Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
The other day I watched an interview between Denzel Washington and Jamie Foxx. It was a great interview, as funny and witty as you’d expect from two professional artists with a combined net worth of around $480 million.
Towards the end of the talk, Denzel said something so profound I almost fell out of my chair. “In the movie business,” he said, “I tell my two children you want people to say ‘I can’t wait to see him,’ not ‘I see him everywhere’”. Then he added, “Branding for an actor is being good, not being known”.
I’ve never heard a truer and more applicable statement that sums up the concept of Trusted Authority positioning.
In the rest of the interview, Denzel talked about how simply being known or seen in many movies is of little value to an actor’s career. In fact, it’s potentially harmful. What’s important is whether the movies they’re seen in are any good.
As I mulled over these words, I began considering Denzel’s acting career from my perspective as a coach and mentor to hundreds of financial advisors. I thought of all the Denzel movies I’ve seen: Fallen, The Bone Collector, Crimson Tide, The Book of Eli, Flight, even his more recent appearances in The Equalizer series... All hits. It struck me that this is what our client engagements as business professionals ought to look like.
If you study the most successful and enduring actors, you’ll notice their roles tend towards a certain theme. Once they lock onto that theme, the longevity of their careers depends very much on only accepting projects that fit the particular character profile of that theme.
Compare that to other newer actors, who seem to hit the big time quickly and appear in almost every movie for a while, only to later vanish just as quickly. In taking on many roles in quick succession, it’s like they didn’t carve out a clearly differentiated niche within the acting market, and people got too used to seeing them. As a consequence, they quickly became irrelevant.
I see so many advisors these days falling into the trap of thinking they need to build “brand awareness” by giving away free advice on Linkedin and social media, believing (falsely) that being seen everywhere, all the time, will lead to a higher conversion of prospects into paying clients.
But just like a successful actor with a career as enduring as Denzel Washington’s, the most successful advisors know that they must only allow themselves to be seen by their target audience and in a way relevant to their specific needs.
They must establish and stick to their own clearly defined and differentiated niche where they are the “Trusted Authority.” Stray outside of that authority niche, and they risk irrelevance.
Here are 6 ways Trusted Authority advisors operate...
- They are visible to their target audience of ideal potential clients only, and invisible to everyone else.
- They know their target audience at a deep human level, not just at a surface level.
- They don’t make themselves easily accessible nor responsive to any and every opportunity.
- They have deep expertise but focus on cultivating an authority position, using that to attract their most ideal prospects.
- They reserve their knowledge and expertise for clients and never share it publicly for free.
- They have a set of criteria for choosing (not chasing) client engagements based on how it fits their overall positioning in the market, and it takes higher priority over merely the fees they could earn.
- They understand what they are exceptional at, not just competent at, and strategically position themselves to deliver on that exceptionality. Anything less could undermine their authority position and therefore hurt their ability to attract the most ideal clients.
It’s not that no other actor can play the roles Denzel plays – it’s that no other actor can play them quite like him.
He is the Trusted Authority for moviegoers who want his unique and specific brand of acting. Because he has positioned his career to consistently deliver it to them (and only to them), they have made him wealthy and successful in return.
What aspect of the advisory profession can you be exceptional at, and who is your target audience that you can consistently deliver it to, who doesn’t yet know you exist?
The answers to these questions will form the basis of becoming a Trusted Authority.
To learn more about this contrarian and simple approach to selling, order your complimentary book and consultation below.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, Trust In A Split Second has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation.
Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out our podcasts.
Read more articles by Ari Galper
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
