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You may have noticed that our team talks a lot about VALUE whether it be while coaching, presenting or in our literature and marketing materials. This is because we know it’s the best way to differentiate but your value can be a tough thing to nail down. You might think you know your value but when you say it out loud it sounds like something any other advisor would say. It’s about learning what makes you unique and using that information to build your confidence and feel comfortable with what you provide to your clients.
When taking an introspective look at yourself and business you will learn to price unapologetically because you will become aware of the extensive value of your services. This discovery of value does not happen overnight. It’s a process but it is worth it when you uncover it. Our client Rajeev Kudsia, CFP, at Kudsia Leith Sanchez Inc. has done just that with his coach and we asked him to share his experience with other advisors.
We asked Rajeev, since going through the Value Ladder questions:
Have you discovered anything new about your business?
Yes. The most important discovery I made was all the critical services I offer my clients. I believe I took these things for granted before this exercise, and I wasn’t communicating the significance and importance of my services with clients.
What are you expecting the impact to be on your business?
I expect deeper relationships with my clients, improved client retention and increased flow of new clients that fit my ideal client profile.
What impact has this exercise had on you personally?
It has given me increased confidence about the future of my business.
Do you feel differently after going through the Value Ladder vs. before you started?
I have a better understanding of all that I’m actually doing for clients and have an increased confidence in the results I’m working towards.
Has it changed the way you plan to do business?
Not really - my goals remain the same but the path to get there has become much clearer.
What did you learn about the correlation between value and price?
From an industry perspective, I think there is a lack of understanding between value and price. It’s become important for me to articulate my value and charge a fair price.
What were the biggest challenges about working through the Value Ladder?
It was tricky to get all my thoughts and ideas on paper. It took a great deal of effort to think through all the various questions about my value in the exercise. I’m still working on it and I’ve developed many pages of notes that need further organization. I needed to be persistent and follow through with the process. You don’t always have the answers on your first run through.
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Fall 2015 IssueIf you prefer an e-Newsletter
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Tips and ideas for your business.
A TPC UPDATE Last summer we enjoyed another productive team meeting at the North office that Art so generously invites us to every year. Our semi-annual meeting is imperative because we understand the importance of each member on our team. When we get together we are reminded of that and continue to leverage one another to offer the integrated services we are proud to provide to financial advisors.
One of our unique differentiators is that all of our team members have different skills and when you are working with The Personal Coach you will work with your coach and possibly other members of the team depending on what your business gaps are. If you haven’t already don’t forget to book your own team meetings for 2016 soon!TPC Team
T H E P E R S O N A LN E W S L E T T E RC O N F I D E N C E • F O C U S • F R E E D O M
Brand Talk: Your Website PAGE 2
Market Meltdown Plan PAGE 2
Value of Advice PAGE 3
Moving Big Rocks First PAGE 3
“Piece” Of Mind PAGE 4
CONTENTS
Continued on page 2
An Interview with Rajeev Kudsia, CFP Kudsia Leith Sanchez Inc.
YOUR VALUE LADDER: IT’S WORTH DOING SO DO IT WELL.
519-576-2262 [email protected] www.thepersonalcoach.ca
We design and develop websites for advisors across Canada and we often hear similar questions, concerns as well as goals when helping clients launch a new website or update an old one.
Here are a few common questions we get from advisors that may help you with your own website effectiveness.
I’ve had the same website for the past 5-10 years. Most of my business comes from referrals. Do I need to update my website?We believe the best way to build your business is through referrals.
Prospects today will do their due diligence when determining if you are the right advisor for them and that often includes a Google search for your website to do some initial or final research. So, yes, your website is an important aspect of your business. Your website should have the following up-to-date information: • A client experience process outlining the high-level
steps you take your clients through. • New articles relating to the latest industry trends• Information on clients you do your best work with• Client testimonials communicating the value you
provide• Current team information/credentials and
biographies• Fresh looking brand communicating your brand
message• An overall website that feels warm and welcoming
– you are in a relationship business.
My website looks like many other advisors’ websites. What can I do to be original?If you think your website looks like everyone else’s it most likely does. This means you don’t have a brand defined or haven’t incorporated your brand across TouchPoints (marketing materials). When going through a brand development process your unique
message becomes very clear and you will be confident in communicating it. Your brand personality becomes the foundation of all your marketing efforts.
My provider does not allow me to brand my own website. How do I differentiate myself?This is a very common obstacle. Your provider’s website branding gives you credibility in the eye of your prospects however it can be personally challenging to stand out. In this scenario your content is important. We recommend creating a compelling story about you and your services. This story communicates why you do what you do and where your passion and commitment comes from. Story telling is one of the most effective tools to engage prospects to do business with you.
How can I use my website to qualify a prospect?
Create a qualifying page for website visitors who are interested in connecting immediately. It can be driven by a “Start Here” or “Begin Here” button. An interactive form can be filled out to ask the right questions to determine all of the prospect’s information before you book a call.
There are a number of online tools out there; self managing websites, other web applications and social media strategies. How do I know what is right for me?We could write a book on this topic but here are a few tips:
Social media plays a big part in marketing communication. With LinkedIn, Twitter and Facebook, etc. you can offer value added information to your network and stay top of mind. If you do not have an online presence it’s easy for prospects to find another advisor who does have a presence. Always check with your compliance department to determine social media guidelines.
CHANGES: NEXT EXITDO YOU HAVE A “MARKET MELTDOWN” PLAN?
We have had some of the best returns in the markets over the past 6 years. However, recent market drops at the end of August and political and economic uncertainty were a wake-up call for clients and advisors that there is always potential for volatility.
Rather than sitting back with their heads in the sand waiting for panicked clients to call, the best advisors have a proactive plan to react quickly to events like this. You and your team can prepare a market volatility strategy by putting some of the following ideas in place.
1. Have an email communication system ready to go on short notice with emails of all clients (or at least top clients if you have a large client base). You can create a customized template ahead of time and either write your own commentary, or borrow from your suppliers or other experts (Compliance approved, of course). This will save time and the act of writing out your perspective will actually make it easier to respond to client calls.
2. Create a “hit list” of those clients who are typically more nervous when market volatility occurs. Gather your team together to call these clients immediately to provide reassurance using a common message even if it means working late or calling from your vacation.
3. Hold a series of client lunch and learns or webinars providing perspective or, even better, having a money manager as a guest on the call to provide expert advice.
4. With all of these tactics, don’t forget to address how clients are feeling. They may be worried about retirement, losing their job if the economy worsens or even losing all of
Continued on page 3
What would you say to anyone who is thinking about going through their own Value Ladder?
Commit to the process and follow through. There are very few people that are going through this process so thoroughly. I believe this process can separate advisors from the competition. In the new world of price transparency, the
value ladder will enable advisors to handle that challenge and uncover new opportunities.
Thank you for sharing your experience with us Rajeev. To get started on your Value Ladder with the help of a coach, please contact us at [email protected].
B R A N D T A L K WITH FORTUNATO & KELLY
Fortunato & Kelly are experts at building advisors’ brands and marketing materials.
YOUR WEBSITECOMMON QUESTIONS FROM ADVISORS
Continued on page 3
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their money. Sometimes emotion will win out over logic and the best advisors will address both sides.
The advisors we work with who have used these strategies typically have clients thanking them for reaching out and even referring new business. It all starts with having a plan in place before you need it so you can act. If you’d like more information about email templates and systems, please contact us at [email protected].
MOVING BIG ROCKS FIRST
Business people are always interested in increasing productivity and one of our coaches recently did a presentation called “The Personal Coach’s Top 10 Productivity Tips”. Here are two of them.TIP #1 Picture, if you will, a jar filled with different sizes of rocks. We pour the rocks out on the table and begin to put the rocks back into the jar and realize, as we get toward the end, that we can’t get all the rocks into the jar. Why is it that the jar held all these rocks before? The simple answer is that we did not put all the big rocks in first and, as a result, by the time we got to put the big rocks in there was not enough room to put them in. What is the moral of the story? – move big rocks first.
So, when you, as a financial entrepreneur, start your day do you start your day doing emails, checking correspondence, looking at your new mail, etc. or do you start your day with either client meetings or getting on the phone to book client meetings with either prospects or clients.
Our recommendation here at The Personal Coach is to identify those key activities that only
Originally Published in the June/July 2015 FORUM
You deserve your commission and fees for your professional advice. What’s the best strategy to communicate that to clients? Our coach Art Schooley and Leo Pusateri of Pusateri Consulting have some tested solutions that work.
How are you paid? With the Client Relationship Model halfway implemented, it’s a question every prospect is sure to ask. It’s also a question every advisor should be prepared to answer confidently and without apology. When clients ask about compensation what they really want to know is your value to them.
Step one is to know your value before promoting it. Discovering your value is a vital first step to looking at your business in a new powerful way and to understanding what differentiates you so you can articulate that to clients. To know your value, you must go through an introspective discovery process to create your own emotional “ahas.” During the introspective discovery process, you and your team should brainstorm and make note of everything you do for a client, even the smaller items that you don’t regularly think about. This exercise not only helps you articulate your value but it also recharges your confidence in your business. Write down everything you brainstormed and keep it handy for you and your team and your clients. Highlight all the tasks unique to you and your business, and emphasize those when discussing with clients and prospects. To fully prepare yourself for a sales interaction, it is imperative you are a “world class” conversant on your Value Ladder™. This process takes time. From discovering your value to articulating your value, this is one of the most important tasks you will ever take on within your business. Like any important task, you need to put in the time to get to the point where you not only are confident in answering your
clients’ most difficult questions, but are also happy to answer and set yourself apart in the marketplace. In the Pusateri Value Ladder™, you need to answer seven key questions with confidence, passion, and speed. Clients may phrase their questions in different ways. Depending on the situation and audience, you may provide more or less information when answering each question.
1. Who are you? Background2. What do you do? Unique Value Proposition3. Why do you do what you do? Business Beliefs4. How do you do it? Process5. Who have you done it for? Client Successes6. What makes you different? Differentiations7. Why should I do business with you? Real Value
Action Point 1: Work with your team to create a Total Value Inventory™.
List all things of value that you and your team do for clients. Pay particular attention to the non-obvious, but important tasks. It’s a great exercise and reminder for you and your client of all that you do.
Consider things such as:• Determining appropriate risk based on the
client’s risk tolerance;• Reducing taxes to maximize savings;• Debt reduction strategies;• Budgeting;• Acting as a sounding board; and/or• Intergenerational planning.
Why it works: You do so many things for clients that need to be recognized. No doubt your final list will be a long one.
Action Point 2: Develop your process as a tangible takeaway.
Your process is vital to your business. It is built and Continued on page 4
THEVALUE OF ADVICE
Many advisors prefer to self-manage their website. Do this if you have someone on your team that can manage this so you can focus on your clients. We also offer a program where we help advisors manage their website on a monthly basis to keep it up-to-date so viewers want to return.
There are thousands of third party applications for WordPress based websites (helping you book meetings in your calendar, rotating images on your site, interactive pages). It’s important to work with
a reputable web developer who can troubleshoot if there are any issues.
Keep in mind, not having or not updating your website puts you at a competitive disadvantage in a crowded marketplace. Your website is a powerful tool when up-to-date and used correctly. Our branding and marketing team is happy to help you with any further questions you have. If you would like to build a new website or work on refreshing your existing website, please contact us at [email protected].
Continued on page 4
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Personal Phrase of the Day“With the new day comes new strength and new thoughts.”
Eleanor Roosevelt
designed uniquely for your business and helps you look even more professional and credible. Your process should detail how you work with clients at the start and, more importantly, throughout the relationship, and on multiple touch points. You do this by:• Introducing your process in the initial meeting and
explaining what it accomplishes;• Showing the power behind your process and
asking the right questions;• Putting your process into writing, branding, and
naming it appropriately; and• Sticking to the process and showing your clients
you are following through as promised.
Why it works: Your process speaks for itself. It communicates your value and justifies pricing.
Action Point 3: Think about what differentiates you from others in the marketplace.
Think about the tasks you do that no one else does. This is best represented in your unique branding.• Do you have a compelling brand that speaks to
your ideal client?• Is your brand unlike anyone else’s and impossible
to forget?• Do you work best with specific individuals and
families or businesses? Let people know which clients give you energy and why.
you can do as an advisor and make those your big rocks and make sure that you move those big rocks first. You will be amazed at how much more productive you become and, more importantly, how this will change your level of confidence.TIP #2 Michael Jordan, the famous basketball player, always dreamed of becoming a professional baseball player. In fact, he tried out for professional baseball but the best he could do was make AAA. You see, Michael’s unique ability was as a pro basketball player, not as a pro baseball player. So, with this thought in mind, always make sure that you are operating in your unique ability and surround yourself with people who can work in your practice in areas where you do not have unique ability. A simple example would be, let’s say, that your unique ability is prospecting and finding new clients but not necessarily in putting together financial plans. Then why don’t you hire someone who has that unique ability to help you with the financial plans, allowing you to spend more of your time prospecting and attracting new clients.
So, make sure that you identify the big rocks in your practice and move them first while, at the same time, working at what you do best. The Personal Coach has found that those advisors who are clear on their unique ability and attract individuals who have other skills that they, themselves, do not have enjoy higher levels of productivity.
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Visit our website for more tips, articles and information on our services.
Why it works: Self-explanatory!
Investing the time in discovering your value is the most worthwhile activity you can do for your business. You will not regret it. You will recharge your business and the confidence in your value. When your client asks you the tough questions, you will be glad they asked and excited to respond.
To learn more about communicating your value, please contact us at [email protected].
CONGRATS REG BRAUN AT GALLERY WEALTH MANAGEMENT
On behalf of The Personal Coach team, we would like to congratulate Reg Braun from Gallery Wealth Management for winning the Morden and District Chamber Of Commerce 2015 Entrepreneur of the Year Award. Reg’s business, which was recently renamed Gallery Wealth Management, has been operating successfully in the community of Morden Manitoba for the past 29 years. Reg is a great example of an exceptional advisor who understands what clients appreciate most about his business and focusing on those unique abilities.
Congrats Reg!
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Kelly Maxwell, B.B.A.
Marketing SpecialistBrand Coach Sue Johnson, B.A.
Operations Manager
Coach - Central & Western Canada
