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Financial Planning > Behavioral Finance

Matchmaking isn't just for dating anymore

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Seniors are faced with making many important financial decisions. What type of long term care policy is best for them? What makes one health care supplement better than another one? Is their money invested in the best way possible to generate enough income?

While they worry about the answers to those questions, many are completely scared about making the wrong choices and ending up looking foolish or – worse yet – poor. The fear of making the wrong choices is strong enough to cause many seniors simply to do nothing, hoping the problem will magically go away. And as you and I know, that doesn’t happen.

While there are plenty of qualified and talented financial professionals for these seniors to work with, there’s no matchmaking service for seniors to find a trusted advisor with whom to build a life-long financial relationship. So what’s the solution? It comes down to asking yourself one important question: What makes you different from every other financial professional in your local buying area? You need to evaluate yourself and determine what unique characteristics, life experience, investment expertise, etc., set you apart from the other financial professionals in your area.

Ask your 10 best clients, “Why did you choose to work with me as your financial advisor?” Then be prepared to take notes. Write down everything they tell you. This will let you know exactly what they value in you and what caused them to work with you in the first place. It’s market research at its finest.

Ask your clients, “When you refer people to me, what do you say about me?” The answer to this question tells you if you need to help train your clients on what they should be saying about you to others.

Ask your staff to tell you why they think clients chose to work with you.

Finally, compile this information and spend some focused time studying what others say your strengths are. The expression that perception is reality is true. You may never have realized that some of the things said about you were things people valued most about you.

Now that you have received the direct client feedback, this is where the matchmaking begins and you begin to define your “brand” as a financial professional who specializes in working with seniors. In your next meeting with a senior investor, you can begin by saying, “Our best clients tell us the reason they chose to work with us is because…” Simply fill in the blanks with the compelling reason that seniors choose to work with you. You’ll soon be on the road to a lot of matchmaking with your ideal senior clients. And you won’t even have to go on the “Dating Game.”


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