Every financial advisory firm is trained to “lead with their MULTI-STEP PROCESS” when they are talking to a new prospect. The reality is that most prospects want to hear about the OUTCOME and what that outcome means for them.
The two biggest variables that people want in choosing someone to hand over their investments to are trust and ease. So where does the “process” fit in?
Don’t get me wrong… a good financial plan requires a process, of course… the same way making sausage has a process… But the key is, as a consumer, I don’t need to know how it’s made in order to enjoy it.
According to almost all studies on factors of decision-making, TOO MUCH information is one of the leading reasons that get in the way of decision-making.
Just remember, the word, “process” alone seems like a lot of work for the consumer. It does to me. And don’t get me wrong, I get it… there IS a process… there HAS to be… it’s complicated work you do. But do we want to draw attention to a complicated process or a benefit?
What I see and what the data shows is that most people might prefer something simpler.
There was a study by Cerulli Associates that said the most important things people look for when evaluating a financial professional are relationships and trust. A dedicated advisor, face-to-face meetings, and active management were among the top reasons cited. And their research said (not surprisingly) that the goal for people retiring is simply to assure a comfortable standard of living throughout their retirement.
No one is asking to hear about a process!
And the more assets people had, the less likely they were to request complex written plans. Cerulli’s studies show that higher net worth individuals (5MM+) care less about a written plan than lower income earners (<100k).
So, I get it… the process is important for you to do your job… and there is no substitute for the hard work required to care for a family’s life savings.
Consider, though, the fact that most people, especially today, don’t need to know, or have time to hear about all the details.
Market your outcome, not your process.
Every financial advisory firm is trained to “lead with their MULTI-STEP PROCESS” when they are talking to a new prospect. The reality is that most prospects want to hear about the OUTCOME and what that outcome means for them.
The two biggest variables that people want in choosing someone to hand over their investments to are trust and ease. So where does the “process” fit in?
Don’t get me wrong… a good financial plan requires a process, of course… the same way making sausage has a process… But the key is, as a consumer, I don’t need to know how it’s made in order to enjoy it.
According to almost all studies on factors of decision-making, TOO MUCH information is one of the leading reasons that get in the way of decision-making.
Just remember, the word, “process” alone seems like a lot of work for the consumer. It does to me. And don’t get me wrong, I get it… there IS a process… there HAS to be… it’s complicated work you do. But do we want to draw attention to a complicated process or a benefit?
What I see and what the data shows is that most people might prefer something simpler.
There was a study by Cerulli Associates that said the most important things people look for when evaluating a financial professional are relationships and trust. A dedicated advisor, face-to-face meetings, and active management were among the top reasons cited. And their research said (not surprisingly) that the goal for people retiring is simply to assure a comfortable standard of living throughout their retirement.
No one is asking to hear about a process!
And the more assets people had, the less likely they were to request complex written plans. Cerulli’s studies show that higher net worth individuals (5MM+) care less about a written plan than lower income earners (<100k).
So, I get it… the process is important for you to do your job… and there is no substitute for the hard work required to care for a family’s life savings.
Consider, though, the fact that most people, especially today, don’t need to know, or have time to hear about all the details.