An industry consultant has advocated a modern-day approach for advisers that draws on the basics of human interaction when meeting prospective clients.
US-based Founder of i-Impact group, Claudio Pannunzio, says advisers should put away their carefully-crafted 30-second ‘elevator pitch’ in social situations, in favour of a more interactive approach.
While he concedes elevator pitches still serve their purpose at business networking events, Mr Pannunzio believes they are less suitable in social situations when an adviser is inevitably asked what he or she does for living.
“Regardless of how well articulated, grammatically impeccable and smooth-flowing an elevator pitch is, people can easily sense that you are reciting a non-spontaneous answer,” said Mr Pannunzio, who added that, as the financial advisory space continues to undergo myriad changes, advisers must understand that what worked in the past will not necessarily work in the future.
Instead, Mr Pannunzio suggests that when the question ‘what do you do for a living?’ is asked in a social setting, advisers should take it as an opportunity to lead the conversation and create a response that induces the other person to ask, ‘How do you do that?’
Mr Pannunzio advocates that advisers should craft concise positioning statements that focus on the problem they solve; not the service they offer. He says a well-crafted positioning statement begins with the adviser’s name or that of the practice and encompasses three core elements:
…advisers should craft concise positioning statements that focus on the problem they solve; not the service they offer
- A strong action verb to define what they do – I devise, preserve, build, create, etc.
- The problem(s) they solve – I help transfer wealth, maintain lifestyle, leave legacies, etc.
- Who benefits from the adviser’s expertise (who the clients are), eg business owners, high-net-worth-families, CEOs, female business owners, etc.
Mr Pannunzio offers these examples:
- We create customized strategies that empower affluent families to maximize the accumulation, preservation and transfer of their wealth
- ABC Financial helps business owners create and implement successful transition plans
- I empower individuals and families to achieve their financial dreams and goals
He says the elevator pitch, by its own nature, pushes a mini commercial onto the audience, while the positioning statement attracts the attention of the adviser’s audience, pulling it into the conversation and prompting it to pose questions.
In a world consumed with technology and social media, the i-Impact MD says, “To effectively engage a potential prospect’s attention, you must persuade him/her that you are capable of solving their problems. If your positioning statement is effective, that individual will likely feel compelled to respond by posing a few specific questions about problems and issues you may be able to address.”
“When that happens,” continued Mr Pannunzio, “…listen actively to fully understand the nature of his/her problems and then offer your best insights and guidance. This will help position you as a trusted expert source, peak the attention of the individual and prompt them to continue the conversation.”
