Branding You - the very first step

How you introduce yourself determines your journey with client

Branding matters in everything in life. Who are you determines who you marry, who your friends are, and where you end up being.

In the financial planning industry, branding is even more important if you are a self employed financial practitioner.

What are the common ways of financial 'sales'

#1 Using a strong financial institution as a backing

I observe that many practitioners especially the bankers and tied insurance agents tend to focus on how good the company is from company's branding (market cap/ stock price/ marketing visibility) to performance in the participating funds and strength of certain products. Also, there are many bankers and insurance agents that does road show and use vouchers to encourage commitment into the plans they are offering.

Downside: your customers buy because of the branding of the company and/ or the feature of the product or any promotion/ vouchers that you are offering. There is no loyalty to you, if you leave the bank, your customers might not want to continue to stick with you. Even more so if you are using vouchers, they will only buy when there is promotion/ ask you for vouchers everytime they buy, this will reduce your net income per sale.

#2 Using simple math : number of people meet X conversion rate

By duplicating this process, you depend a lot on (1) law of large numbers, (2) conversion rate based on skillset. So it is like a machine that just continue to run it's algorithms and getting a certain success rate over time based on number of people you meet and your skills.

Downside: you will be exhausted over time as you grow older or when your motivation dies down. Of course, you can also prop up yourself, attending motivation seminars or having people around you that encourages you. Worst case, if you go to the extreme to only have this method, you will seen by your client's that you are just clocking in numbers because people you meet are just numbers to your game.

#3 Selling with product- focused scripts

Proper planning Process Scripts are good if you internalised it and make it your own, put in reasoning and thoughts into it. However, my point here is on product-focused script.Are the product scripts that you learn going to help clients in their financial planning?

Downside: Most scripts that are product focused & does not have a soul and you know it, clients knows it too. What if the product you are planning to sell is not what they need? Do you still just present it? (especially on roadshows)

Imagine you are only taught from day one scripts, law of large number, hone your skills, or draw strength from the company you're in, what kind of clientele base are you building? Does your client see your value and who you are? Will they be loyal to you and have a meaningful long term relationship?

If you realised all the financial sales method I mention above, nothing shouts who you are? It is like you are a nobody, and clients are not buying you. Therefore, there will be no loyalty to you and you are building a career for the company you join or just helping your superior build their clientele base (because when you leave , your clients don't follow you)

SOLUTION

I am going to now share the great importance of branding yourself from day one even as a financial practitioner. Every business starts their journey with their branding of who they are and why not we?

Benefits of building your own brand:

• Clients stay with you and more prone to refer you because they know what you stand for
• You build a meaningful career which is not sales focused
• You become more genuine and happier in your career

Tips to build a good branding for yourself:

1. Ask yourself deep questions: why did you join this career?  Why financial planning? Why you left your previous job? What is your vision?
2. Share your ideals, and your passion: How will you make a difference if you are in this career? What is your commitment to ensure you are always competent and will give good service?
3. Share why you join the firm? How does it help you to better service your clients and build your competency.

An example of my branding message is :

"I was born into a family of bankers, but until I grew up and work in the bank I found my true calling in proper financial planning. When I was a banker I couldn't comprehend the culture of selling products that customer might not need, and also not the best product , just to hit targets. I see for myself poor products and strategies everywhere that affect client's finances and trickle down to negative effects in emotions and then their personal life. Hence, I want to build a financial career that I am able to give the best advice and services to the clients that trust me, so that I can make this world a better place.

Do you know that marriages can fail but your financial plans might stick with you beyond your marriage? It is therefore so imperative that we start right in our financial planning strategy and the products we choose. I am committed to grow my knowledge through lots of reading and getting my Certified Financial Planner certification. Also, I join a team that I know can help me compare and contrast products in the market + develop good software & systems to help me scale up my business. This will translate to better customer service experience and better planning processes for my clients."

CONCLUSION

If you start your introduction and branding right with your clients from day one, you are positioned as a financial guru, not an order taker. Won't you appreciate that your clients come to you for all financial advice and refer you to their friends and family for who you stand for? (Not just referring because you ask them to.) Also, your journey in your career would be less bumpy and you will definitely be happier.