The first fatal error is that advisors believe the world they operate a business in won’t change and will remain stable. This is ridiculous; everything always changes, and the pace of change is accelerating. Every time I read an article or post on why A.I. isn’t a threat to the general population of advisors, I cringe.
Does the person writing this believe it, or are they just telling you what you want to hear? Be very afraid of A.I. It’s just getting warmed up.
Second, they fail to create something remarkable. They allow themselves to think that if what they have is so essential and important, that makes it remarkable enough. This isn’t true. People want and search for remarkable goods and services, and they want stories that are worth sharing and things worth talking about. They want you to be something they would miss if you were gone. This is all incredibly important, more so than ever because people have options like never before. Just for fun, Google ‘financial advisor’ and the name of your city. I just did and I found too many options in less than a second.
Third, advisors don’t narrowcast enough. They talk about a niche but they keep marketing to big general audiences with big general (not specific enough) messages. The fear is that if they get too specific, they’ll miss out on opportunities. I understand this, but I don’t agree. Think weird, think niche markets and hold your ground.
Those of you who read the blog regularly know my formula: Niche, niche, and then weird. An example: People who have retired are a niche. People who have retired and are single is yet another niche. People who have retired, are single, and live to travel (or live to live) are weird.
Fourth and for now last is that advisors think like marketers instead of thinking like humans.
Check out this coming Wednesday’s blog, I’ll follow this up with a plan for an event that you could host easily for your clients and prospects and bring the house down.
See you Wednesday. Until then, be remarkable and human.