Preconception stifles innovation.
Innovation by its very nature requires fertile soil in which to grow and flourish, yet financial and professional services have been missing such an environment for a long time.
I believe the single biggest obstacle that has been holding financial planners back is ‘misconception’. Beliefs that at one time or another, I held to be true (along with the majority of the planning profession) which are simply wrong or out-dated.
In this article, I would like to examine one such belief and show you how it has largely stopped financial planners’ websites and social media efforts from gaining traction.
It is believed that people do not seek advice because they don’t know what financial planning is. I have heard this so many times as a reason for so many things, not limited to:
• The reason only a small number of the working adult population have a financial plan.
• Why more clients don’t refer. “Financial planning is so complicated even our own clients can’t explain it!”
• The reason why clients are ‘fee sensitive’.
So let’s just debunk this right now – financial planning is as simple as it sounds. Every person with some level of common sense knows that if they found the right person to absolutely trust and to stand beside them, they would be making better decisions with their money.
‘Not knowing’ what financial planning is, is simply the rational mind’s way of resolving the core issue, an issue which originates in the brain’s emotional centre (the limbic system). That issue is fear; fear of losing control, fear of looking stupid, fear of being told things they don’t want to hear, fear of being ‘ripped off’, fear of time commitment…basically, fear of the experience.
So, purely trying to educate prospective clients and the public in general about what financial planning is, is not going to address the real stumbling blocks preventing more Australians from seeking real advice.
Now let’s apply this same logic to financial planning websites. Ninety-nine percent of them read like an essay in rationality, explaining features and benefits, work history of the advisers, and attempting to communicate the value of financial planning practices and their strategies.
This is the reason that websites, as an aid to business growth or to enhance referrals and word-of-mouth strategies, have largely been a failure. Potential clients who are considering forming a relationship with you already know you have the skills, so you should spend your time resolving their fear in engaging you. You will see far more tangible results in your business and online strategies.
Remember, for advisers especially, the revolutionary power of social media comes from the ‘social’ rather than the ‘media’ element. With this in mind, use your website and digital channels to communicate your beliefs and values; speak in the language of the emotional mind. Use stories to create connection and context, and to give a sense of what it would feel like to be a client of yours.
Instead of focusing on case studies of advice strategies, focus on stories of clients who are enjoying their lives, sharing their life lessons and not mentioning you or financial planning at all. Demonstrate what it is you actually believe is important about what you do and what it is you really provide for your clients by showcasing your clients enjoying those things (such as financial freedom, more time, less stress etc).
The world is getting noisier and there is access to more information online than ever before. Your prospective clients don’t need you to make it noisier by creating more technical and ‘how to’ content. Simplify their lives and make their decision-making process easier by creating the antidote to complexity: trust.
Allow your digital media (especially your website) to be a reflection of who you and the people within your business are. This is not only your unique brand and language of influence but most importantly, it’s your weapon for slicing through fear and misconception.
Of course, before you are able to break down the preconceptions of your clients, you must first break down your own.
Are you ready to be social?