How to Stand Out in a Sea of Advisors

Written by: John Anderson | SEI

This article originally appeared on SEI's Practically Speaking Blog.

Many years ago, a friend sent me a column from the Detroit Free Press that listed “John Anderson” as the 6th most common name in America. It made sense, as I fit in as average in almost every other statistical measure out there (height, weight, shoe size, etc.) Based on a recent check, the name was no longer on the top 10 list, but for a time, I was proud to boast that I was Midwestern, plain vanilla and average with a very, very common name. (My parents, Mary and Tom, weren’t that original in naming us. Just ask my brothers, Mark and Tom).

I was reminded of that column last week when I received my weekly “people you may know” email from LinkedIn. There were about 15 other “John Andersons” among the 20 names or so they suggested. I’m sure some algorithm broke (or were they were sending this as a joke?), but as I sat and stared at all the other Johns, I thought about how difficult it is to stand out when you have the same name. And then I wondered: how do you, as an advisor, stand out in a sea of almost 300,000 other advisors?

How different are you?

Readers of this blog know that I discuss both brand and value proposition regularly. Without a doubt, when I get on the phone with any advisor, the first questions I ask drive to finding out what the advisor does to set him/herself apart and how clients view him/her.

It is important that you understand the client’s perspective, because in reality, your brand is what others say about you, not what you say about yourself. What I find interesting is that, for the most part, advisors are doing everything they can NOT to differentiate themselves. It could be the words they use when they describe their clients, the look and feel of their websites, or what they tell me they do for clients. But the answers are all so similar that their materials seem interchangeable.

Let me give you an example to prove my point. Take a look at your website and give yourself a point for each of the following:

One or fewer “business” pictures (a formal headshot) of each advisor

A picture or graphic of a “youthful looking” older couple walking, talking or smiling

Content that has remained unchanged for a long time

An option for a stock quote or current market update

References to “wealth management” and retirement

Information on “our approach,” which starts with planning

Generic resources that offer advice on different topics

My guess is that most you scored at least 5 out of a possible 7 in our little quiz. The truth is, I just described almost every advisor website that I have ever seen. Since they all look alike, the higher your score, the more similar you are to everyone else and every other firm out there. No personality, no style. Is that any way to stand out from your competition?

Your value prop

The website example is just a small way to show how we can differentiate, but I think it makes sense to start there. Frankly, it is how most prospects will form an opinion of you (who you are, who you work with and what you do). And, it is probably the easiest and cheapest thing to update and refresh.

But before you update your site, I would really dig down deep and ask three questions that can help fine-tune the message and build your value proposition:

Who are the people/clients that my firm is set up to serve?

What are the obstacles or challenges they face?

How does my firm address those obstacles?

If you can answer those questions, you have the beginning of and foundation for a clear value proposition. You have the message that you can share with your clients, prospects and on your website. The value prop shows you are focused and specialize in a certain type of client, knowing both them and their issues. By specializing, you stand out in a sea of sameness and can build a brand in that specialty.

Create your value proposition by combining your answers into a sentence that starts with what you do (#3), who you do it for (#1) and why they need it (#2). In other words, say something like “We specialize in <3> for <1> who are facing <2>.”

By taking this new value proposition to your website, how could you reduce your “sameness” score? By being more targeted, more personal and more focused on the client than on yourself.

Focus on value

As we begin to close out 2015 ask yourself, “Do I want do the same thing as last year, or do I want 2016 to be a standout year?” Stand out in a sea of advisors by creating a smaller sea and focusing on the types of clients you want. Focus on your value.

As for the name John Anderson, I’m ok with sameness. I even married a Jennifer (the 6th most common female name in America).