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Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.
Dear readers,
I received yet another request to connect on LinkedIn this week, prompting me to outline some ideas for this week’s column. The advisor sent me a note because I probably show up as a business owner, to connect with “like-minded business owners.” So, “like-minded” to what? To whom? For what purpose am I “like-minded”?
I realize some of this marketing copy resonates with people. Some prospects do respond or advisors wouldn’t keep doing this. However, you should know that to stand out in a crowded market, you have to do things differently and position yourself as knowledgeable, experienced, and supportive – but not same-old, same-old.
In this column, I’ll share some marketing secrets I’ve seen work well, whether you are trying to do lead gen – as the advisor who reached out to me this week was doing – or whether you are in a “finals” situation competing against other advisors, or whether you are talking with a prospect in your office. Hopefully you will review what you are doing now, consider what you could do differently, and try something new!
1. Realize people know you are trying to sell them something. This is an area in which you can stand out right away. The “elephant in the room” when you contact someone, or are sitting and talking with them, is that they probably know you are interested in providing your services to them. Being obscure and insincere doesn’t typically win points.
Try the direct approach: “Bev, I’m reaching out because I believe we have a lot to offer business owner clients like yourself.” I don’t know a lot about what you do or what you need, but I’d like to learn. I’m hoping you will accept my connection so we can talk further.” If I ever received a note like this, it would be such a breath of fresh air. Thank you for telling me, rather than me trying to read between the lines and figure out if you want to connect solely to send me your sales pitch.
I know a lot of firms in our industry won’t let you “sell” until you connect. But you could still be a bit more honest in your initial outreach. When positioning yourself against other advisors, you can use a similar tactic: “Bev, we’d like you to recognize we are the better option for you among the advisors you are talking to; however, we’d like a chance to earn that decision by you. To that end, help us learn a bit more about who you are and what you care about so we can assist you in making the right decision.” Honesty and authenticity really matter. Is it direct? Yes, it is, and if delivered with sincerity, it shows you are different from everyone else they are being approached by.
2. Don’t say you know others like me unless you do. This happens a lot when advisors tell me how they ask for a referral. “We ask clients who else they know like themselves that we should be talking to.” Really? I don’t know who else I know who is exactly like me.
And who are these “like-minded” people who are mentioned so frequently? I’ve interacted with many business owners, and I can’t say I share a mind with many of them. They might have similar challenges in running a business, but not the same financial goals and considerations. How about taking the approach that your objective is simply to learn?
Before you want to talk about what you can do or what you believe is important to them, you want to know what they’re looking for. Even if you don’t get to pitch in a first meeting – or even a second one – if you are gathering information, the person believes you “get” them.
3. Help the prospect understand why they should be talking with you. This can often be best done through storytelling. Some of the best advisors I’ve seen rarely talk about who they are, their credentials, or their services. Instead, tell story after story about the people they have helped and how they have helped them.
Even on LinkedIn, you could send something like, “We are working with a number of business owners. I don’t know what could resonate for you, but I’d love to share a few success stories.” In person, hearing something about what the person is struggling with, or how they describe their obstacles can (hopefully) trigger an idea for a story you could tell.
Stories draw people in. We like to know what others are doing, and we often see ourselves in the stories. Rather than listing the facts about how you support business owners, tell a story and let the person decide if others are “like-minded” to them or not.
4. Let prospects know your job is not to sell but to help them make a good decision. This is my refrain to our clients over and over again. By nature, the sales-to-prospect relationship feels adversarial. You want to sell me something, and my job is to figure out how to say “no” to you unless you convince me otherwise.
The prospect is a bit on the defensive (sometimes without even knowing they are), and you – as the advisor wanting to help them – are focused on trying to close something for a next step. Rather than be on opposite sides of the table, get on the same side by letting them know you simply want to help them reach a decision.
You are not for everyone, so your job will be to help them navigate the option of working with you to determine if it is right for them.
5. Stay away from overused words and concepts. In broad marketing or referral, “people like you,” or “I’m hoping to grow my business,” or “we believe we are unique in the market” or “like-minded” all fall flat because most advisors use them. Stand out! Find a way to approach someone you don’t know that would be akin to starting up a conversation with someone at the supermarket. Be as normal and human as possible.
In broader marketing or in person, stay away from terms like “fiduciary” and “fee-only” and “complex planning issues.” Use terms that your grandmother could understand to describe who you are and why you are different. We call this the ”so what?” test. If you cannot translate something into a so what statement, don’t say it at all.
I could write several more paragraphs on this topic, but I’ll stop here for now. Of course, marketing “cold” is different from sitting with someone who has expressed interest in your office. But the same-old, same-old problem can creep in no matter what sort of sales experience it is. Force yourself to look at what you are doing and ask whether it is catching someone’s attention in the way you need to. If you are, great – keep doing it. If you are not, push yourself to try something fresh and new.
Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry, in 1995. The firm also founded and manages the Advisors Sales Academy. The firm has won the Wealthbriefing WealthTech award for Best Training Solution for 2022, 2023, 2024 and 2025. Beverly is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. She is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).
She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
