First Impressions Count, So Lead with Your Value Proposition
Barry Bulakites
Every financial advisor needs an elevator pitch, nationally renowned IRA expert Barry Bulakites advises.
An elevator pitch is a professional introduction that can be made in the time two riders might have for a conversation in an elevator. That’s about 30 seconds.
In that 30 seconds, financial advisors need to impress their prospects with who they are and what they do and make them ask for further action.
Financial advisors need to get past: ”Hello, my name is” to “Here is my unique value proposition,: what they can uniquely provide for the prospect’s financial security and growth, and, depending on the age of the prospect, leaving a card or sharing their digits on the spot.
The challenge is knowing how to communicate a unique value proposition to an eager client in less time than it takes to log on to your computer.
Barry Bulakites has three suggestions. for defining your unique value proposition with a follow-up.
Share what you have brought to the industry
to millions of people. Barry has hammered home his message to readers and viewers of CNBC, USA Today, Forbes, The Washington Post, The New York Times, The Motley Fool, Time, and Money -that everyone deserves to enjoy their golden years and that the right IRA products are the way to build a financially secure retirement.
But you don’t have to have a high public profile to have a track record of bringing financial success to people served by the financial planning industry. Are you a licensed investment counselor? Say so! Are you a CPA, an attorney, or enrolled to practice before the IRS? Let your prospective client know. Summarize your expertise in 10 words or less, preferably less.
Define your niche
The public-facing work of Barry Bulakites has focused on retirement planning. By sharing his expertise in retirement planning over and over again in the same outlets, he has become recognized as an expert in his niche.
Every investment advisor has a niche. The best investment of your time is seeking clients who benefit from your specialized expertise.
Some investment advisors specialize in the continuation of wealth in the form of family assets. Others advise tech-savvy investors. Others work with affinity groups, or with traditional investors.
There are some investors who are a better fit with your services than others. Define your niche so you can meet your match.
Know How You Uniquely Serve Your Target Audience, Barry Bulakites Says
It’s not enough to know the niche in which you will sell your products, Barry Bulakites says. You also need to be able to articulate what you do that uniquely serves that niche.
Maybe your firm serves veterans. Or serial entrepreneurs. Or women in transition. Know what you do that your target audience cannot find at another firm.
Get feedback
No matter how slick you make your 30-second presentation, you can always benefit from knowing how other people react to it. Record your presentation, and get a pro to listen to it. Consider their suggestions for changes. Then make a habit of leaving an extra few seconds in your presentation for feedback from your prospects after they hear you out.
