Why Most Financial Advisors Don’t Stand Out — And Don’t Know It

After 15 years of helping financial advisors attract more and better referrals to ideal clients, I have identified four problems that come up again and again.

I call them The Four Advisor Problems.

And here’s the scary part: most advisors don’t even know they have them.

PROBLEM #1: Saying the same thing as other financial advisors

Most advisors believe they are different. But they use remarkably similar language to describe those differences.

As part of my branding work, I ask advisors a lot of questions. One of those questions is this:

If you were a car, what brand of car would you be?

The answer from 43% of my advisor clients?

Mercedes.

It gets worse.

What advisors say makes them different

• 43% identify with Mercedes.
• 47% say they care.
• 55% say they listen carefully.
• 64% say they give their clients peace of mind.
• 82% say they are trusted.

There is absolutely nothing wrong with thinking of yourself as high-end like Mercedes, or being caring, listening carefully, providing peace of mind and being trusted.

The problem is believing that saying those things makes you different.

If you’re saying pretty much the same thing as every other advisor, how can you possibly stand out? Why should someone refer you instead of the next advisor?

You are different. So you’ve got to find a different way of saying it.

PROBLEM #2: Saying what you do instead of why you do it

Most advisors describe what they do. The problem is that millions of other advisors also say what they do.

A few examples of what most advisors say

• I manage my clients’ wealth.
• I help my clients plan for the future.
• I provide insurance solutions.
• I give my clients peace of mind.
• I provide estate planning.
• I help clients create a legacy.
• Etc.

These are all what statements, and they are inherently non-differentiating. The much more powerful approach is to ask yourself: Why am I here?

Why do you do what you do? What is your unique purpose in this life? And why should anyone — especially you — care?

Your why, or core purpose, isn’t about helping people build wealth or giving them peace of mind. It is not about selling insurance policies or mutual funds.

Your why is uniquely yours. It is your origin story.

Tell yours. It is an incredible opportunity to differentiate yourself from the vast majority of advisors who continue to describe what they do.

PROBLEM #3: Conveying Low Net Worth

If you want to attract high-net-worth clients, your brand needs to communicate high net worth.

How are you going to attract high-net-worth clients if you yourself look less than high net worth — or even straight-up cheap?

I’m talking about both your verbal brand and your visual brand.

Your verbal brand

Your verbal brand is how you communicate in words — through your website, LinkedIn and other social profiles, presentations, business card, email signature, elevator speech, in-person interactions, Zoom calls…everything you write or say.

Your visual brand

Your visual brand is what your brand assets look like, including your website, LinkedIn, etcetera as noted above — plus your photography, video and design elements, including your logo.

You’ve heard the expression opposites attract.

Not in the branding world. The fact is that Like brands attract®. If you want to attract high-net-worth clients, you need to communicate high net worth.

That doesn’t mean every advisor has to look like Chanel or Gucci. But you should look polished relative to the pond in which you swim.

And you should read high net worth, too. Your communications need to be well-composed and error-free. Mastery of the details matters, because you are entrusted with people’s life savings, futures and dreams. If your website contains errors, your LinkedIn profile is poorly written or you cannot clearly articulate your points of difference, what does that communicate about your ability to manage the details of your clients’ financial lives?

Probably not what you want it to.

PROBLEM #4: Being Brand Blind

Brand Blindness is the inability to see the flaws in your own brand.

Looks matter. They are powerful reasons to believe — or not believe — in your brand.

The problem is that many advisors are Brand Blind. Even when they look in the proverbial mirror, they don’t see their brand’s flaws.

Fortunately, there is one especially powerful predictor of Brand Blindness:

The Horrible Headshot. Here are four key variations.

1. The War Criminal: Shadows on your face. Backed against a wall. You look like you should be on trial.
2. The Party Animal: Tuxedo. Evening gown. Someone else’s shoulder creeping into the picture. We can practically see the wine glass just outside the frame.
3. The Friendless: A selfie. In the headshot context, it makes you look like you have no friends. Or colleagues. Or, quite possibly, clients.
4. The Glamour Shot: Duck face. Head tilted. Perhaps the vague suggestion that you’re lying on a leopard-print sofa.

Your headshot is your face. If you can’t look at your own face and tell that it doesn’t look good, there is a pretty good chance you’re Brand Blind.

I am having a bit of fun here talking about headshots — and yours may be fantastic. My point is that, in all likelihood, you are not seeing a number of brand deficiencies that are costing you referrals.

The Four Advisor Problems

Here they are again:

1. Saying the same thing as other advisors
2. Saying what you do instead of why you do it
3. Conveying Low Net Worth
4. Being Brand Blind

There is a very good chance you have more than one of the Four Advisor Problems. Quite possibly, you have all four.

The good news is that the Problems are solvable.

How can financial advisors solve the Four Advisor Problems?

You solve the Four Advisor Problems by defining your unique brand — in a way that is actually different — and then using it as the foundation for everything you do.

Here’s how:

1. Define your core purpose — why you do what you do, instead of merely what you do.
2. Define your position — how you are genuinely different from other advisors.
3. Define your character — how your brand acts, sounds and looks.
4. Define your reasons to believe — the proof that you are every bit as exceptional as your brand says you are.

Together, these four elements comprise your Brand Foundation. Use it to guide everything you ever do or say. So the world will understand just how different and valuable you are.

Related: The Advisor Talent Crisis Nobody Is Talking About

PS: In my online course, Attract for Advisors™, I personally show you, step by step, how to define your one-of-a-kind brand in a Brand Foundation and communicate it to the world — so you can solve the Four Advisor Problems and attract more of the referrals, clients, employees, strategic partners and other opportunities you seek.

You can learn more about the course, including by taking my free Masterclass, at coinbranding.com/attract-for-advisors.