News and resources for Canada's top financial advisors
Est. 1998
Helping you reach your financial goals.
Jane Jones, wealth advisor
We can serve your needs in these areas:
If it is in your life, it is in your plan.
John and Jane may do the same thing, but their marketing message is considerably different. John, the investment advisor, focuses on products and talks about “financial goals.” Jane, the wealth advisor, on the other hand, focuses on benefits and talks about a life plan.
Here are some changes to your value proposition and marketing that will help you differentiate and brand yourself as a wealth advisor.
1. Focus on how your services will help clients with their life concerns, opportunities and goals.
2. Speak to your clients’ emotion. Wealth advisors don’t sell products; they use products as part of clients’ wealth management strategy.
3. Show, through your website, newsletters and brochure, how you help clients’ life rather than money.
4. Change your title from investment advisor to wealth advisor. While you may specialize in areas such as investment management, insurance or financial planning, your overall positioning in your marketing material is that you are a key trusted advisor in your clients’ overall life.
5. Have access to a team of experts who are there to help your clients in those specific life areas where they require specialized financial advice.
Next month, I will focus specifically on your value proposition and provide you with some help on your marketing tag lines.
Barry LaValley is president of Life First Approach (www.lifefirstapproach.com) and leading educator in the life planning approach to financial planning used by the “new” wealth advisor. He has more than 30 years’ experience working with advisors in Canada and the U.S. Watch for his full-day workshops on how you can become the new wealth advisor, presented by the Canadian Securities Institute.
(06/03/09)
Helping you reach your financial goals.
Jane Jones, wealth advisor
We can serve your needs in these areas:
If it is in your life, it is in your plan.
John and Jane may do the same thing, but their marketing message is considerably different. John, the investment advisor, focuses on products and talks about “financial goals.” Jane, the wealth advisor, on the other hand, focuses on benefits and talks about a life plan.
Here are some changes to your value proposition and marketing that will help you differentiate and brand yourself as a wealth advisor.
1. Focus on how your services will help clients with their life concerns, opportunities and goals.
2. Speak to your clients’ emotion. Wealth advisors don’t sell products; they use products as part of clients’ wealth management strategy.
3. Show, through your website, newsletters and brochure, how you help clients’ life rather than money.
4. Change your title from investment advisor to wealth advisor. While you may specialize in areas such as investment management, insurance or financial planning, your overall positioning in your marketing material is that you are a key trusted advisor in your clients’ overall life.
5. Have access to a team of experts who are there to help your clients in those specific life areas where they require specialized financial advice.
Next month, I will focus specifically on your value proposition and provide you with some help on your marketing tag lines.
Barry LaValley is president of Life First Approach (www.lifefirstapproach.com) and leading educator in the life planning approach to financial planning used by the “new” wealth advisor. He has more than 30 years’ experience working with advisors in Canada and the U.S. Watch for his full-day workshops on how you can become the new wealth advisor, presented by the Canadian Securities Institute.
(06/03/09)
Helping you reach your financial goals.
Jane Jones, wealth advisor
We can serve your needs in these areas:
If it is in your life, it is in your plan.
John and Jane may do the same thing, but their marketing message is considerably different. John, the investment advisor, focuses on products and talks about “financial goals.” Jane, the wealth advisor, on the other hand, focuses on benefits and talks about a life plan.
Here are some changes to your value proposition and marketing that will help you differentiate and brand yourself as a wealth advisor.
1. Focus on how your services will help clients with their life concerns, opportunities and goals.
2. Speak to your clients’ emotion. Wealth advisors don’t sell products; they use products as part of clients’ wealth management strategy.
3. Show, through your website, newsletters and brochure, how you help clients’ life rather than money.
4. Change your title from investment advisor to wealth advisor. While you may specialize in areas such as investment management, insurance or financial planning, your overall positioning in your marketing material is that you are a key trusted advisor in your clients’ overall life.
5. Have access to a team of experts who are there to help your clients in those specific life areas where they require specialized financial advice.
Next month, I will focus specifically on your value proposition and provide you with some help on your marketing tag lines.
Barry LaValley is president of Life First Approach (www.lifefirstapproach.com) and leading educator in the life planning approach to financial planning used by the “new” wealth advisor. He has more than 30 years’ experience working with advisors in Canada and the U.S. Watch for his full-day workshops on how you can become the new wealth advisor, presented by the Canadian Securities Institute.
(06/03/09)
Helping you reach your financial goals.
Jane Jones, wealth advisor
We can serve your needs in these areas:
If it is in your life, it is in your plan.
John and Jane may do the same thing, but their marketing message is considerably different. John, the investment advisor, focuses on products and talks about “financial goals.” Jane, the wealth advisor, on the other hand, focuses on benefits and talks about a life plan.
Here are some changes to your value proposition and marketing that will help you differentiate and brand yourself as a wealth advisor.
1. Focus on how your services will help clients with their life concerns, opportunities and goals.
2. Speak to your clients’ emotion. Wealth advisors don’t sell products; they use products as part of clients’ wealth management strategy.
3. Show, through your website, newsletters and brochure, how you help clients’ life rather than money.
4. Change your title from investment advisor to wealth advisor. While you may specialize in areas such as investment management, insurance or financial planning, your overall positioning in your marketing material is that you are a key trusted advisor in your clients’ overall life.
5. Have access to a team of experts who are there to help your clients in those specific life areas where they require specialized financial advice.
Next month, I will focus specifically on your value proposition and provide you with some help on your marketing tag lines.
Barry LaValley is president of Life First Approach (www.lifefirstapproach.com) and leading educator in the life planning approach to financial planning used by the “new” wealth advisor. He has more than 30 years’ experience working with advisors in Canada and the U.S. Watch for his full-day workshops on how you can become the new wealth advisor, presented by the Canadian Securities Institute.
(06/03/09)
When I suggest to advisors that they should differentiate how they market their practices, some will push back and ask me if I’m saying they aren’t doing a good job. Do I want them to do something different as an advisor from what they currently do?
That depends. Obviously, it’s important to do the right things for clients by taking a holistic view of their life concerns, needs and opportunities and then working with them to build the right strategies. That is what professional advisors do.
However, it is equally important to be seen to be doing it. That simply means that clients have to understand what it is you are doing for them — particularly so they can tell others.
Most advisors would say they manage money, or that they provide insurance advice, estate planning or tax planning. But those are hardly differentiators from what other advisors do. Can you say the same thing but put it into terms that would resonate with clients and be different from what other advisors say?
Let’s look at some examples.
| What most advisors say they do | What a wealth advisor does |
| “I manage investments for my clients.” | “I help my clients manage their nest egg so that they have financial comfort.” |
| “I develop appropriate insurance strategies to protect life, home and business.” | “I help my clients protect the things that are important to them, such as their family’s lifestyle or their future plans.” |
| “I provide tax planning expertise for my clients.” | “I work with my clients to find ways to put more money in their pocket. One way we are able to do that is through effective tax planning.” |
| “I recommend asset allocation strategies for my clients as well as buy-and-hold and value investing.” | “I try to manage some of the risks in the market for my clients by showing them how time is better than timing and not to put all their eggs in one basket.” |
| “I provide effective estate planning advice for my clients.” | “I help my clients create their legacy by showing them how they can use their financial resources for their family and the causes that are important to them.” |
Note how the wealth advisor’s descriptions focus on why clients should care about the various services. Most advisors’ statements are devoid of any direct benefits to the client.
Here are two ads placed by advisors, illustrating how a wealth advisor would market in a different way.
John Jones, investment advisor
We can serve your needs in these areas:
Helping you reach your financial goals.
Jane Jones, wealth advisor
We can serve your needs in these areas:
If it is in your life, it is in your plan.
John and Jane may do the same thing, but their marketing message is considerably different. John, the investment advisor, focuses on products and talks about “financial goals.” Jane, the wealth advisor, on the other hand, focuses on benefits and talks about a life plan.
Here are some changes to your value proposition and marketing that will help you differentiate and brand yourself as a wealth advisor.
1. Focus on how your services will help clients with their life concerns, opportunities and goals.
2. Speak to your clients’ emotion. Wealth advisors don’t sell products; they use products as part of clients’ wealth management strategy.
3. Show, through your website, newsletters and brochure, how you help clients’ life rather than money.
4. Change your title from investment advisor to wealth advisor. While you may specialize in areas such as investment management, insurance or financial planning, your overall positioning in your marketing material is that you are a key trusted advisor in your clients’ overall life.
5. Have access to a team of experts who are there to help your clients in those specific life areas where they require specialized financial advice.
Next month, I will focus specifically on your value proposition and provide you with some help on your marketing tag lines.
Barry LaValley is president of Life First Approach (www.lifefirstapproach.com) and leading educator in the life planning approach to financial planning used by the “new” wealth advisor. He has more than 30 years’ experience working with advisors in Canada and the U.S. Watch for his full-day workshops on how you can become the new wealth advisor, presented by the Canadian Securities Institute.
(06/03/09)
When I suggest to advisors that they should differentiate how they market their practices, some will push back and ask me if I’m saying they aren’t doing a good job. Do I want them to do something different as an advisor from what they currently do?
That depends. Obviously, it’s important to do the right things for clients by taking a holistic view of their life concerns, needs and opportunities and then working with them to build the right strategies. That is what professional advisors do.
However, it is equally important to be seen to be doing it. That simply means that clients have to understand what it is you are doing for them — particularly so they can tell others.
Most advisors would say they manage money, or that they provide insurance advice, estate planning or tax planning. But those are hardly differentiators from what other advisors do. Can you say the same thing but put it into terms that would resonate with clients and be different from what other advisors say?
Let’s look at some examples.
| What most advisors say they do | What a wealth advisor does |
| “I manage investments for my clients.” | “I help my clients manage their nest egg so that they have financial comfort.” |
| “I develop appropriate insurance strategies to protect life, home and business.” | “I help my clients protect the things that are important to them, such as their family’s lifestyle or their future plans.” |
| “I provide tax planning expertise for my clients.” | “I work with my clients to find ways to put more money in their pocket. One way we are able to do that is through effective tax planning.” |
| “I recommend asset allocation strategies for my clients as well as buy-and-hold and value investing.” | “I try to manage some of the risks in the market for my clients by showing them how time is better than timing and not to put all their eggs in one basket.” |
| “I provide effective estate planning advice for my clients.” | “I help my clients create their legacy by showing them how they can use their financial resources for their family and the causes that are important to them.” |
Note how the wealth advisor’s descriptions focus on why clients should care about the various services. Most advisors’ statements are devoid of any direct benefits to the client.
Here are two ads placed by advisors, illustrating how a wealth advisor would market in a different way.
John Jones, investment advisor
We can serve your needs in these areas:
Helping you reach your financial goals.
Jane Jones, wealth advisor
We can serve your needs in these areas:
If it is in your life, it is in your plan.
John and Jane may do the same thing, but their marketing message is considerably different. John, the investment advisor, focuses on products and talks about “financial goals.” Jane, the wealth advisor, on the other hand, focuses on benefits and talks about a life plan.
Here are some changes to your value proposition and marketing that will help you differentiate and brand yourself as a wealth advisor.
1. Focus on how your services will help clients with their life concerns, opportunities and goals.
2. Speak to your clients’ emotion. Wealth advisors don’t sell products; they use products as part of clients’ wealth management strategy.
3. Show, through your website, newsletters and brochure, how you help clients’ life rather than money.
4. Change your title from investment advisor to wealth advisor. While you may specialize in areas such as investment management, insurance or financial planning, your overall positioning in your marketing material is that you are a key trusted advisor in your clients’ overall life.
5. Have access to a team of experts who are there to help your clients in those specific life areas where they require specialized financial advice.
Next month, I will focus specifically on your value proposition and provide you with some help on your marketing tag lines.
Barry LaValley is president of Life First Approach (www.lifefirstapproach.com) and leading educator in the life planning approach to financial planning used by the “new” wealth advisor. He has more than 30 years’ experience working with advisors in Canada and the U.S. Watch for his full-day workshops on how you can become the new wealth advisor, presented by the Canadian Securities Institute.
(06/03/09)
Industry interests preclude compensation changes, so advisors must take a stand and commit to doing what’s right
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Research and a case study help clear the misconceptions
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Active listening and asking the right questions are key to checking on clients' sense of well-being
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