Craft a Standout Financial Advisor Value Proposition

A unique value proposition answers the most important question a client will have when they’re considering hiring your services: “Why you, specifically, among other options I have?”.

It’s your secret weapon and what sets you apart from the sea of other financial advisors, robo-advisors, and DIY resources out there. It’s often the reason you’re able to gain new clients and keep existing clients loyal. 

In this article, we’ll teach you how to create an outstanding value proposition and let clients know there’s no better option than you. 

The Significance of a Unique Financial Advisor Value Proposition

A strong, unique value proposition can easily become the reason why someone chooses to buy from you. It’s the center of your marketing strategy. That’s why it’s worthwhile to sit on your value proposition for a bit before introducing it to the public.

An effective value proposition is your elevator pitch, your hook. But after creating this initial interest, your value proposition is also a factor when the moment to make a decision comes around. After all, your clients need to be reminded why you’re the only one who can help them achieve their goals.

You can do so much more than plaster your value proposition statement in all of your marketing materials. Your value proposition should be evident in every step of your client’s journey. It represents the foundation of your financial services, meaning it should be on display in every interaction with clients. 

When you infuse those values into your entire workflow, clients will get an experience that’s true to your promise. Fulfilling these promises and expectations builds trust and loyalty with your clients, helping you expand your client base and retain these clients even when there are major changes happening in the industry.

How To Craft a Unique Financial Advisor Value Proposition

With how much influence a good value proposition has over your client’s decision-making process, you might feel pressured to nail your value proposition at this point. We’re here to help you stop overthinking it. Here’s how you create a value proposition that will put you in the spotlight.

Start With Your Target Market

You need to know who’ll experience your unique value to create something that will resonate with their needs.

Understanding your target market (the types of clients you want to get more of) will help you create a unique value proposition that’s relevant to what they need to hear from you.

Demographics, like age, location, and gender, are useful. However, you need to go a step further to create something that will truly represent what they want to hear.

Beyond demographics, you need to know how it feels in their shoes. What keeps them up at night? What are their financial and life goals? What do they need to meet their targets? It's about knowing them so well that you know what they need before any interaction whatsoever.

Think of it like being a detective. Your job is to gather all the clues about your target audience. What are their common financial challenges? Are they looking to retire early? Are they struggling with managing their investments? Do they need help planning for their kid's college education?

Don’t be afraid to dig deep—the more you know about them, the better you can tailor your services to meet their needs.

To create a good value proposition, you need to think about your offer as a vehicle that will get your clients to their financial goals. At this moment, it’s not about what you want to offer but how you can help them using your current skill set.

Determine Your Expertise

Now that you know what your target market wants, it’s time to brainstorm how your expertise comes into play.

While being a generalist is good enough, this is where financial advisors who focus on one niche gain the advantage. When you specialize in one thing, you can back your claims with unique skills, certifications, and experience that generalists often don’t have.

Besides the lack of competition, having a niche makes it easier for you to get discovered by ideal clients and makes you stand out with your unique industry knowledge. Focus on what you’re good at and figure out how you can get what people want using your skills.

Let’s say that a client is looking for an estate planner. Sure, they can go to their current financial planner to get help. But they’d expect someone who specializes in estate planning will be able to hold their hands through the whole process because those advisors have done it so many more times before. Niche advisors already have a network they can refer you to, they know how to handle difficult conversations, and they know how to make the process as painless as possible for you and your family.

Being really good at one thing doesn’t limit you to only working in that niche for the rest of your career. Sure, you’re a CFP who can do retirement planning, wealth management, and financial planning if that’s what your client needs. But when you specialize, you can give the best possible experience for your ideal clients, and that’s what you should aim for.

Include Client Success Stories

Now that we know your target market and expertise, it’s time to look for relevant client success stories to help boost your credibility. Sure, you can say good things about yourself, but people are more likely to trust a non-biased opinion.

According to a 2021 survey, 99.9% of customers read product reviews before buying. In another from BrightLocal, 46% of customers trust online reviews as much as they trust recommendations from friends and family.

Each success story is proof that you can deliver results.

Think of client success stories as a transformation. When your new clients come through the door, they’re in a similar position as your prospective clients. They have similar worries, needs, and demographic traits. Sometimes they even have a similar financial situation.

However, after they work with you, your clients gain peace of mind because they’re now on track to achieve the ideal financial life your prospects are also planning for.

It sounds unrealistic at first glance, and that healthy dose of skepticism is perfectly normal. This is where you should bridge that gap to make your client success stories more engaging.

You can relieve some of the disbelief by showing how you handled the challenges your clients faced. Writing it in this fashion can help prospects envision the value they get when they work with you.

And last but not least, don’t forget to protect your client’s privacy when doing this. Ask for permission, and censor any sensitive information if there is any. While it’s important to get more clients, maintaining the trust and loyalty between you and your current clients should always come first.

Emphasize Your Dedication to Client Happiness

If potential clients are just looking for generic advice, they can easily get some through a robo-advisor or social media platform, such as LinkedIn, Reddit, or private forums.

While clients do come in for financial help, what they’re ultimately looking for is a partner to help them build the life they envisioned. A compelling value proposition needs to show your commitment to clients’ success. It needs to point out that you see this engagement as a partnership and not just a quick transaction.

Make sure that your value proposition communicates that you’re committed to providing them with personalized financial advice and long-term guidance to help them achieve their goals. And make sure you back up this value proposition claim with your actions. 

For example, if you're a financial advisor who specializes in helping small business owners navigate their finances, you could highlight how you work with clients throughout the year. You don't just set them up with a cash flow analysis and a budget and send them on their way until the next tax season. Instead, you need to continue fostering the client relationship by checking in regularly and anticipating your client’s needs before they even know it.

Clearly Communicate Additional Benefits

The last piece of the puzzle is to highlight any additional benefits that clients will get if they work with you. This is your chance to really sell it, to show your clients why you're the best choice for them.

Think of it like the latte art in your cup of coffee. Sure, you wouldn’t miss the swan if it’s not there. But the art turns a cup of coffee into a special beverage.

Those are the points of differentiation you can use as part of your value proposition. The additional benefits your advisory firm offers are what can make you stand out from the crowd.

Maybe you have a unique way of consulting with clients, or perhaps you provide regular financial education workshops in the form of a private podcast feed or live webinars for your clients. Or maybe you have a unique tool or technology that helps clients track their financial progress. Whatever it is, make sure to highlight it in your value proposition.

But here's the kicker: you've got to back up your claims with data or statistics.

It's one thing to say you're great, it's another to prove it.

If you provide financial education workshops, share statistics on how these have improved your clients' financial literacy. Better yet, share a snippet of the recording so they can judge for themselves just how valuable these sessions are.

Easily Showcase Your Value Proposition With Asset-Map

A good value proposition showcases why clients should work with you over other options they might have.

While having a good value proposition statement already puts you ahead of most of your competition, actually implementing your value proposition into everything you do brings you to a league of your own.

Showcase how you work and how you implement your value proposition into your processes with an intuitive visual map.

Schedule a demo here if you’d like to learn more about how you can use Asset-Map to differentiate yourself from your competitors.