True Thought Leadership Is About Giving Away Meaningful Insights

The term “thought leadership” is one of the most misunderstood concepts in professional service because everyone wants to be one, and few know what it really means. More precisely, everyone wants to be a thought leader without putting the work into it as artificial intelligence, marketing automation and other thinking shortcuts tempt the time-pressed professional.

Everyone wants to be published, speak at prestigious gatherings, or be a guest on influential podcasts that impact the way an industry thinks or behaves. But buying your way onto the podium does not make you a thought leader, nor does having your byline included in a publication’s “advisory council.”

AI cannot make you a thought leader either because it only repeats existing consensus and lacks personal experience, original opinions, and lived judgment. AI reconstitutes what is already on the internet; it cannot invent a fresh point of view or a true breakthrough or question conventional wisdom. AI text may sounds polished, but it relies on clichés, abstractions, excessive em-dashes -- and predictable phrasing that readers easily spot as synthetic. Using AI and other technology crutches too often, will also cause your critical thinking muscles to atrophy.

Randy Shattuck, founder of The Shattuck Group, a management consulting and coaching firm that works closely with mid-size financial advisory firms told me that when he started working with a professional service firm, it had “zero thought leadership.” This meant that for every prospect referred to them, they had to build credibility and create distinction while trying to win their business too. “That was a tall task,” recalled Shattuck, “and their win-results showed it.”

But after committing to producing consistent thought leadership materials Shattuck said everything changed. “The firm’s clients used their thought leadership materials as the starting point of the referral process, often sending the prospect an article from one’s of the firm’s advisors which essentially said: ‘this is why you should work with this advisor’” explained Shattuck. “Their thought leadership built credibility before the advisor ever got a chance to talk to the prospect. Their win-results tripled and fee sensitivity dropped through the floor,” he added.

Your hidden gold mine

Most financial advisory firms are sitting on a gold mine and they don’t know it. According to Shattuck, that gold mine is called the collective wisdom and experience of your top people. Your top people are creden­tialed, qualified and experienced. “That expe­rience gets pressed into service with every new client AFTER they engage,” said Shattuck. “But what if that experience could be pressed into service BEFORE you even talk to a prospect? What if that experience could make you so dis­tinct that prospects know exactly why they should work with you—before you even talk to them? How would that change things for your organization?” asked Shattuck.

Real world example

This is what can happen if you commit to thought leadership and to sharing great ideas. For example, in the early stages of working with an RIA firm, Shattuck collaborated with a top ad­visor on an article titled “The Financial Impact of Divorce.” That article demonstrated why the advisor was a thoughtful and sensitive person. It was not all that well received at first. But over time, Shattuck said that article became one of the most popu­lar in a library of more than 100 articles. Ten years later, that article was still bringing great new prospects to his door. “When they came through that door, they didn’t ask him about his credentials or fees. They got right down to business about what was on their mind, expressing trust in him from the start,” explained Shattuck.

For you and your firm to become recog­nized thought leaders, Shattuck recommends hiring a seasoned expert to guide your efforts, not relying on in-house staff or AI. There are three reasons you should do this”

1. Creating though leadership content requires a bit of time and energy from your top people. You need to see an ROI on that time. Novices probably cannot achieve this for you.

2. The process isn’t intuitive. You don’t want to work with someone who is making up their process on the fly. You need someone who can give you the best results from the least amount of time of your top people.

3. Thought leadership content is ulti­mately a form of persuasive writing and that’s something most CPAs, wealth managers and investment advisors struggle with. “This is its own unique art form and it requires a very different sensibility,” cautioned Shattuck. “Your top people should absolutely be the ones coming up with the ideas for your thought leadership content. But they shouldn’t be tasked with the actual writing,” he noted.

Let a persuasive writing pro handle the heavy lifting and have your top people do the final tweaking and review. Randy’s latest eBook (8 Strategies to Create Distinction for Advisor Firms) has more about ideation and thought leadership content process.

#FinancialAdvisors #WealthManagement #ClientTrust #ThoughtLeadership, #Differentiation, #RandyShattuck

The One Thing That Makes Prospects Choose You Over Other Advisors

If a prospect is deciding whether to choose you or another financial advisor who is just as credentialed, experienced and geographically convenient as you are, why would they pick you? Most financial advisors still can’t answer this basic question!

 My friend Randy Shattuck, founder of The Shattuck Group told me that’s because most high-net-worth (HNW) individuals ask friends and family or other HNW people for a referral to a financial advisor, CPA or estate planner. That process yields somewhere between three to four professionals advisors that they’ll interview. Then they have to pick. “This is where the rubber meets the road,” explained Shuttuck, who has advised hundreds of midsize professional service firms on their marketing and growth strategies. “In far too many instances, the client can’t honestly can’t why they’ll pick advisor A over advisor B,” he added.

Let’s look at it from the prospective client’s perspective:

• Are both advisors experienced, with more than 10 years of service? Yes.

• Are both registered, licensed and in good standing with their governing body? Yes.

• Do both advisors have advanced degrees and certifications in their field? Yes.

• Do both advisors serve HNW families and successful business owners? Yes.

• Do both advisors adhere to the fiduciary standard? Yes.

• Do both advisors come from credible companies or firms? Yes.

• Do both advisors seem trustworthy and honest? Yes.

• Are both advisors likable, with good interpersonal skills? Yes.

“If we look at this from the prospective client’s point of view, there is almost

no distinction between advisor A and advisor B,” continued Shattuck. “They can’t tell the difference. But advisors who practice intentional distinction almost never face these questions.”

If you want to become the go-to advisor, Shattuck said you need to commit to telling your personal story which is a “unique narrative based on your life experience, told in your own voice,” that no one else can copy or share.

“For many of us, our most important memories from childhood are rooted in story time,” explained Shattuck. “We cannot resist stories. They are intoxicating, if they are good stories and told with a certain flair. One of the best reasons to tell stories is because they immediately put you in a different mindset with prospects,” continued Shattuck. “Most prospects analyze your credentials, degrees and years of experience. But stories call upon them to feel your ability to be empathetic and fully present with them. That’s a very different experience indeed,” asserted Shattuck.

 

5 reasons why storytelling matters

1. No one else has your story. That automatically makes you distinct.

2. A personal story creates affinity and trust with prospects faster and more effectively than any other vehicle. “Storytelling goes beyond the analytical mind and enters right into the heart of the matter,” said Shattuck.

3. Affluent people make decisions based on emotion and use logic to justify it. Sometimes, a person cannot even tell you why they like advisor A over B. “But their gut tells them that advisor A is a better fit for them,” explained Shattuck. “Storytelling taps into those beneath-the-surface emotions that we all carry but are not necessarily aware of with our conscious mind.”

4. If you tell a great story, your unique personality comes through. “At the end of the day, a prospect is choosing you as a person as much as a financial advisor,” said Shattuck. “For a client to realize the benefits of your counsel, they need to trust you and take action on your advice.”

5. An effective personal story fosters trust in you and that usually leads to a client “who resists less and follows your advice more readily,” concluded Shattuck.

Components of a great personal story?

According to Shattuck, a great story has a beginning, a middle and an end. It is also revelatory about of your character. “One of the best ways I’ve seen this achieved is by telling a story of adversity that a family member overcame through perseverance,” he noted.

Conclusion

Finally, develop your story with different lengths say, 15 minutes, five minutes, one minute, even a 15-second version for the proverbial “elevator pitch.” There will be a time and place for each format. Learn to read the room and always be ready for the right version in the right situation. Randy’s latest eBook has eight great strategies for distinguishing yourself in a crowded marketplace.

 

#FinancialAdvisors #WealthManagement #ClientTrust #Storytelling, #Differentiation