Well begun is half done, as they say. So, before launching a financial advisory business try to answer the following questions.
Why did you decide to initiate financial advisory business? Why would a client like to hire you as his/her advisor? What would make a client avoid/ deny your services? What kinds of services you would offer? What particular skill set would clients look for in an ideal advisor?
These questions would lead to a discussion of what other people would find valuable in you. Initially, you can start building a profile of the ideal client according to regular needs and wants by placing yourself in the client’s shoe. Once you have zeroed down on description of your target client, do a little research into what else they may need.
If you have difficulty in determining how to differentiate yourself from other advisors, you will probably end-up offering all the same things that many other advisors do. If you want to stand out of the crowd, your target client should be able to tell what qualities are there in you as an advisor that they cannot find easily in other advisors.
Conduct research of your target market. As an advisor you have to show your clients what is the difference between you and other advisors. If you address the same issues and offer the same services as other advisors, it will be very difficult to attract clients. You have to discover other issues to discuss with clients because it adds value to the relationship and portrays your USP.
Then start framing your plan of action that you want to work on. The process that you would develop to attend your clients. Share your methodology/process of treating clients with your friends and family to see how excited are they to listen to your strategy.
List all of the services you provide as part of your practice. Be specific. If there are separate pieces of your investment management process, list them individually. Once you have all the services listed start evaluating the services in terms of keeping or enhancing the services you would offer.
Once you have finalized on the service mix and have also drafted what are the demands of your target clients and what they consider most valuable then figure out how you will communicate your message to your clients. Develop your value proposition and long and short versions of your introduction speech.
If you as an advisor follow this process then people will end up talking about you because what they experienced when they met you was different from what they got from any other financial professional. Your reputation will spread as word gets around that within your professional niche you are the one to go to.
