Creating a Value Proposition for Your Practice

Having a thoughtful and relevant value proposition is foundational to your financial planning practice because it defines who you are and what you do, how an investor benefits by working with you, and ensures that your practice stands out in a crowded and competitive marketplace.

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    Creating a Value Proposition for Your Practice

    Creating a Value Proposition for Your Practice

    Having a thoughtful and relevant value proposition is foundational to your financial planning practice because it defines who you are and what you do, how an investor benefits by working with you, and ensures that your practice stands out in a crowded and competitive marketplace.

    Do you offer “comprehensive portfolio management” or “holistic financial planning”? Excellent! Except, so do 99% of the financial advisors in your marketplace. Sounding like every other advisor may not even be the worst of it; in all likelihood, these terms may mean very little to your intended audience.

    What is a Value Proposition?

    A value proposition communicates what individuals can expect to experience by working with you. It is a unique form of identification that defines what a business stands for, what it offers and what differentiates it from its competitors. It answers the question of why they should work with you.

    Developing Your Value Proposition

    Creating an effective value proposition begins with a process that brings you through a series of steps designed to sequence your practice’s DNA, the benefits you bring to the clients that work with you and to outline a story that is uniquely yours.

    There are five core principles that, when followed, can elevate your value proposition to a tool for growing your business. They are:

    1. It should be clearly stated and free of industry jargon.
    2. The focus of a value proposition should be on the investor.
    3. The value proposition should be tailored to the market niche/demographic a financial advisor targets.
    4. Strive to sound different.
    5. Emphasize your independence.

    Sample Value Propositions

    To help you get started on building a more client-centric and relevant value proposition, consider these examples:

    • Example No. 1: We unburden our clients of the uncertainty and stress that individuals often feel when planning for their financial future and investing in the markets. By offering independent advice and holding ourselves fully accountable to our clients through regular investment reviews and client education, we believe our clients are simultaneously better able to enjoy today and feel more secure about their tomorrow.

     

    • Example No. 2: We are a small wealth management boutique that prizes individual human relationships over maximizing growth and “mass customization” advice. We are built on the belief that our only obligation is to our clients, serving as their partner in helping them attain their most important financial objectives. This partnership can only be sustained through integrity, transparency and education, which is why our average client relationship has endured for more than 20 years.

    As we approach a new year and emerge from a global pandemic, now may be the time for investment professionals to consider what message will define how clients and prospects view them.

    Please reference disclosures: https://blog-dev.americanportfolios.com/disclosures/

    About The Author

     

    Director of Practice Management 
    631.439.4600, ext. 212 

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