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Financial Advisor Differentiation: A Life Sentence

May 19th, 2008

His story may be familiar to you. Randy Pausch, diagnosed with pancreatic cancer, was given only three to six months of good health ahead.

Before receiving the horrifying medical news, Randy Pausch had been scheduled to give what’s called a “last lecture” at the university where he taught — Carnegie Mellon in Pittsburgh. These lectures offered professors time to reflect on and share their personal and professional journeys.

Sadly, his would become just that: a last and final lecture for a dynamic, creative 47-year-old professor. Two million copies of his book “The Last Lecture” are in print, and it reached #1 on the “New York Times”list of bestsellers.

When I read, I look out for tools, tactics, and lessons for financial advisors. I wasn’t sure, though, that I would find anything in his book for you, but on page 9 there it was . . . the big idea.

Two Colossal Questions
To Put Life Into Your Practice

The ultimate purpose of the videotaped lecture was to become a part of his legacy for his three young children. So Randy Pausch chose to talk about living. He asked himself two questions:

“What makes me unique?”
“What do I alone truly have to offer?”

Let’s linger awhile with these two big questions. Few financial advisors grapple with them; fewer ever answer them. Consider this: You have a “life sentence,” which is a call to put your story and your life into your financial advisory practice and your marketing.

We’re all familiar with the look-alike “professional” biographies and brochures. Sometimes, it seems that the only difference is in the names and, perhaps, various initials after each name. It could be CIMA, or CPA, or CFP, or something else.

And the direct opposite of the answer to Randy Pausch’s question, “What makes me unique?” is in cookie-cutter websites where it seems financial advisors try really hard just to turn out a message like everyone else’s.

Now I invite you to turn your back on cookie-cutter, tired and drab, lifeless marketing messages once and for all and go deeper into the truth of who you are. Pause for a minute or two and think about what you care most deeply about.

For Financial Advisors,
Three Paths To Your Uniqueness

Answers to three questions can start you on your path to your uniqueness.

1 - What are you most passionate about?

An early, rewarding experience and relationship led to a long, happy career.

“No one was surprised when Mark became a financial advisor. In high school he bought his first mutual fund. When he was a high school senior, he started an investment club (his father joined the club) with his stockbroker as his mentor.”

2 - What are your strengths? Where do you shine?

Here’s an example of how two financial advisors combined their strengths for a “partnership made in heaven.” Our client’s strengths are marketing, closing, and educating. His partner is exceptional at financial management and providing 5 Star Service.

You might take your strengths for granted. Ask others (clients, friends, family) for some enlightening and heartwarming answers. Then, build your practice around your strengths. Let go of as much of everything else as you can.

Why Did You Become A Financial Advisor?

A client’s brochure tells his story:

“When I was 15 years old, I needed financial advice. I built my ‘lawn-mowing business’ from the bottom up, saving $36,000 in the process. It came from the sweat of mowing each $12 lawn, and, like you, I did not want to lose any of my hard-earned money.

“At that time, I tried to talk to a stockbroker about what to do with my money, but he would not offer any solid advice, just stock tips. It was, then, that I decided I would learn everything I could to safely manage my own money. Now, I share what I have learned and my experience with my clients.”

Your answers to these three questions will reveal, “What do I alone truly have to offer?”

And your answers will be unique to you.

Randy Pausch’s answer was “really achieving your childhood dreams.” And he showed that through his passion he also encouraged his students to fulfill their own dreams.

Free access to our “7 Client-Attraction Secrets of Highly Successful Financial Advisors” is at http://www.marketingplanfinancialadvisor.com

Entry Filed under: Financial Lead Generation, Direct Marketing, Financial Advisor Marketing Plan