When I first started working with Matt, he was frustrated and embarrassed. Earlier that week, he had met with a prospective client. She was a perfect fit for his business – clear goals for retirement, consistently saved for the future, and eager to delegate. But then she asked, “So what exactly do I get when I hire you?”
Matt stumbled through an incomplete value proposition he once learned from a sales workshop, tried to explain his process, and reiterated how good he was at returning phone calls.
The meeting ended awkwardly with promises to “think about it,” and vague plans to “check in” after a few weeks.
Matt knew all the wonderful things he did for his clients but whenever he would sit down with a prospective client, he felt helpless. A value proposition is well and good, but how could he SHOW the prospect his value?
He said, “I want something I can put in front of people that shows EXACTLY what I do.”
So much of what financial advisors and financial planners do is invisible. But whether explicitly or implicitly stated, clients want to know: “What’s in this for me? How do I benefit from working with you? What am I going to GET from this relationship?”
The more clearly and comprehensively you can answer these questions, the better.
Here’s a simple analogy: Imagine you opened a restaurant, and the only items you put on your menu were “sandwich” and “drink.” No details – just sandwich and drink. Do you think that will work? Of course not. People want details.
Similarly, your written standards of care show everyone exactly what your clients will receive from your practice.
Together Matt and I mapped out his advice process, worked through his service standards, decided on a client segmentation plan and then created several marketing pieces that he now proudly shares with prospective clients and existing clients.
If you struggle to articulate all that you offer to prospective clients, then sign up for Well-Served – Crafting and Implementing Your Standards of Care, the newest course at PathfinderOnDemand.
With 18 lessons divided into six sections, this course leads you through everything you need to do to create your own standards of care. You also receive downloadable and customizable tools that you can freely use within your practice, including a client experience matrix with over 100 different types of standards for you to consider and potentially provide to your clients.
You can learn more about the course at PathfinderOnDemand.com
Ready to get started?Sign Up Today!