It’s a dog eat dog world when you look at the financial advisory industry. With every other professional being a major competitor, it’s essential that you recognize how you can gain a competitive edge that you use to attract customers.
In our last blog post, we began talking about some of the things that you can incorporate into your practice or focus on as an individual to gain some competitive edge. While the points that we covered are undoubtedly crucial to the success of financial advisors, there are still so many additional ways that you can work on standing out from the other advisors in your area. So, without further ado, let’s get started.
Focus on Marketing
Something that business owners across the world are learning is that marketing is incredibly important for the success of the business. When you’re in an industry like financial advising, each advisor is your competition. For that reason, you want to make sure that you are focusing on marketing yourself and your financial advisory practice.
Not only will focusing on marketing ensure that you are found when people search for you, but it allows you to present yourself the way that you’d like. Whether you choose to display particular services that you’d like to specialize in, share contact information for individuals needing your services, or you simply want to put a face to the name, marketing is a must. Learn about the different mediums that are available and factor the cost into your budgeting. As you know, it takes money to make money — and marketing is one of the ways that financial advisors can gain customers and make some more money!
Analyze Your Services
While all financial advisors are going to offer some type of financial assistance, it’s always good to take a more in-depth look at the services that you’re offering. As you do so, you want to ask yourself some questions. For starters, are the services that you’re offering too specific? Are you narrowing down the number of potential customers because you’re focusing on a niche area? If this is the case, maybe you want to consider expanding the services that you offer. On the other hand, if you are offering too many services and are unable to provide your clients with a tailored or quality experience, it may be worth narrowing down your services so that you can be a well-known advisor that only works with elite clients.
Aside from the services that you offer, you are going to want to take a look at the prices that you charge. Before you determine whether or not there is a competitive edge in the cost of your services, look at what the other financial advisors in the area are offering. If clients are receiving the same experience with each advisor, where do your costs stand? By taking some time to acknowledge what other advisors are charging for their services, you can get a better idea of whether or not your services are appropriately priced. Depending on what your goals are with your business and your current standings, your findings may be all of the reasoning that you need to raise or lower the cost of your services.
Utilize Your Resources
Throughout your career as a financial advisor, it’s absolutely crucial that you recognize the value of the resources available to you. From the other advisors that are working with you in your financial advisory practice and individuals in your network to current trends in the industry and additional courses, these various resources can help you gather some insight on what you can do to gain a competitive edge. More often than not, you’ll be able to get a glimpse of what it was that separated certain individuals from the rest and will have the ability to incorporate these findings into your own career. Seeking out information is genuinely one of the best things that you can do to grow as a financial advisor.
A common misconception is that finances aren’t an industry or a subject that requires creativity. When clients turn to a financial advisor for assistance, the last thing that they want is a stereotypical response or something that they could have easily found out on their own. For that reason, you should always be looking for ways to provide your clients with unique, creative strategies for their investment portfolios.
The reality, however, is that following the market trends and managing various client portfolios can be incredibly challenging. If you’re interested in providing your clients with a strategy that beats those of your competitors, you need to ensure that you’re utilizing the tools available to you. Alpha Droid has created an asset allocation software for financial advisors to take advantage of. Not only does the Alpha Droid software provide you with insight into current market trends, but it also assists you with your client’s investments. With an extensive selection of portfolio strategies, you can provide your clients with the creativity and uniquity that they want to see when working with a financial advisor.
If you’re intrigued by this and would like to see firsthand what the Alpha Droid software could do for you and your financial advisory practice, start by enjoying the 30-day free trial that we offer. If there are any questions, concerns, or inquiries you have, feel free to reach out to our team, and we would be more than happy to take care of you.