Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
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Dear Bev,
Are there key phrases and terms we should stay away from in our firm’s marketing message? I’ve read what you have written on the subject and know that you frown upon the common language advisors use. What specifically should we avoid?
Sean P.
Dear Sean,
It’s hard to say what to avoid when I’m not sure what you are doing now. I think you are referring to the wisdom I share about how many advisors say the same things when trying to stand out in a crowded market. It’s not that any of it is “bad” per se; it’s just not powerful when it’s the same old story every time. We review marketing messages and websites, and interview advisors in many different firms all of the time. We often see and hear the same words and phrases used as if they are differentiators when, quite unfortunately, their competitors are all saying the exact same thing.
Examples include “client service,” “we listen,” “we have a unique investment process” and “we have long tenured staff.” These phrases are important but they aren’t unique. Most importantly you have to take the statements and turn them into value. What’s important about offering good client service? What does it look like to the client? How do you give evidence for it?
Making these statements is easy; it’s explaining why it matters and then backing them up with examples, stories and facts that can be more difficult.
I suggest you have your team do an exercise we call “So what?” List all of the statements you currently use to explain why you are different on one side of a piece of paper. Draw a line down the middle and then on the other side, write “So what?” at the top. So what about the fact? Why does it matter to anyone? Force yourselves to really think about value statements. What does it do for your clients or for those considering working with you?
Dear Bev,
We need to hire a support person. Quite frankly we are disillusioned with today’s crop of employees. They are unmotivated and disengaged, and they seem to want everything on a silver platter. Could we run an ad that targets someone in their 40’s or 50’s? We’d prefer an older person who isn’t surgically attached to their iPhone.
Mary B.
Dear Mary,
You pose a two-part question as I understand it. One question is how to run a targeted ad, and the other is how to find the right person for your firm. I have heard similar complaints many times. In fairness, I have found many engaged and motivated younger people and many disengaged and unmotivated older folks. It really is about the individual and the opportunity.
That said, a few recommendations:
Be sure you are clear about expectations. What is the role and how does it contribute to your firm? Not just job duties but involvement in the overall picture. I often hear people complain that they consider their role disconnected from the whole. Be sure to connect the pieces.
Identify behavioral and cultural aspects. What’s your firm like? How do people describe working there? What behaviors are rewarded and which are frowned upon? The “soft” pieces are critical in fitting the right person.
What’s your selection process? Too many firms have an “I like him/her” or “I don’t” approach. Develop a consistent set of questions and a clear decision-making process to hire new staff.
Post the job in a targeted manner. Instead of broad posts, focus on the local CFA or CFP groups or post at colleges in the local area. Instead of casting a wide net, be specific in your approach
Set milestones for 30, 60, 90 days and one year. Have clear quantitative and qualitative measurements. Be sure to sit down with new staff at these periods and discuss what’s working and what’s not. Don’t leave success to chance.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry in 1995. In 2008 she co-founded Advisors Trusted Advisor to offer dedicated practice management resources to advisors, planners and wealth managers. She is currently an adjunct professor at Suffolk University teaching undergraduate students Leadership & Social Responsibility. Beverly is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including the Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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