Drive the Value of Your Advisory Firm with a Personal Brand
DEAR ADVISORS,
People don’t do business with companies; they do business with people they like! There’s something about a connection with a human being that creates a level of trust and loyalty beyond any relationship a company could ever match. The bonds people have with one another can’t be overvalued.
Big companies have people whose personalities serve to advance their brand. Some popular examples are Steve Jobs with Apple or Elon Musk and Tesla. As an advisory firm owner, you are the face of your company. Your personal brand serves as a huge asset that can grow your firm. As people start to find value in what you have to say, the power of that human connection can lead to more opportunity.
A personal brand is a relationship with you, an individual who exists separately from your advisory firm. Building your personal brand is a process that involves finding your uniqueness, building a reputation on the things you want to be known for, and ultimately creating something that conveys a clear message that can be monetized.
An example of a successful personal brand outside the advisory industry is Brené Brown. Her problem is Shame and her uniqueness is Vulnerability. To create an established personal brand like that, start with the Personal Brand DNA Helix. It is a series of 6 questions to ask yourself as you develop your own personal brand identity.
What problem do you solve?
The goal of creating a personal brand is to find your uniqueness so you can exploit it in the service of others. Financial planning covers a broad range of topics, so the easiest way to describe this is to identify your niche, or your ideal client. What problem do you solve for that client in 1 word? What is the solution in 1 sentence? How do you summarize that in 1 word which is your uniqueness?
What are you passionate about?
If you have trouble picking one niche or ideal client, don’t consider only your passions. Life isn’t all just sunshine & rainbows! Instead, ask yourself, what you believe is just “not right” in the world, or identify something that breaks your heart. These may be things you are passionate about fighting against. Your uniqueness lives at the intersection of who you have been and who you are called to be. What have you overcome? What has been your greatest challenge, or your biggest heartbreak? You are most powerfully positioned to serve the person you once were.
What do I research AND get results in?
Things you research are things where you have gained knowledge or added designations beyond the basics of financial planning. Getting results are things you have experience doing successfully, and especially things which your clients said they value about working with you. If you’ve purchased an existing firm, you’ll start to see these themes arise in your client relationships. Recognizing and capitalizing on your uniqueness creates a personal brand for you to grow your firm your way, after the seller has retired.
What are all the things people would buy from you?
What are your current service offerings, and what could you add on that clients would pay for? At the beginning of building a personal brand, you should ONLY talk about the problem you solve, your solution, and your uniqueness. It's easy to get distracted by all the services you could offer, and the problems you could solve. Don’t dilute your personal brand in the beginning! After you become a recognized brand, you can add service offerings with a more complex or even a separate fee structure.
What business do I really want to be in?
Again, financial planning covers a wide range of topics, all of which you COULD discuss with your clients...but which one do you want to be known for? Use the acronym DARES to analyze your business model. It stands for Digital, Automated, Recurring, Evergreen, Scalable. Which of these are strong for you right now, and which ones could you improve? There's not a perfect business model because these factors compete with each other, but it can be helpful to think about your advisory firm from a new perspective.
What kind of lifestyle do I really want to have?
When starting an advisory firm, the goal is to grow. Eventually, the goal is no longer to grow, but we don’t realize when we hit that point. Growing bigger doesn’t always mean more profit in your pocket. Think about your firm with the end in mind. What does your ideal firm look like and how do you eventually want to exit? Hiring your own financial planner will give you and your significant other clarity in how to grow the firm because you understand what you need from the firm to live your great life.
At first I was concerned that being the face of my advisory firm would create a company that is less valuable if I ever left. Fortunately, the two are not mutually exclusive. While building your personal brand, you can also build an advisory firm with processes, workflows, and a strong culture that can stand on its own. As you add advisors, you may encourage them to consider building their own personal brand. This will give them greater focus and clarity in marketing and growing the company.
For more on this topic, listen to Donald Miller’s interview with guest Rory Vaden on his Building a StoryBrand podcast #211: Why You Need a Personal Brand. On the podcast, Rory offers to do a free personal branding strategy call through his company, the Brand Builders Group. They don't work with companies; they only work with individuals (speakers, influencers, writers, etc.). I just booked my own free consultation but if that feels like too much pressure, you can watch their free video course on how to get started creating a personal brand on your own. Either way, you’re well on your way to a successful advisory firm today, and in the future!
Warm regards,
Brooklyn
P.S.
At Ellevate Advisors, we believe that advisors deserve to retire too. What does that look like for you, your family, and your business? Let’s figure it out together! Click here to schedule an initial phone call with our team today.