We discussed the reasons why affluent individuals choose to work with an advisor and what qualities they are looking for in an advisor at a recent round-table dinner discussion. Here is a list of the five most common reasons an affluent client seeks to work with an advisor:

1. It got complicated – The main reason an individual would transition from managing their own finances to working with an advisor is because of the complexity that success brings.  There is usually a catalyst behind this reason, a financial mistake or oversight, that has made it clear to the individual that they are in over their head and need the advice of an expert.  In this situation, advisors should communicate a clear strategy for handling the individuals situation.
2. Too much time – The second most common reason is that the individual is spending too much time on the management of their finances and needs professionals that can be trusted with the management of their assets. Key items to discuss with these individuals are the systems you have in place for the management of their assets and a meeting / reporting system that is both streamlined and structured.
3. Better communication – One of the key reasons individuals will move from one advisor to another is due to poor communication. While many advisors may interpret this as too little communication or lengthy delays in responding to requests (which are bad), it can also mean the opposite of inundating the individual with information that is unnecessary.  This information overload creates a time and capacity strain on the individual. Be sure that you can respond to your clients in a timely manner and have the ability to answer their questions succinctly and simply.
4. Minimize tax liability – Death and taxes. While an advisor can’t make taxes disappear, you can appropriately prepare individuals for the challenges they face in the upcoming years. Individuals who are increasing their wealth will continue to face more difficulties (especially in the coming years), so it may be a good strategy to have an in-house or a partnership with a tax specialist that can advise clients on this sensitive issue.
5. Establish a legacy – Whether in their own family or in their community, affluent individuals are concerned with using their wealth for purposes beyond their own needs to help benefit others. Having a track record of working with other individuals to establish a legacy is important, but it is also beneficial to have talking points for legacy building before hand. Having a discussion on building legacy is often a good starting point and gets the individual to share their vision. Find others to help execute that vision.

Deliver your service to clients and continue to meet their expectations.  Build your brand and cultivate relationships. Once you are at that stage with a client, trust them enough to help build your firm and share with them how they can help you grow.  Clients are not going to provide referrals unless they know you have a need.

This past weekend representatives from across the Inland Empire came together at the annual JROTC ‘Sound OFF’ Speaking Competition. The theme of the speeches was based on the question, “Where do we go from here?”, and encouraged these high-school participants to explore the struggle of keeping traditions while adopting new technologies. As one of the three judges for this competition, it was rewarding to see each individual rise to the challenge of addressing a large audience to deliver a 5 minute speech.

Here are a few key points that some of the individuals used to provide excellent speeches:

• Address your audience, introduce yourself and provide an interesting hook.
• Speak very slowly when introducing an important or complex idea.
• Share a personal connection with the audience that is memorable.
• Provide facts in a format that people can relate to (saying you would have to work 1,890 years @ $20 an hour rather than $77M).
• Smile.

One of the most memorable speeches of the day was on the topic of commissioning a female-only nuclear powered submarine for the U.S. Navy.  This was a response to the current ‘no female’ ruling that prohibits female sailors from any long term duty aboard a submerged vessel.

At the end of the day, I am still amazed by the energy and enthusiasm young individuals show for not only our country, but also to achieving success.  I would like to extend my congratulations to all of the contestants of the JROTC ‘Sound OFF’ Speaking Competition.

To be remarkable is to be interesting, noteworthy, standing out, fascinating, intriguing, mysterious and exceptional. In other words, remarkable is what it says: Something to remark about.

So if you want to give them something to talk about, here are five standards to set for yourself when REMARKABLE is your goal…

1) Embrace change. If you want to change the result, you have to change the behavior. Trying to be better at the same old tactics may help you to sustain your business, but it won’t position you to excel. Seek inspiration in unlikely sources. Do something new, do something different.

2) Seek your own superlative. To be remarkable often means that you are the most something. You can be the smartest, the funniest, have the most personality, be the most talented or the most likely to succeed – just be at the top of the game in at least one category.

3) Avoid gimmicks and stunts. Gimmicks may get you noticed for a minute, but they won’t get you much farther than that. Stunts are easy to pull off and just as easily forgotten. Don’t sell out to be a flash in the pan, go for the long burn.

4) Be peculiar. In order to be noticed you have to step out of line. Remarkable doesn’t equate to popular right away. Not everyone is going to appreciate your efforts toward becoming remarkable. Your goal isn’t to please everyone, your goal is to impress the trendsetters.

5) Face forward and don’t look back. Complacency and stagnation are the mortal enemies of remarkability. What is en vogue today will be out tomorrow. Refresh, Reinvent, Revive. Stay ahead of the curve.

The First Impression
The Introduction
The Dialogue
The Relationship

The Relationship

Once a relationship has been established, your clients will either be disappointed, satisfied or thrilled. If disappointed, they may seek out an alternative service provider. If satisfied, they may not seek an alternative, but would be open to a more appealing opportunity if one presented itself. If thrilled, they are unlikely to leave and very likely to refer their friends. Essentially, if new clients have good experiences with your firm, they will be confident referring their friends, knowing that those friends will have a similarly positive experience.

Tips for Improvement:

During this maintenance phase, your brand becomes more important than ever. So long as each member of your firm is committed to consistently delivering upon the promise you make your clients, you can be confident that your clients will be happy and your business will thrive.

• Make sure your team is familiar with your brand
• Make sure your client experience is consistent with your brand
• Thrive and grow

The First Impression
The Introduction
The Dialogue
The Relationship

The Dialogue

When you start to get to know someone, what are the details that stand out to you? How quickly your call is returned, if the plans that you made are kept, if details from your conversations and facts about yourself that you’ve shared are remembered? Essentially, as the impressions from the first meeting fade, do people turn out to be who they said they were? This is the stage of seeing if they will put their money where their mouth is, if they will rise to the occasion or turn out to be all talk.

As a business, this is the time when you get to prove yourself and road test your client process. Initial impressions become solid opinions as each interaction that a potential client has with your business is counted as positive, negative or neutral. When you discuss their needs and explain your services, when and how you conduct appointments and how you address their concerns will all form the solid basis for your relationship, be it positive or negative. If you are a business that truly lives up to your brand, this is a stage where you will easily shine.

Tips for Improvement:

An attentively designed client process that adheres to your brand will ensure that you establish a strong and positive relationship with your new client.

• Tone of the conversation is appropriate
• Client’s needs are addressed
• A relationship is established
• Overall experience is positive from the client’s point-of-view

The First Impression
The Introduction
The Dialogue
The Relationship

The Introduction

When you are introduced to new people, what are the things that you notice? Their opening line, their handshake, the tone of their voice, their choice of words, their interest in you, their responses to your questions – your first impression of them is either confirmed or adjusted and you begin to gather facts and information about them to fill out your overall perception. After a few minutes of introductory chit-chat you decide if you’d like to continue the conversation or move on.

In a branding context, your tagline and marketing messages are your introduction to a potential client. Through the written material on your website, brochure or business card the potential client begins to gather facts and information about your business, your philosophy about whether or not you understand and are prepared to meet their needs. Their initial impression of you is either reinforced or reevaluated. They either decide to contact your office for an appointment or continue their search elsewhere.

Tips for Improvement:

A distinctive tagline and brand-focused marketing messages will help you to communicate your unique value during the introductory stages of a new client relationship. They should reflect your unique value and your ability to meet the needs of your potential client.

• Messages should be consistent with your brand
• Your tagline should be distinctive and memorable
• Publish specific, not generic, content

Your brand is a promise and it is developed in the minds of your target audience much like a relationship.

In this series of four blog posts, we’ll identify the aspects of social and professional relationship building that translate into the different facets of your brand and how the quality and durability of your client relationships can be improved by defining and managing your brand.

Brand-Based Relationships, Part 1 of 4

The First Impression
The Introduction
The Dialogue
The Relationship

The first impression

How do you form your first impressions of people? The way they are dressed, the way they carry themselves, the buildings they walk into, the cars they get out of, the people whom they are talking to – all of these elements combine into indefinable first impressions. Right off the bat we have expectations about individuals without any other information.

Your potential clients will similarly form a first impression of you. The name of your business, the person who referred them to you, the style of your logo, the aesthetic of your website – before you even get a chance to communicate any substantive information, your potential client will form an expectation about your firm before they read a single word of your marketing materials.

Tips for improvement:

The easiest way to create a good impression is to develop a design that reflects your brand.  Make sure your design is implemented in all aspects of your company’s appearance, both in person and online.

• Design aspects to address for consistency with your brand:
  • Colors
  • Font
  • Tone
  • Expressions
  • Etc.
• Style your office to support your brand and design:
  • Furniture
  • Décor
  • Employee appearance and attitude
  • Hold music
  • Etc.
• Online appearance and marketing:
  • Tagline
  • Other marketing messages
  • Visual elements and imagery

Creating a video introduction for your website can be a powerful tool to set the tone for and act as an introduction of yourself to visitors.  As part of the video introduction you should aim to keep your message short and to the point – lest viewers get bored and decide to stop watching. Here are a few tips we recommend to follow when creating your own video introductions:

5 Tips for a Great Introduction Video:

• Tip 1: Keep it short.
  Ideally, you should use the first few seconds to introduce yourself and your firm.  Quickly follow up with information that is relevant to describe exactly how you provide unique value to the client.  Limit your entire introduction video to 45-60 seconds.  Focus on the camera and provide it your complete attention for this short period of time.
• Tip 2: Go Off Script.
  Have a plan for what you are going to say and keep it in your head.  Write down bullet points and keep them memorized.  This recording should be no more than a minute and doesn’t allow much creativity. Don’t bother reading or memorizing your entire script as you will most likely appear stale and rehearsed.  Try to deliver your introduction by following bullet points and project good energy. Prepare and rehearse your introduction and your closing lines only!
• Tip 3: What’s in it for me?
  This isn’t a classroom and it isn’t a resume. It’s an opportunity to share your personality with the viewer and give them a reason to work with you. The answer to this question is vital when communicating to your audience. Tell them only facts and concepts that are relevant and benefit the viewer.
• Tip 4: Make yourself look good. (SMILE)
  Not that we’re recommending you hire a professional make-up artist, but take some time to inspect yourself in the mirror and look at your attire. Try not to dress too differently from how you would normally greet new clients.  Second, use bright, diffused lighting! It will help shadows from forming on your face and keep everything looking sharp.
• Tip 5: Shoot in HD.
  Stop posting tiny, low quality videos.  Hire a professional or ask a friend who is a video enthusiast.  You can post videos that will stream in HD.  This is no longer 2004, it’s 2010! Take advantage of the bandwidth that your visitors have and give them a great, big video.  Even if you don’t have the ability to shoot with an HD camera, using a regular camera will still give you good resolution, just make sure you keep the video’s screen size big when editing.

Equipment Checklist

So how can you use this information to create your own video introduction? Well, here is a short checklist to get you started on what you’ll need to get the best recording:

• Recording location (controlled environment such as an office)
• Lighting (studio lights or other diffused lighting)
• Camera (HD preferred, but any digital video camera will do)
• Microphone (lapel mic or directional)
• Content (your bullet list / script)
• You (keep fewer people in the room, it will help)

Sample Script

Here is a sample outline for a 45- to 60-second introduction.  Notice how quickly the time passes and how little content can fit into that time frame.

Hi, I’m Matthew Leeds and I’d like to welcome you to Whitefrog Design. (5 Sec.)

PAUSE (3 Sec.)

Whitefrog is a creative firm that provides branding, design and marketing services.  Our projects are customized to fit your goals, from creating single websites to developing and implementing complex campaigns to build your brand. (14 Sec.)

PAUSE (3 Sec.)

I invite you to look at the portfolio page and get a feel for the quality of work we do. Past Whitefrog clients have ranged from small businesses, celebrities, Fortune 500′s, to professional athletes. (12 Sec.)

PAUSE (3 Sec.)

So if you’re looking to make your business leap, I invite you to share your goals and learn what Whitefrog can do for you… don’t just meet your goals – leap past them. (12 Sec.)

And that’s a wrap! It’s only around 52 seconds, but I feel it’s better to be short than long as it will encourage viewers to watch the entire introduction.

Questions? Use the comment section below to send us a message or leave a reply.