Financial Advisors Need to Stand Out from The Crowd

There are thousands of financial advisors, brokers and financial planners in the marketplace. To be successful, financial advisors need to stand out from the crowd. How does a financial advisor stand out?

Can you offer clients and prospects something unique? Can you focus your outreach efforts on answers for consumer’s most pressing financial concerns?

Many people are concerned about the new tax laws and how they will be affected. This is your opportunity to target specific groups of people who fall into very select categories and educate them.

Financial Advisors should consider these Unique Groups to Stand Out from The Crowd

Rolling Stones Fans are Annuity Buyers

The sole sponsor for the 2019 Rolling Stones NoFilter Tour is the Alliance for Lifetime income. They are an advocacy organization whose purpose is to help Americans address the risk of outliving their retirement income. The group is a nonprofit with 24 financial service companies as members. The companies include AIG, Allianz, Axa, Goldman Sachs, Prudential, State Street and TIAA.

Jean Statler, executive director at the Alliance for Lifetime Income, says concert attendees and annuity buyers are the same people. They are 45-72 year olds with high net worth or investable assets between $75,000 and $2 million.

If you want to reach this group without sponsoring the tour, we can help you reach them.

People Who Own More Than One Home

They may be snowbirds, real estate investors, landlords or home collectors, but there are over 3.5 million individuals who are in this category. With new depreciation recapture rates, federal capital gain taxes and net investment income tax, many investors are highly concerned about these investments.

In the State of Florida alone, there are over 200,000 individuals who own homes outside of the state. In the State of NY, there are over 250,000.   You can narrow down this group to your specific market.

How can you position yourself as a go-to for this group?

People Whose Property is Listed as a Trust

There are 3,859,081 homeowners in the United States whose property is listed as a Trust. These are typically affluent households. When the new tax law doubled the threshold for estate taxes, many people assumed trust and estate planning was no longer relevant. But the new tax laws are still being sorted out, and many provisions lack clear guidance from the IRS; however it appears that one area that will almost certainly be impacted is trusts and estates, which are likely to see higher income tax bills.

Put yourself in their shoes. Formulate your message with your audience in mind. People are uneasy about this. Is there some know-how you can share?

People Who are Turning age 70 ½

There are people who have no idea that it’s time for RMD. You may understand Required Minimum Distribution, but chances are your prospect does not. A required minimum distribution is the amount that owners of a traditional, SEP or SIMPLE IRA account. Qualified plan participants must begin withdrawing from their retirement accounts by April 1 following the year they reach age 70 1/2. How can you educate them?

There are many milestone birthdays  you can use to emphasize your financial proficiency.

As a Financial Advisor, How Do You Stand Out from The Crowd?

Very simply, you need to be perceived as An Expert.

People want to do business with people they think are experts. If you want to stand out from the crowd, your marketing efforts need to highlight your capabilities.

You also need to underscore your expertise and reassure your prospects that you are the right financial advisor for their needs.