How do you respond when a client or prospect asks you: “I know you’re a financial advisor with firm X, but what do you actually do?”
Answering this question can be a little daunting—whether it’s asked implicitly or explicitly. After all, it’s a challenge to articulate the structure and capabilities of an organization of financial advisors and staff, with all its “moving parts” that together implement a comprehensive wealth management and sophisticated investment strategy. What you will find here is a distillation of this process to its essence. This conversation connects your team and business model with the solution for dealing with your sophisticated clients’ complex financial challenges, and ultimately diffusing their two most profound and troubling financial concerns.
So, What Do You Do?
Practice this script to clearly define what makes you different.
“My team and I spend pretty much all day, every day, answering two fundamental questions that everyone has of our industry: ‘Will I make it?’ and ‘Do I have any financial blind spots?’ In answering the question, ‘Will I make it?’ I find that the majority of people I speak with haven’t even defined ‘it’! So the first thing our team does is sit down and help you define everything you are trying to accomplish with your wealth…with a high degree of specificity. We then take a look at everything you’re doing financially to determine if what you want to happen actually has the chance to occur. We basically map your current financial structure to your overall short-term and long-term financial objectives. If those two things align, we pat you on the back and congratulate you. If they don’t align, we point out your specific challenges and give you detailed recommendations to help you get back on track.
“Once we have addressed Question 1, we move to Question 2: ‘Do I have any financial blind spots?’ At this stage, our team takes a 360-degree look at you financially to determine if there is anything you might have overlooked that might do you, your family or your business harm. Any risk exposure we uncover will be brought to your attention and again our team will provide a rational strategy designed to help mitigate the risk.
At the conclusion of this exhaustive process, you not only have a comprehensive wealth management strategy in place, but you have also addressed the only two questions that have ever kept you up at night: ‘Will I make it, and do I have any financial blind spots?’
Mutual funds are subject to market risk and volatility. Shares may gain or lose value.
These views represent the opinions of OppenheimerFunds, Inc. and are not intended as investment advice or to predict or depict the performance of any investment. These views are as of the open of business on the publication date, and are subject to change based on subsequent developments.