Tackle Preconceptions First
Every advisor faces preconceptions, either about his/her firm or her industry.
Some are positive, like the trust of a major brand, but some are negative, like skepticism around investment advice. The positive ones might give you a leg up, but the negative ones will be your first attackers. They are the client's defence mechanism.
The thing about preconceptions is that they exist no matter what — they're there even before you do or say a thing.
The least you can do is be aware of them, and the most you can do is structure your practice to be visibly and demonstrably refute them. That's how people will start to see you as an exception to the rule.
Key Strategies from the 53rd
- Dispel any preconceptions by trying to delight your audience. Anticipate what their concerns could be (lack of communication, fees for service, market returns, etc.) and introduce ideas that can best address them
- Try introducing a quarterly client outreach program or comprehensive document that shows the complexity and level of service being offered through your practice
- Build your brand with multiple touch points to take control of how you're perceived
