Episode 717 - You're Not the Star (They Are)

Let’s face it, if everyone’s using the same “wheel” to explain their wealth management process, are you really standing out? In this episode, Phil shares insights from conversations with over 50 firms and makes the case for rethinking how you present your value. With a fresh perspective, Phil explains why making the client the center of the story, not your credentials or firm’s resources, is the real key to building trust and connection. Whether you're meeting a new prospect or re-engaging an existing client, this episode will help you refocus on what matters most: them. If you're ready to ditch the generic pitch and start leading with real value, this episode is your Monday morning spark.

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Transcript

 Top performers in every field surround themselves with those who inspire them, who seek to build them up, and who push them to reach beyond their current limits. I'm Phil Buchanan, executive chairman of Cannon Financial Institute. I designed Monday Morning Mojo to provide you with a weekly spark, a push and motivational insight to live your best life. Thanks for joining.

Good Monday morning. It's Phil here with episode 717 of Monday Morning Mojo. Over the last month, I have visited with professionals from over 50 different firms and ask what visuals they use to explain their wealth management process to prospective clients or to reset the breadth of their services with existing clients.

Over 80% of the people I talk to referred to quote unquote, the wheel as a preferred method of explaining their services when 80% of people are doing the same thing. It means that prospects and clients are hearing essentially the same story from a variety of different firms, folks that is neither unique, nor does it focus the client as to why they would choose you.

The wheel, and I think many of you know what I'm referring to, supposedly is client centered. The client is shown at the center of the wheel, along with the wealth advisor and the advisor goes on to explain. How they can draw on the vast resources of very credible and credentialed experts in various business lines.

From lending, cash management, investment management trust, wealth planning, insurance, et cetera. The wealth advisor likely explains the they are, quote unquote, service focused and seek to meet the client, quote unquote, where they are in their life. On paper. All of this looks great for clients, however, it's almost verbatim.

To what they're hearing from every firm. Trust me, this doesn't set you apart. You are not, nor should you try to be the star of the story. The prospect and the client is the star of the story. Quit talking so much about yourself. The client or prospect wouldn't be meeting with you if they hadn't done some level of research prior to the engagement.

Let's draw upon another industry for an example. The industry of medicine, it's a great example as we tend to seek out physicians to help us maintain physical wellness or to address an issue, your clients and prospects seek you out for financial wellness and or to address a specific issue. Assume you were referred to a doctor.

You wouldn't just show up at the doctor's office without doing some online research. You would study your issue and you would research the doctor. You would Google and rego the issue and the doctor several times before your appointment. Now imagine you show up at the doctor and the first thing the doctor does is pulls out a wheel showing you and the doctor at the center, and the doctor spends several minutes talking ad nauseum about themselves and the vast resources of other professionals they draw on.

They tell you about their technology and their referral network. Now is this good information? Well, sure. But what you really want the doctor to do is focus on you. You as the patient, should be the focus. You want comfort in knowing that this doctor has experience and expertise in dealing with the issue and dealing with people just like you.

How does the doctor best do this? By telling stories about the cases and the conditions that you face. Other patients, not by name, but by reference that they have drawn upon. And then the path of the examination, the diagnosis and potential treatments. Now, back to you as a wealth manager, if I can encourage you to do one thing, it's focus the conversation on the client. They wouldn't be there if they didn't feel that you could be helpful. So start there, engage with them, do high level discovery, and then, and only then ask quote unquote. Would it be helpful if I gave you a little background on how and why other families with similar concerns of issues have come to you before when you ask the question with a preface, would it be helpful?

The prospect's response is going to be yes. Then share a story like the clients that come to us do so because their wealth has caused them to accumulate a lot more than financial success. They've accumulated many different voices in their life, bankers, investment professionals, retirement consultants, business consultants, insurance professionals, accountants, lawyers, et cetera.

Unfortunately, these voices are rarely in sync. Often they get different advice from the different parties, and this does nothing for most clients other than create confusion. Then ask the client if you have three different professionals giving you three different pieces of advice. What do you think most people do?

Stop here and listen to the response. I could promise you the client is gonna respond succinctly with something like, well, you, you do nothing. You're afraid of making a mistake. At that point, you can then go on to explain that clients come to you for clarity and for help in tethering together all of the different experts.

In various parts of their financial life so that you, the client, has the peace of mind in knowing that the action you're taking is right for your situation. Then if you must, you can pull out the wheel and talk from there. Remember, your client doesn't come to you to get wealthy. There are already wealthy.

If they are in front of you, they already believe there's something about you and your firm that can be of help to them. They don't need or want your value proposition to be front and center. They want to be front and center. So start with them. Let them know that other families have faced similar circumstances and that they have found value in working with you and how you are able to utilize the vast resources of your organization to assist.

In summary, when you do what everyone else does, it will never be distinctive. Everyone has resources. Everyone is credentialed, but everyone doesn't put the client as the star of the show. The first meeting is never about you. It's about the prospect or client.

Monday Morning Mojo is production of Cannon Financial Institute, executive producer of Monday Morning Mojo is Sarah Jones. Editing and mixing is done by Danny Bruder. Until next time, I'm Phil Buchanan reminding you to be a force for good. Have a great week and thanks for being part of the Mojo community.