even exciting for them to explore who they are when they’re at their best, and what they truly want—as individuals or as a firm.

Very often, that means I change the focus of their internal and external conversations from weakness, failure, and doubt to proven successes, positive possibilities, and realistic optimism. That way, my clients become inspired and catch fire, which gives them the drive and courage to take risks for success.

I have mastered a wide range of approaches, and have decades of experience with individuals and firms, which makes me confident that I deliver for (and with) my clients. They sense this, and they trust me to select the right method or tool at the right time."

Learn more about Ed and his Appreciative Financial Planning methodologies at www.edwardjacobson.com. 

Gary Klaben, ChFC, Coyle Asset Management Company - On Articulating Your Value

In a nutshell:

"We focus on the needs of our clients. We do not add new technology, process or system without first asking: Will this help our clients gain greater clarity, improve their lives or eliminate a danger they are encountering? We provide deep support and act as an advocate for our clients. We are in the service business that is based on leadership, a strong relationship and ever increasing new capability. We are the first phone call. We are either a family CFO, coach, ombudsmen, advisor or consigliore to our client families."

Hear Gary's comments by watching the video below. Visit www.protinuspro.com, Gary's second business (an intellectual property company providing custom service offerings that help financial advisors deliver deep support to their clients) to learn more about the mindmapping software he's developed.

Kim Jones, CFP, Jones Strategic Financial Planning - On Articulating Your Value

In a nutshell:

"I help people feel happy about their money by providing them tools to organize their financial lives so that they can have confidence in the future.  Most people have some concern about their money that causes them to feel unease.  It seems to me that money can’t buy you love or happiness.  But having your financial life in order can give you options and it’s those options that give you freedom and peace of mind.  What about your money causes you concern?

This puts the ball in the prospect’s court. Many people laugh and say, “My biggest money problem is I don’t have enough!”  If they say that I ask them to tell me more about that.  What does not having enough money mean?  What’s enough?  They then usually disclose a more precise concern such as their finances being in chaos. They don’t have enough money because they haven’t made good investment choices or because they’re not getting enough income from their investments.  They have too many accounts in too many places.  They have old 401k’s that they think they probably need to roll over.  Or, they just don’t know where their money goes.  The point is, whatever they say, it is their concern.  It’s not my agenda.  And, it’s not me providing a solution before I even know what’s bothering them.  Once I’ve heard their concern, then I describe how I can help."

Listen to Kim's comments. Visit www.garrettplanningnetwork.com to learn more about the "all american planners" network to which Kim belongs.

Andy Millard, CFP, Millard & Company, Inc. - On Articulating Your Value

In a nutshell:

"Our market is retired couples and individuals whose adult children are scattered across the country. They need a reliable, trustworthy financial partner who can stand with them to help manage their assets and make smart decisions. Our slogan is 'Low-stress portfolio management for cautious investors.' (We own the trademark for the term "Low-Stress Investing," and I have published a book under that title.)"

Listen to Andy's comments at #FPA2010. To learn more about Andy's practice, visit his Website. 

Tom Rabaut, TFG Advisors - On Articulating Your Value

In a nut shell:

Tom has been in the financial advisory business for over 30 years, but 5 years ago, he suddenly realized he didn't know what he wanted to be when he grew up. Thanks to his relationship with TD AMERITRADE Institutional, he had the opportunity to participate in a coaching program that changed his life. Today, Tom focuses on serving 3 niches in the Michigan area:

1. University professors
2. Automotive executives
3. Health Care executives

All of whom are going through life transitions and are between the ages of 50 and 65 years old.

He has a defined process that he and his team take them through. This differentiates his firm. And instead of focusing on the numbers, Tom and his team help their clients "maximize the return on their lives" (not simply maximizing the return on their investments).

Here Tom's observations first hand by watching the video below. Learn more about Tom and his firm on LinkedIn.

Chip Workman, CFP, The Asset Advisory Group - On Articulating Your Value

In a nutshell:

"Internally, our mission and purpose is to provide financial and emotional security for like-minded individuals and their families.  We accomplish this through comprehensive financial and life planning and disciplined investment management.

We have been shifting how this mission is communicated to the outside world by integrating right-brained concepts and verbiage in our typically left-brained driven minds.

In other words, while our core values as an organization have not changed, we are in beta testing phase with our positioning statement as we work to make the value we provide our clients that much clearer.

Our Positioning Statement:

We provide guidance and planning surrounding the financial implications of our clients’ life goals.  We serve individuals and families seeking to protect their lifestyle, help their families, achieve comfort in retirement and build a legacy for the future.  With regular checkups, our clients are free to go about accomplishing their goals, knowing that their financial matters are in the hands of someone they trust and know to always have their best interests in mind.  We are the good guys, and we are not afraid to admit it. 

Those terms speak much louder to our clients, prospects and other centers of influence that we work with as opposed to terms like investment management, insurance, retirement and estate planning.  Yes, most everyone we work with needs all of those things, but, in their minds, it’s what those things do, not what they are, that’s more important."

Unfortunately, Chip's video clip did not save down to the camera correctly. We are happy that he was able to reconstruct some of what he shared at #FPA2010 by providing the written comments above.

Chip writes a blog for FPA. His website is www.taaginc.com.

Roger Wellington - Kinder Institute of Life Planning - On Articulating Your Value

In a nutshell:

The Kinder Institute of Life Planning trains advisors to talk with clients in a broader way than just focusing on the numbers side of financial planning. Here Roger Wellington, Kinder Institute Executive Director, shares his thoughts on best ways to communicate your value to current and prospective clients.

"The Life Planning approach to wealth management is often difficult to encapsulate quickly.  And if it takes you a paragraph to describe how your holistic approach differs from others, you’re likely to have lost your audience.  One of the pithiest summaries of Life Planning I’ve heard is as follows,  'We help clients explore how to use their money to make a life instead of using their life to make money.'”


Learn more about Roger and the Kinder Institute at www.KinderInstitute.com.

 

Live Tweets from #FPA2010 by @marieswift

To make the session more fun - and to help FPA Members who could not attend the session in person get the gist of what was happening in the Twitter Live! session - Marie Swift did some "tweeting" live during the session.

Here is the Twitter stream that resulted - plus a few other #FPA2010 related tweets generated by her: 

Tom Rabaut #FPA2010 coaching provided by TD Ameritrade practice management team has made a difference for him in communicating his value. Focuses on life transitions. Process for sudden changes. 11:19 AM Oct 11th via web  



Andy Millard #FPA2010 is embracing social media through email blast on Monday morning that ties to his video blog www.andymillard.blogspot.com 11:16 AM Oct 11th via web

Andy Millard #FPA2010 specializes in working w/ retired clients. Offers low stress money management for cautious investors. Goal: work thru $ issues 11:15 AM Oct 11th via web

 
Gary Klaben at #FPA2010: Talks about their financial advocacy process. We serve as Family CFO. Take from complex state to simple state. Partners with clients. 11:13 AM Oct 11th via web
 


Gary Klaben #FPA2010: Ask about their meaning, values & principles. People love to talk about these very important issues for them. Takes 1-4hrs 11:11 AM Oct 11th via web

 
Gary Klaben speaking at #FPA2010 how he communicates value to prospects. What is it he sees in them? Frustrated. Complex lives. Clients feel powerless. 11:10 AM Oct 11th via web 


Ed Jacobson at #FPA2010 - Have picture of a client in your mind who is irrationally exhuberant about you. What would they say? How do you feel? Craft your positioning statement by thinking about that. 11:06 AM Oct 11th via web 
 


Ed Jacobson speaking at #FPA2010 says anticipate what you will say when asked what you do. Remember to breathe. It will calm and center you. Smile! 11:05 AM Oct 11th via web 
  


Ed Jacobson: Think about who you work w/ best, where you are at your best. You will develop better positioning statement if get in that mindset #FPA2010 11:04 AM Oct 11th via web 
  


Ed Jacobson speaking at #FPA2010 at Twitter Live Positioning Statements session live in exhibit hall. RE: How to think about your work. 11:02 AM Oct 11th via web

Ed Jacobson: Client meeting an opportunity for you to shine as their trusted advisor and deepen the conversation. #fpa2010 11:01 AM Oct 11th via web

Kristin North practice management consultant with TD Ameritrade says there are gender differences. Women tend to fall on the empathizer side. Men tend to fall on the commander side. #FPA2010 11:00 AM Oct 11th via web 
  


Kristin North TD Ameritrade speaking at #FPA2010 on personality types and how to best work with clients / connecting, articulating value. 10:59 AM Oct 11th via web 
  


@marieswift gave example advisor who positions self as human GPS system - charting course & there with clients every step of way, come what may. Encourages advisors to draw "word pictures" in the listener's mind. #FPA2010 10:58 AM Oct 11th via web 
  


Kristin North TD Ameritrade says advisors can use conceptual selling to connect w/ clients & prospects. Doing live positioning stmts now in exhibit hall Learning Center #FPA2010 10:56 AM Oct 11th via web 
 


Roger Wellington of the Kinder Institute says planners cannot lead with a "money conversation" when trying to communicate w/ prospects at #FPA2010 10:53 AM Oct 11th via web

Kim Jones says at #FPA2010 - I help people feel happy about their money, give them tools to help them feel good about their future. Money = options.

Chip Workman says at #FPA2010 says to provide guidance & planning around clients life goals. Keep their best interests in mind. Do not be afraid to say you are a good guy in a white hat.

Eavesdropping on the #FPA2010 conference via @RIAbiz http://bit.ly/98O9sh by @marieswift

@marieswift and her team are proud to be working w/ industry thought leaders such as Influencer Award winner Myra Salzer…http://lnkd.in/U3ZEqJ

@marieswift with @lindner_capital at #FPA2010 after party post exhibit hall http://twitpic.com/2xot

Join @marieswift via Financial Planning magazine discussion boards. Add your thoughts on rebuilding trust www.tinyurl.com/FAtrust #FPA2010 8:33 AM Oct 11th via web

Join @marieswift today in the Learning Center (back of the Exhibit Hall) at 11:45 am MST today at #FPA2010 and talk about articulating value 8:30 AM Oct 11th via web

RT @MichaelKitces Deborah Fox's college program is very popular. Just finished, and she's mobbed with people asking even more questions! #fpa2010 Mon Oct 11 10:33:57 2010 via TweetDeck Retweeted by marieswift

RT @juanros Don Trone on fiduciary ethos: "Through the eyes of your clients, you have to be viewed as a leader." #FPA2010 Sun Oct 10 15:10:26 2010 via Twitter for iPhone Retweeted by marieswift 

 
Join @marieswift via Financial Planning magazine discussion boards. Add your thoughts on rebuilding trust www.tinyurl.com/FAtrust #FPA2010 Mon Oct 11 10:33:29 2010 via web 

 
 Join @marieswift today in the Learning Center (back of the Exhibit Hall) at 11:45 am MST today at #FPA2010 and talk about articulating value Mon Oct 11 10:30:27 2010 via web 
 


@MichaelKitces Congratulations on your Influencer Award! It was great seeing you and your wife last night at the Financial Planning party! Mon Oct 11 09:57:29 2010 via web in reply to MichaelKitces 
 


RT @fpapubs: Daily Pulse now online! Check out photos of your colleagues and session highlights from #fpa2010: http://bit.ly/c308Oj. 7:56 AM Oct 11th via web 
 


@finplan what a lovely evening! Enjoyed attending/seeing everyone at the inaugural Influencer Awards at @FPA2010 http://www.bit.ly/cxCQC1 12:41 AM Oct 11th via Mobile Web in reply to finplan 
 


Myra Salzer named Technology Wizard at @finplan magazine's Influencer Awards Party while at #FPA2010 12:36 AM Oct 11th via Mobile Web 
 

Sheryl Garrett named Practice Management Guru at @finplan magazine's Influencer Awards party while at #FPA2010 12:34 AM Oct 11th via Mobile Web 
 


Tom Bradley at #FPA2010 says choice for consumers re fees is good. Explain clearly. Let them choose. 1:39 PM Oct 10th via Mobile Web 
 


Tom Bradley spkg at FPA2010. Systemitzed referrals a key component for success. Also use Funnel Management system to priortize prospects. 1:35 PM Oct 10th via Mobile Web 
 


Tom Bradley speaking at #FPA2010. Says advisors need to build more efficient businesses. Example - use portfolio rebalancing software. 1:30 PM Oct 10th via Mobile Web 
 


Join @marieswift & luminaries Don Trone George Kinder Ed Jacobson Geoff Davey George Tamer Julie Littlechild at #FPA2010 10/10 8 AM room 206 11:46 PM Oct 9th via web 
 


@ddjfjy Great having you in the Web 2.0 and Social Media Boot Camp today, Dan! Your new blog looks fabulous. Amazing what you accomplished. 11:40 PM Oct 9th via web in reply to ddjfjy 
 


Just getting back from after party hosted by @marieswift after #FPA2010 official functions ended tonight. Great seeing new friends and old! 11:36 PM Oct 9th via web 
 

@marieswift & @fpaassociation had surprising number of walk-in registrations today at Web 2.0 and Social Media Boot Camp pre-con at #FPA2010 11:35 PM Oct 9th via web 
 


#FPA2010 off to a great start! Dan Ariely, author of "Predictably Irrational, very funny but thought provoking in opening keynote speech. 11:32 PM Oct 9th via web 
 


@calebbrown is telling us at the Speaker Spotlight #FPA2010 that he will share how to hire NextGen Planners during his session Sunday 10 am. 5:10 PM Oct 9th via web 
 


@cicilymaton will speak at #FPA2010 on Tuesday 8:15 am on working with a therapist. Will share success stories from her practice, tools. 5:08 PM Oct 9th via web 
 


@lindastimak says her session will help FAs gain sustainable growth. Don't miss finding out what your DNA Footprint is on Tuesday #FPA2010. 5:06 PM Oct 9th via web 
 

@lindastimak giving preview of her Rainmaker session to happen Tuesday a.m. She is speaking live right now at Speaker Spotlight at #FPA2010 5:04 PM Oct 9th via web 
 


@gradycash is live speaking at Speaker Spotlight at #FPA2010. Giving preview of session he will give with @rickkagawa. Startling statistics! 5:03 PM Oct 9th via web 
 


@gradycash will talk with @rickkagawa on Managing Health Issues for Aging Clients at #FPA2010. 5:01 PM Oct 9th via web

Dr. Jacobson's frame work includes 4 phases and action steps, tools at his session Tuesday morning at #FPA2010. Life Abundance Portfolio. 4:59 PM Oct 9th via web 
 


@edjacobson speaking at #FPA2010 Tuesday morning. Reengergize Relationships with Client Review Meetings. Dr. Ed is fantastic speaker, Ph.D. 4:57 PM Oct 9th via web