Are you a Premium Brand in the

Financial Service Industry?By Karamjeet Mangat, CFP®, CMC®

A BETTER LIFE AND PRACTICE

“People don’t buy WHAT you do;

they buy WHY you do it.” – Simon Sinek

Before making a purchase, many buyers reflect on their relationship with the seller. If they trust the seller and their beliefs are in line with the beliefs of the seller, they usually buy the item or service. So, if you want to build your brand in a way that connects with potential buyers, you need to clearly articulate your value proposition.

Apple, for instance, has done this extremely well. They can charge premium pricing (leading to higher profit margins) while still attracting customers who will wait in line for the newest products. Their brand message focuses on “challenging the status quo by doing things differently.”

The power of why we act the way we do is not opinion, but biology. Our brain is responsible for all of our feelings – such as trust and loyalty – and controls our decision-making.

Read on for five simple steps to build a premium brand that reflects your why in a manner that will best attract your ideal clients.

KNOW YOURSELF

Three stonecutters were once cutting stone next to cathedral under construction. When asked what their job was, the first replied, “Cutting stones – it’s very boring.” The second person answered, “Making

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Five steps to building a profitable practice and having fun doing it

A BETTER LIFE AND PRACTICEa living and paying my bills.” The third stonecutter replied, “I am building a cathedral – I love my job!”

All three have their different answers, but the third person is the one working to make a difference! He is providing a value-driven service to the community even though he is getting paid for it.

What would your answer be? Do your potential customers know WHY you exist?

To know who you are is about knowing and sharing the core values on which you base your daily actions. These guiding principles will help you and your team make the right decision in areas like fairness, ethics, integrity, pay for performance etc.

Your next step is to discover your meaningful purpose. This is your why, the reason you exist. Start by answering this list of questions:

1. Why do you do what you do?

2. What do you love to do? And why? For example, do you love to lead, teach, nurture, create, communicate, mediate, invent, study, organize, inspire or…? These are your personality gifts, talents and skills.

3. What gives you the most joy in life and why?

4. Who would you love to be and why?

5. What gives you the greatest sense of meaning in life and why?

6. What is sacred to you? What do you hold in highest esteem and why?

7. What do you feel is your true vocation or service and why?

Then you follow a similar process to find your Vision and Mission for you and your practice. Finally, figure out the Value Propositions that deliver on the ideal client experience.

Build a Vision Board that propels you toward making your vision a reality. Reflect on it frequently and share

it with your team and your clients and finally start sharing this message with the outside world.

SHOW YOURSELF

Build your marketing plan around an audience who shares your why, including your values and principles. Engage your audience – your clients, prospects and COI’s – with your “why” via your Vision Board and your Value Proposition. Display it on your stationery, website, social media sites, email footers and during your marketing events to attract the right clients whose beliefs are aligned with that of yours.

Here’s an example of how a why can drive a financial planning practice. If you think, “I dearly believe in financial planning because my family had a hard time funding my college education,” then your vision could be this: “We exist to inspire our clients so they make timely decisions to fulfill their dreams of sending their kids to college.”

Determine how you will use this vision to create an effective client experience. Remember that three Ps – Peoples, Processes and Products – drive the client experience. What are your next steps?

PLAY YOURSELF

Define the process steps that deliver on the ideal client experience from start to finish. For example, broker-dealer Ameriprise has a clearly defined and well-articulated process: Dream>Plan>Track.

The process works in three steps:

1. Clients articulate their why and what it will look like to achieve their dreams. a. Client assessment of themselves and their vision into the future. b. Crystallization of their goals and the challenges they face to get there

2. An infrastructure that supports the guiding principles to deliver on the why a. Client onboarding and gap analysis systems. b. Technology that does the gap analysis, the operating and the human capital systems. c. Product Solutions systems d. Client service and business processing systems. e. Team organization with roles and responsibilities to drive these systems.

3. The systems to track the client’s “what- goals” while delivering on the client’s experience. a. Technology systems to track the progress of ”What” – to deliver on client’s “Why.”

b. Systems to consistently communicate with clients timely and efficiently. c. Systems to measure the team performance and incentive alignment with practice vision.

GROW YOURSELF

Your system should grow to the point where your practice runs on autopilot.

1. Align your systems and processes with the right team skills (Human Capital) and competency to fit your vision.

2. Deliver consistently on the ideal client experience that is aligned with Practice vision.

3. Deepen client relationships by consistently delivering on the ideal client experience to attract more of the right kind of clients.

4. Build a referable culture so your practice is a marketing machine.

Karamjeet Mangat, CFP®, CRPC®, MBA, MS, CIMA®Karamjeet “Kary” Mangat, Certified Master Coach™ has served as a Transformation Guide with Dynamic Directions since 2006. Dynamic Directions is a coaching and consulting firm that helps financial advisors double their GDC in three years or less with half the clients.

Kary has a comprehensive 32 years working experience in the financial planning industry and has earned various designations including: CFP®, CRPC®, MBA, an MS in Finance from Rutgers University and most recently the CIMA® designation from the Wharton School of Business and IMCA. He has also received a coaching certificate from Strategic Coach in Chicago and is a member of CAC.

© 2014 Dynamic Directions-D2, Inc. www.DynamicDirections-D2.com

ENJOY YOURSELF

The point of building the life and practice you want is to take the time to enjoy it.

1. Build an Extraordinary Life and Extraordinary Practice.

2. Be in the role YOU enjoy doing the most!

3. Earn more and work less.

4. Option to move from success to significance

FINAL COMMENTS

When you as a passionate seller for your service connect with trusted and loyal buyer, you’ll be well on your way to building your premium brand – and an extraordinary life and practice. Get clarity on your vision and your why and the rest of your plan will flow naturally.

Remember, “People don’t buy WHAT you do; they buy WHY you do it.” – Simon Sinek