Do You Dare to Be a Winner?

Dare to be a winner!

Winning isn’t a function of being smarter than the next guy. Winning goes to those who dare to go out on a limb to try something different and those who dare to stay with it longer – not to those who only reach for the low hanging fruit or the safe choices.

In working with advisors we’ve seen that winners, true winners, are those who have the vision and the fortitude to go the extra mile. In other words they adapt to circumstance, are willing to learn and change as necessary. Often that means doing what others aren’t willing or able to do. 

Over the last couple of years, financial advisors’ lives have been massively impacted by a number of events beyond their control: the advent of female investors with enormous investible assets looking for advice, the emergence of robo-advisors, seismic financial volatility, and, of course, the pandemic that has come with lockdowns and economic devastation for many.

Virtually everyone is stressed but none more so than women. Female investors believe in planning and having a strategy but their plans in many cases have become derailed. Good news for advisors is, they want advice from a person not a computer and if they connect with someone they trust they are willing to pay for the service and they will refer their friends. 

These changes mean that advisors who want to win have to be willing to reimagine how to find, keep and provide service to clients, especially women, in a new way in a new environment.

1. Dare to do something different 

It may seem counter intuitive but doing something totally unrelated to finance and investing is exactly what some daring financial advisors we’ve been working with have been doing. They’ve connected with clients and prospects over life events rather than investing. The pandemic has hurt everyone, so in an effort to have some fun and support small businesses they’ve held virtual events on all kinds of interesting topics such as, wellness, organic coffee, champagne and craft beers – to name a few.

Did the clients pour in right after these events? Of course not -- but they would and have attended subsequent events that were offered. Why, because they knew they could relax for a bit and they wouldn’t be pressured or sold something.

This has proven to be a great way to make connections with like-minded people and an excellent opportunity for these advisor to put on a human face, to build trust, so if/when the time is right they can talk about their service. Caveat here – they understand that not all attendees will become clients – this is for those who dare. 

2. Dare to give it away

While hosting unrelated events aren’t in everyone’s wheel-house – all advisors know their craft. Understanding the insecurity that the pandemic has caused, and knowing that women in particular have lots of questions, some advisors have chosen to offer 30 minutes of advice to anyone for free, with no expectation that they’d become clients. 

Has that worked? Yes. Educating people who may not otherwise have access to advice, about how to navigate their finances, and earning a reputation for doing their part to help during these unprecedented times is an excellent way to earn trust. Again, real connections are made during these session and the advisors have the added benefit that they get recognition in their community for being more than, “just another advisor hustling for business”. 

These are a few examples of what “daring” advisors are doing. As recently as this morning we ran into a group of advisors who set up a hotline for senior clients and their friends and relatives to provide rides for those who needed help in getting to a local vaccination clinic.

What are you doing? Are you in it for the long haul, do you dare to invest your time now to build for the future. If you said, yes, you are a winner already.

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Related: Why Who You Are Matters More Than What You Know