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As financial advice becomes more automated, how do you justify your (higher-priced) value as a human being? Join me and my guest, the great Steve Sanduski of Belay Advisor, as we discuss how to communicate with your clients in a way that increases influence.
We’ll talk about the increasing role that robadvisors are playing in the delivery service, how we see this changing in the future, and what advisors can do to find that vital sliver of services where they provide unbelievable value. We’ll also talk about achieving emotional closeness with the client and how vulnerability, sincerity, and storytelling can help accomplish that.
Show Notes
This episode will teach you:
[2:10] Too many advisors look, act, and talk the same. How can advisors differentiate themselves? You can have all the communication that you want, but if it’s the same message as everyone else, you’ll fail to set yourself apart.
[4:16] Why repelling people by taking a strong position on a particular topic is totally fine.
[7:07] If you’re a financial advisor, how many clients do you really need to make a nice business?
[8:55] Fee compression and embracing technology solutions to improve, not reduce, margins. How do you implement this technology within your business model?
[11:09] Why you’re not competing with the roboadvisors
[12:00] Where the real value is delivered in the advisor-client relationship
[14:04] Let’s say that technology can handle 25% of what a financial advisor has historically done. If it’s 25% today, it’s going to be 35%, 50%, etc. That number is going to get larger and larger. The piece of work that an advisor can deliver, the real value. Is going to get smaller over time. But the value that a consumer will place on that shrinking piece of value is going to continue to expand over time. You have to focus in on that sliver of value that you can provide that no technology will ever make obsolete and be the absolute best you can be.
[15:32] Example of the sliver of value
[17:20] Leveraging your humanness. What can the human brain do that no machine can do?
[18:30] The loss of the community and breakdown in family structure and how that has disconnected us as a society emotionally. What should advisors know about how to influence and reach people emotionally in this disconnected world?
[21:48] Getting your clients together and connecting them, creating your own community within your practice.
[25:00] Why love isn’t enough. Loving your clients doesn’t necessarily bring connection. Storytelling has the power to change someone else’s thinking. Influence doesn’t happen by overpowering people with facts. Start with a story. That story needs to be emotional, it needs to have a point, and a truth to it. When you share that story and the person connects and opens up, then they become open to hearing your facts.
[30:00] Showing emotional vulnerability as a way to bring clients closer and make them more open to you.
[31:52] Three actionable things you can do to increase your ability to influence through communication.
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