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Among the most often asked questions by investors is: "How are you different?" It is also typically an inquiry that regularly obtains the worst answer.
Too many advisors are not prepared to address this fundamental inquiry or worse, have the audacity to proclaim, "There is no other firm like ours." There is no excuse not to have a well-thought-out description about what is special about their process.
With the expanding number of investment advisors, strategies and funds offered today, senior executives should give prospective buyers something that will clearly assist them in remembering their story.
The response should be the foundation on which an advisor can construct an effective marketing initiative. Crafting a credible and truthful answer to that question curiously often remains a challenge. One flinches when they hear an advisor voice such a cliché as, "We are one-of-a-kind due to the fact that we are disciplined and also have actually been doing this for greater than two decades."
Another worn-out reply is: "We simply concentrate on doing what we do and we do not take notice of what various our competitors are doing." These broad generalizations dodge the inquiry. Preparing a response ahead of any interaction is a key to success.
A few questions to help create a convincing response include: "What is the anomaly that you are attempting to exploit?" or "What is the one element that would most impact your approach if it disappeared?" or "What is the one component of your process that you do far better than anyone else?" Thinking along these lines can aid advisors craft a particular reaction to the concern, The response will certainly help advisors efficiently explain their differentiating characteristics.
During a conversation with a prospective investor, advisors should give at the very least two or three simple examples that derive from their specific investment approach. It is terribly inefficient for the buyer to have to ask. After describing what is distinct as well as differentiated about their financial investment approach, you should then ask, "Does that address your concern?" to engage in a conversation.
Do not quit on developing your uniqueness the solution will certainly enhance the effectiveness of your message.
Related: How Can Poorly Designed Sales Goals Undermine an Advisor?