Not all clients appreciate the value of good financial advice so it’s important you create and reinforce your value proposition. Our experience tells us that communicating your proposition during the early stages of your client relationships is best. And one of the best ways to do this is to compile a ‘mission statement’, which allows you to present a highly personalised description of your advisory practice.
Your mission statement
A mission statement clearly sets out what your practice does and how you provide value to your clients. A well-written mission statement simply explains your approach using easy to understand terms, outlines the steps you take and shows how they fit together to achieve your client’s goals.
- A good mission statement should be:
- Memorable, short and to the point
- Able to differentiate your practice from competitors
- Convincing and targeted
You might decide to consider your clients’ potential needs when listing your services. This approach will help them understand your practice better and will also create the potential for additional business opportunities and referrals over time.
Explain how you will communicate
Effective communication helps client retention. Advisers tell us that responding quickly to client requests, or even better still communicating in a pro-active manner, is essential. Setting the right expectations early in your client relationships, including how you and your clients plan to communicate will pay dividends down the road.
Discuss your fees
An open and transparent discussion about fees, using simple language, is often central to achieving a trusting relationship with your clients. Support your fee discussion with a clear explanation of the services you’ll provide.
Introduce your team
If you are part of a wider team, providing biographies of yourself and your colleagues is a great opportunity to showcase your firm’s professional experience, educational background, and any industry certifications.
How we can help
For more tips on how to explain your proposition and how you add value to your clients please speak to your business development manager.