Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Practice Management > Building Your Business

Make simplicity your goal

Your article was successfully shared with the contacts you provided.

We live in a busy world. We’re constantly on the run, from business meetings to personal commitments to kids’ sporting events and all the other things that fill our calendars. In the midst of these daily events, we have countless emails, voicemails and text messages we must address. Then, in the limited free time we do have, there are multiple commercial interests fighting for our attention to purchase some product or service. I don’t know about you, but for me it can all seem a little much.

The clients we serve are being bombarded in the same way, but they have one more concern that keeps them up at night: whether they will have the income to support their dreams in retirement. Most investors face the challenge of fully understanding the financial markets and all the different investment vehicles available to them. This is why a financial advisor is so important in their lives: to help them make sense of the noise and craft the proper plan for their individual needs.

To help them achieve peace of mind, we need to identify the right plan and the most suitable vehicles to help them achieve their financial objectives. Here lies the challenge: How do we present something as complex as a financial plan in a way that’s simple to understand? The following are some tools to help you simplify ths so you can increase business revenue and enjoy the process a little more:

Power of 1, 2, 3

I have given you three bullet points to think about in this article. A tremendous amount of research has been done in the field of marketing, which indicates a strong desire to follow a simple, step-by-step path. As a society, we’re being trained to process information in very particular ways, and this is one of them. So how do you apply this to your business? Think about the sales process you currently have and how you can explain it in three simple steps. Lay it out clearly so it won’t overwhelm your prospects.

Below is a quick example of how you might think through your entire business process in three simple steps. 

1. Diagnosis. Share with your prospects your process and the different tools you use to evaluate their current financial trajectory.

2. Solution. Compare the diagnostic result to what they want to achieve and determine if the two are in alignment.

3. Maintenance. Finally, explain how you would ensure that their new plan stays on track toward their long-term financial success.

Power of single words

This may be the hardest part. But once you achieve simplicity, as Steve Jobs said, you will be able to move mountains in your business. In the world of sales, explaining something with the fewest words is critical. We are constantly striv- ing to do this in our firm. We stress-test the way we communicate to our clients and prospects and have developed a process that can be summed up in single words. For example, start by saying, “We believe in our process, which we describe as smart, easy, reliable.” Strive for what I call a “banner process,” using three single words which identify the path down which you intend to take a prospect. This will act as a mental beacon for them, and they will thank you for keeping it simple.

Power of short, animated videos

To communicate complex ideas in a simple way, I encourage you to con- sider animated videos to help support your educational efforts. One of the best companies out there is FireStarterVideos. com. We have a whiteboard video we use to explain our investment process, and I cannot overstate the impact it has had on our business.

As always, I look forward to continuing to share different strategies to help you grow your practice.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.