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07.22

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Joe Duran: How Advisors Can Rise Above the ‘Sea of Sameness’

Advisors need to make sure what they’re
offering clients is different from the
services that rivals provide and learn to
get better at marketing themselves, Joe
Duran, head of Goldman Sachs Personal
Financial Management, said in June at
the Wealth Management EDGE confer-
ence in Hollywood, Florida.
Introducing Duran, Mark Bruno, man-
aging director of Wealth Management
at Informa Connect, recalled Duran
had asked a question awhile back that
“fundamentally changed the way people
thought about advice and changed report that they know their clients don’t audience, is “what they are right now but
the way I think about the role of the understand, and they’ll deliver it anyway.” a little happier,” he said. They don’t want
financial advisor.” That is a big mistake, according to to be an 80-year-old person “walking
That question was: “What if [advisors] Duran, who pointed out: “We’re not doc- on the beach.” They want to be “more
focused on helping people live rich with- tors. There are a lot of people who can do dynamic,” he added. After all, “people’s
out regrets rather than dying rich with what you can do.” retirements don’t look anything like they
regrets?” That was a “very different way What an advisor can do differently, did 30 years ago but our industry still
of thinking about wealth management however, is effectively communicate to talks like that,” he added.
and financial advice,” Bruno noted. clients “what I do to show you the value”
Asked by Bruno what advisors can do of his or her services and how they can Hightower Teams With Tifin Clout
to “truly differentiate themselves in this make clients’ financial plans better and Hightower partnered with Tifin Wealth’s
sea of sameness,” Duran replied, “The “train my team to know that that’s what Tifin Clout division to serve as its per-
first and most important thing for every- we’re going to do.” sonalized digital marketing platform, a
one here is to actually look at yourself It is important that advisors under- pact that will enable Hightower advi-
as if you were a client and ask yourself: stand they’re “not here to outperform sors to “drive more leads and referrals,
Would I hire me?” the market” or “deliver a financial plan accelerate conversions and build trust
Advisors should then ask themselves: that we know is wrong,” he said. Rather, with both clients and prospects through
“Why would I hire me?” and “What is “we’re here to help people feel better and effective, measurable marketing cam-
it that I’m doing that’s so different from make better decisions for their client. paigns,” the companies said in a joint
everyone else?” according to Duran, who And so we’re solving a different problem announcement in May.
founded United Capital Financial Partners than everyone else is.” Tifin Clout uses artificial intelligence
in 2005 and sold it to Goldman Sachs for However, advisors seem to have decid- and human understanding to track
$750 million in 2019. ed they’re “all going to use blue” and fea- clients and prospects “through the
One problem is that “advisors in gen- ture the “same smiling, retired people” in buyer’s journey and deliver meaningful
eral are very good technicians but awful their advertising, he said. He let attend- growth outcomes,” they said. The
marketers,” Duran argued. He explained: ees in on what he called a “great secret,” platform has two-way integration
“They don’t actually stare at things from which is that “nobody wants to be those with Salesforce, email and social
the lens of their client. So they’ll deliver a retired people on a park bench.” media platforms that will enable
financial plan that they know they clients What clients actually want to be, Hightower to improve collaboration
won’t understand and a Morningstar he explained amid laughter from the and measurement. —Jeff Berman
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