How to define yourself to your target audience and not let the market to define you. High Net Worth clients want to hear that you understand their needs, goals and aspirations before they allow you over their walls.
Process for Growth Consulting
Elevator Speech and Team Vision
Defining who you are and what you do…
If you do not have total clarity about who you are, what
you do and how you do it, how can your clients have clarity
about your team and your capabilities?
Do you ever imagine a client or a family member at a party or an event and someone asks them who is your broker
and why do you work with them? What does your client say? Nice person, calls me back…
This very personal interaction, a marketing opportunity, that should be defined by you in your words that you have
consistently repeated to your clients and you have had your family members, spouse and friends memorize.
Marketers say that a person, any person, has to hear something 10 times before they HEAR it. Do not let the market
define you with their own prejudices. Everyone views people through a lens to slot people for easy interaction.
Once you ares slotted, and you are already slotted, it is a very difficult thing to change.
Lets use an example. What would Lindsay Lohan have to do for you to say that she is a great example for young
women because she has her act together? We have no personal knowledge of Lindsay and few of us, if any, have
ever met her but we have slotted her in our minds. Everyone is different with our own quirks and reasons on why we
are who we are but we tend to lump people into groups so we can more easily deal with everyday life.
Your Elevator Speech and your Team Vision is your opportunity to slot yourself and break the lens on how people
view you. Most of us are considered brokers and the definition attributed to brokers is a person involved in
investments. Your elevator speech should set you apart from the competition and prompt the question; How do you
My “Elevator Speech”
I take smart financial advisors and teach them a process to move
from a product centric business model to a client centric
solutions-based needs driven business model so they can gather
more high net clients, more high net worth assets and remain
competitive in the high net worth space.
Specific capabilities and goals with well defined deliverables. Does it prompt someone to ask; How do you do
My target audience are financial advisors who have or want to have a large clientele. I read several years ago a
study of large financial advisor teams where they answered a series of questions about what they wanted more
of. They did not want more product, more help from their firm or their manager. What they wanted was more
HNW clients, more HNW assets and they wanted to remain competitive in the HNW space. What does your
target clientele want? Write it down.
The “Elevator Speech”
Motivate people to explore doing business with you …
Tell a story
Know where you want to go
Limit jargon, keep it simple
Build from bullet points
Deliver with conviction
Clients, friends and family should know the pitch
Building a Elevator Speech is not an easy task. It takes time and repeated effort to hone a one or two sentence
speech that prompts people to ask how do you do that. Many attempts will have to be made but it is worth the effort.
Remember you design your elevator speech to your targeted audience. High-net worth clients are different and must be
approached using the lexicon that they understand. If you don’t speak their language they won’t hear you. Start with
bullet points of phrases you want to incorporate, inter-generational, risk mitigation and tax efficient. HNW clients have
made their money and are not looking for a broker to double their money. HNW want a wealth manager that will protect
what they have through risk mitigation and know strategies to pass on their wealth to their children and like
everyone else they do not want to pay taxes.
The “Elevator Speech” example
I belong to the ABC Team which embraces a multi-generational model
so we can maximize your current lifestyle through estate planning,
risk mitigation, gift giving and tax efficient strategies. By
understanding each of our clients in an individual yet holistic manner
it allows us to design tailored solutions that encompass all your wealth
Specific capabilities and goals with well defined deliverables. Does it prompt someone to ask; How do you do that?
Note, no mention of investments. The Team is the Product.
Imagine your spouse, husband or wife, telling a doctor, teacher, lawyer or a spouse of a friend that my husband/wife
belongs to the ABC Team which embraces…
The lens you have created sets you apart from the vast majority of “brokers” and slotted you as a HNW Manager with
specific capabilities. You have to back it up but that is another lesson.
Develop a compelling value proposition to attain…
Sets you apart from the competition
Defines the expertise of the team
A positioning statement on your capabilities and services with HNW clients
Becomes the touchstone for all future team decisions
The Team Vision is aspirational in nature. Nobody is perfect and the vision should be thought of as the touchstone
for all future decisions for the team. The Vision should be used at the beginning of every presentation and read to the client
repeatedly. It is marketing. Do firms run a commercial one time? The most powerful business builder is a referral and the
ability of a client to remember a couple of catch phrases that you have embedded in their mind is important to your success.
Vision for the Office
The Office is a team driven organization for both management and
financial advisors that will employ a client centric solutions-based needs
driven business model. The Office will focus on training financial
advisors to be world-class Relationship Managers by learning a first-class
discovery process that encompasses all aspects of wealth management.
Complex Directors and Branch Managers should also have a vision to drive change, training, net new assets and
revenues. The office vision is aspirational. Not all the financial advisors are on teams, not all are world-class
Relationship Managers, not all employ a first-class discovery process and not all encompass all aspects of wealth
management. But all decisions by management will support these aspirational goals.
Note the no mention of investments or product.
Vision for a Team
The ABC Team is a cross-disciplinary team that employs a multi-generational
process by working with our client's trusted advisors to
ensure that things as diverse as business interests, tax and risk
mitigation strategies, cross-border issues, estate planning and
philanthropic goals are all coordinated as part of their overarching
investment approach, financial goals and personal priorities.
Note the no mention of investments.
Speak the lingo of the HNW clientele. We know from our own studies that a large percentage of HNW Clients believe that
“brokers” are useless. They have told us that. You must design your approach incorporating words and concepts that will
allow the HNW Client to give you a chance. HNW Clients have much higher walls than ordinary people and with good reason.
It is said that a HNW Client receives 4,000 marketing messages per day, PER DAY. You are not the only one who wants to help
them. Roofers, gardeners, auto dealerships and a thousand others who want their disposable dollars.
If you don’t at least speak their language you will never get over the wall.
HNW Clientele are used to dealing with multiple advisors. Think of a medium size business owner worth like $20 million.
The business owner probably has a personal lawyer, an employment lawyer, a tax lawyer and maybe an estate lawyer and this
does not count accountants and the multitude of different insurance agents for his business and personal needs. If you
approach a HNW Client as a sole provider of services they will not hear you. They will not hear you because you are
representing yourself in a manner that makes no sense to them.
See my presentation of Building a Wealth Management Profile.
How you say it is as important as what you say
• We have managed clients' financial assets
through 2 market corrections and one
• Average tenure of our clients is 9 years
• Risk Mitigation Strategies
• Tax Efficient Strategies
• Personal CFO
• Multi-generational service model
Process and Promise
• Our clients are part of an educated process
on all aspects of their wealth management
• You have to clarity about the process we
develop together for the outcome to be
• Our process is designed to listen to you and
to understand your needs, goals and
• 10 years in the business
• Active in the local community
• $300 million in assets under management
• CFP, CIMA, CFA
• Financial Advisor
Process and Promise
• I'm committed to you and all your financial
• We will use a disciplined process that is clear
• I work hard to earn your trust
• Portfolio reviews throughout the year
How you say it is just as important as what you say
• 24/7 Service
• We will always return your phone calls
• Our staff is always available and gets to
know you and what's important to you
Broker point of view
• We identify your risk profile and
thoughtfully propose relevant strategies and
• We use a wide range of research opinions to
drive our view of the market
• Planning is our basis for reaching your long-term
• Personal service designed by your needs and
• How do you want to be serviced?
Client point of view
• Wealth management is not just your assets,
but more on how you maintain your lifestyle
• Risk profiles morph and our process is
designed to capture the life events that drive
• Understanding Life Events allow us to offer a
solution set (advice, service and product)
Do not allow the market, your spouse, your friends and your
clients to define you.
It is your job to define yourself. But in defining yourself
make sure that you are targeting the clientele/prospects that
you want to attract.
Finally the Elevator Speech and Team Vision have implicit
promises that are made to your clients/prospects. You need
to have the capabilities to fulfill those promises.
Elevator Speech and Team Vision
Financial Advisor: $1,199.00
Financial Advisor Team: $1,499.00
Complex Director: $1,999.00
Complex Plan: $4,000.00 (3 Financial Advisors/
Complex Meeting Presentations: $500.00
Process for Growth Consulting
Daniel G Gallagher
1640 Sterling Road
Cutchogue, New York 11935