Building a Personal Brand

Transcription

1 Wealth Management Services Advisor Practice Development Building a Personal Brand CONTENTS 1 The Need for a Personal Brand 1 Building a Personal Brand 3 Personal Branding Components 4 Mediums of Brand Communication 8 Compliance Basics 8 Next Steps 9 Conclusion 10 Appendix I: Pitchbook Pages The Need for a Personal Brand Most professionals aspire to craft a positive reputation, and personal branding has emerged as the most commonly used term for that process. In a way, branding has become a buzzword, thrown around as a synonym to marketing. However, a true personal brand transcends a simple marketing message. It is the impression you make on people, the touch point for the respect you command and it is the essence of what makes you and your business different. Personal brand is necessary to express your abilities and individuality to potential clients who may or may not have a deep understanding of what you do. The concepts and moving parts involved in the financial services industry are confusing; service quality is dependent on a mix of objective and subjective factors; and success is largely built on the strength of relationships. Differentiation is a requirement, but even more important is communicating that differentiation to current clients, potential clients and centers of influence. Taking the time to assess and control how others perceive you pays dividends in the long term. Advisors spend a lot of time on developing their expertise, learning about new techniques and meeting people. However, the reality of those activities and the perception of them by clients, potential clients and centers of influence are not always aligned. For example, how many clients know the intrinsic difference or the practical difference in subject matter expertise between the Certified Investment Management Analyst (CIMA) and Certified Financial Planner (CFP) designations? Creating a personal brand that accurately expresses your experience and skill level, your unique capabilities, your investment philosophy and your personality will differentiate you and help you attract and retain the type of clients with whom you want to work. A strong, effectively communicated personal brand serves many purposes. Among the most significant: It raises an advisor s profile in a sea of financial advisor choices. Helps shorten the sales cycle. The process of developing a brand helps an advisor focus his or her practice around a unique value proposition. It provides current clients and centers of influence with reference points on which they can base and make referrals. Building a Personal Brand Building a personal brand is a process that includes taking what you already have, organizing your thoughts and developing the brand going forward. Everyone has skills and a unique value proposition, but informing and convincing others of that proposition takes planning and application. FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION. Nuveen 333 West Wacker Drive Chicago, IL 60606

2 An advisor s brand should help differentiate the advisor, but also reinforce perceptions of what investors believe a financial advisor should be and offer. This means discussing your unique qualifications, such as expertise in estate planning, alongside those things investors might desire from all financial advisors, such as professional designations and years of experience. Part of your uniqueness is the communication tone you put forth. An advisor s particular communication tone is important, because it is the investor s initial window into the advisor s personality and whether or not the advisor would be a good fit for the investor. The message should be an honest portrayal of the advisor s character and investment approach. A few examples: Analogy: I m like an old fashioned internist. I monitor your financial health and wellbeing. When there is a problem, I either treat it myself or bring in an expert from my team who can. Team Approach: I m a partner in a wealth management practice that helps families in the Bay area define their legacy. Question & Answer Technique: Have you ever seen a seemingly successful business suddenly close its doors? Well, we help small business owners avoid the mistakes that can cause this to happen. Problem Solver: I m fortunate to work with a small but select group of families helping them handle the unique challenges of financial success and privilege. We help our clients prioritize, organize, and simplify their financial matters, take care of the people they love and support the causes that are most important to them. Straight Shooter: My advisory practice is focused on helping wealthy families create and distribute their wealth efficiently. Offbeat: Watching the stock market is a little like watching a child playing with a yo-yo while riding up an escalator. The yo-yo goes up and down, while the escalator slowly rises. I help my clients watch the escalator, not the yo-yo. Whichever tone you use to communicate your message, the message should abide by certain values. Integrity is as important as tone and message. A strong branding message paints a picture and elicits an emotional response. The following chart outlines core branding principles that you should incorporate into your message. Seven Personal Branding Principles 2 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

3 Personal Branding Components Advisors who are currently doing business already have many of the personal brand-building blocks in place. However, it is difficult to know how to start thinking about developing a personal brand plan. Considering three central personal branding components strategy, positioning and execution is a good starting place for a plan. Branding Components Strategy The what. You should examine your current value proposition and brainstorm about what you want it to be. Strategy is determining what you are going to do and the ways in which you are going to go about doing it. Anyone in business already has some sort of strategy. Taking the time to mesh out the specifics of that strategy and make improvements will help focus the message. Strategy sets the foundation and direction of your overall branding objective. It ensures that the message you are trying to send appeals to and reaches those to whom you are sending it, captures your value proposition and is consistent with the reality you offer. Positioning The who. Positioning means deciding which market segments you would like to target and tailoring your message so that those segments hear and understand it. Examples of segments: Business owners wishing to sell their businesses Women in transition Baby boomers transitioning into retirement Families with net worth between $3 million and $5 million Physicians You should match your target segments with those you already serve and those for which your unique value proposition would be most beneficial. For example, if you already work with a group of partners at a law firm, you might want to target other professional partnerships with similar needs. 3 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

4 Execution The how. Planning tactics and implementation are the final steps of building an operative brand. Execution is the process of performing the tactical steps and implementation procedures necessary to communicate your message. Execution is an ongoing practice, and constant recalibration is necessary to ensure maximum efficiency and effectiveness of efforts. For example, if you post a white paper on your website and it receives many hits, you may want to consider making a significant time commitment into promoting and writing a series of white papers on a specific topic. Executing a strategy includes many decision points and a multifaceted approach. Decision points include: content, frequency of communication and use of different mediums. Mediums of Branding Communication Execution of brand strategy and connecting with your target market necessitates sending messages through verbal, written and online channels. The combination is important, and consistency between mediums creates a holistic message of who you are and what your business is about. Every communication you send out should be focused on how you use what you have to deliver the best client experience possible. Many advisors rely solely on a verbal description of their capabilities, but are not memorable once the conversation is over. Others rely on a written pitchbook that is underwhelming and not client focused. Some advisors avoid the online medium completely, and in doing so, surrender good prospecting opportunities. Verbal Verbal presentation extends far beyond the classic elevator pitch. Verbal brand building includes tailoring your message to your audience and knowing how and when to sell yourself as well as your services. Verbal communication is an opportunity to control your message and gauge the responses of those with whom you are speaking to ensure the message is understood. To best ensure effectiveness and comprehension, any statement you put forth should fit within at least a few of the following adjectives: Concise Descriptive Differentiating Compelling Client centric Three hard-to-perfect aspects of good verbal conversation include an informative introductory statement, definition of value proposition and effective expression of the message. Introductory statements or elevator pitches should encapsulate the essence of an advisor s business and should compel more conversation. For example, stating Hello, my name is Sarah, and I help couples achieve their retirement goals; I like to think of myself as a therapist as much as a financial advisor is much more informative than Hello, my name is Sarah; I am a financial advisor from Boston. The former statement expresses the essence of Sarah and her business while the latter simply states generic facts. 4 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

5 A value proposition should express what an advisor offers, explain how those offerings benefit clients and contain heavy hints as to the uniqueness of the combination of offerings and benefits. An elevator pitch is a great method for communicating value proposition, but advisors should be wary of using it in situations that warrant a more thorough discussion. An elevator pitch is often a conversation in itself, meaning, it might not invite questions and can limit an advisor s ability to make a personal connection with the other person. Effective expression results in the audience understanding the message the communicator meant to convey; it involves a two-sided dialogue with audience appropriate use of buzzwords; and it utilizes a combination of analogies, abstract concepts and concrete facts. Written Written materials should express your business and brand with precise, descriptive language, and communicate benefits instead of features with a focus on the client. The most common example of written marketing materials is a pitchbook. Outside of introducing your services to a prospective client, a pitchbook can be an invaluable tool in further developing your brand with current clients and key business partners (e.g. CPA, attorney, etc.). A well-crafted, client-centered pitchbook contains the following core components: Practice philosophy/mission statement Team biographies Array of expertise/investment approach Outline of client service experience Client scenarios Brief firm description Practice philosophy a few well-chosen sentences that capture the benefits to families and individuals who are clients of your practice. Some advisors choose a meaningful quote instead of or in addition to their brief original statement. The practice philosophy occupies one page so as to allow prospects to focus on it. A well-constructed mission statement should also be displayed. Team bios brief descriptions of advisor(s) plus support staff. Keep the descriptions short and include only the most important professional items, including education and significant work experiences. Incorporate personal elements to give a prospect an idea of who you are as a person. Pictures of team members also add a valuable friendly element. Array of expertise one or two pages that describe, in an outline form, the range of your service model: key methods of analysis, strategies and solutions. Your outline should contain categories of services you offer, such as asset management, liability management, wealth transfer issues, charitable issues and family issues. Each category should then be defined by a few, representative benefit-oriented sub-elements you offer. For example, detailed analysis of your legacy intentions that leads to implementation of a sound, tax efficient strategy. Client service experience one page that describes your dedication to keeping clients informed. Your service commitments should be about the broad client experience, including holding review meetings and educational sessions and coordinating with your clients other advisors. You can also add statements about commitment to objectivity, privacy and other trust-building characteristics. For example, you can include a Client Bill of Rights, listing commitments your clients can expect from you. 5 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

6 Client Scenarios two or three brief case studies, each about 100 words or less. Each case study should occupy one page. These scenarios are not testimonials with detailed descriptions of client specifics and solutions. They should be short, representative summaries of client engagements that give prospects an important sense of the potential application of your previously described array of services and how you nurture long-lasting relationships with your client families. Each case study should contain three elements: 1) the client situation and need; 2) the strategies and solutions you engineered in response; 3) the continuing and deepening nature of your relationship with the client family. Client Scenario Example A couple in their late forties sold a business they started over 20 years ago for $6 million in the stock of a publicly traded company. They have three girls, ages 10, 8 and 6. After analyzing the considerable risk of their concentrated stock position, our team developed and executed a reallocation strategy using professional money managers. In the two years since this couple has become our client, we have also worked on their wealth transfer and charitable strategies to benefit their children and their community. Firm Description a one-page summary of the key features of your firm that supports your work to deliver to your clients the benefits they seek. Focus on how the firm provides broad services. Online Online presence, particularly your social media presence, has become much more important in recent years. LinkedIn has surpassed 450 million members 1 and the number of devices connected to the internet is expected to reach 34 billion by Already more and more advisors have recognized the importance of utilizing online tools to further brand, prospect and communicate with their target market. Financial advisors have been slow to adopt an online presence. This is likely due to the onerous regulatory and compliance considerations and the older demographics of the customer. Basically, many advisors do not believe that operating online is worth the learning curve. However, aside from compliance concerns, operating in the online arena is relatively easy and can be fun. Online branding is simply a continuation of the conversations you are already having. It promotes consistent messaging and presents unique client prospecting opportunities. Many of today s wealthy are technology and online users in 2016, 58% of high net worth individuals use Facebook, 37% use LinkedIn and 11% use Twitter. 3 Furthermore, use of online branding tools is especially important to target future wealthy individuals, many of whom are digital natives, or those who have grown up using computers. 1 Linkedin.com. August June 11, Millionaire Investor: Using Social Media and Mobile Technology in Financial Decisions Spectrum Group, Percentages are based on a survey of individuals with a net worth of $1 million to $5 million excluding net residence. 6 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

7 Website A website should promote consistent brand messaging, and it is a natural extension of your pitchbook information and aesthetic. You should set a goal for your site, whether its central purpose will be to relay information, to create interaction or as a lead generation tool. The latitude that an advisor has with the design of his or her website is largely dependent on where the advisor works. However, all sites should be easy to navigate, visually pleasing and mobile-friendly. Below is a list of the top ten best practices when creating and communicating via a website. Website Top Ten Best Practices 1. Consistent brand extension 6. Offer educational content and resources 2. Focus content 7. Include calls to action 3. Set a goal for your site 8. Emphasize the team 4. Define target audience 9. Make site mobile-friendly 5. Easy to navigate and visually pleasing 10. Integrate with social media efforts LinkedIn LinkedIn has emerged as the go-to social network for professional networking, and in some firms, it is the only social network advisors are allowed to use professionally. It offers features that facilitate networking, investigation and discussion. Below is a list of the top ten best practices when using LinkedIn. LinkedIn Top Ten Best Practices 1. Incorporate brand message 6. Connect with centers of influence 2. Create a custom URL 7. Use industry key words to make your profile searchable 3. Craft and cultivate a compelling profile 8. Personalize an invitation to connect 4. Keep your profile 50% content; 25% engagement and 25% personality/promotion 9. Include a friendly, professional picture 5. Make your headline more than just your job title 10. Link website and professional social media profiles Twitter If your firm permits the use of Twitter, it can be a powerful relationship building and information sharing tool. While you may not actively contribute to Twitter, you still can follow key industry influencers and other target market contacts who offer insights that can help you better target and serve your clients. Below is a list of the top ten best practices when using Twitter. 7 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

8 Twitter Top Ten Best Practices 1. Use a descriptive and clever Twitter handle 6. Link to informative and opinion-neutral articles 2. Check out tools to enhance your Twitter experience (Bitly, TwitHawk) 7. Retweet others material to raise your own profile 3. Use as a listening tool follow thought leaders, centers of influence and clients 8. Keep blatant self-promotion to a minimum; be interesting instead 4. Join relevant discussions 9. Use tagging (@) to ask questions 5. Use hashtags (#) to make your tweets more searchable and easily organized 10. Direct message new followers or prospects to personally connect Compliance Basics Understanding FINRA Rule 2210, 4 Communications with the Public, is key to understanding the rules of using pitchbooks and online resources to interact with clients. Compliance concerns are a constant consideration, especially when using social media. Below are three aspects of Rule 2210 to keep in mind when communicating with clients. Substance Communications to the public must be fair, balanced and accurate; must not omit any material information; must not contain predictions or projections of investment results; and must contain name of firm. Archiving Firms must retain all communications for three years from the date of last use. In practice, this means every tweet or social media communication must be archived. Programs such as Erado and Arkovi can help firms fulfill this requirement. Prior Compliance Approval According to FINRA rules, whether a communication must have prior compliance approval depends on whether it is a static (planned and unalterable) or an interactive (alterable and/or with comments) communication. By the rule, static communications must be approved before use, but interactive communications do not need to be approved before use. However, in practice this differentiation is generally unimportant as most firms require prior approval for all communications to public, and firm restriction overrides FINRA allowance. NOTE: Always consult your compliance department and individual firm policies when creating your pitchbook and using online communication tools. Next Steps For any advisor already in business, most of the components of creating a personal brand are already in place. You must simply do some thinking and organizing in order to communicate that brand in the most effective manner. A list of suggested action items is below. 4 FINRA Rule 2210, element_id= FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

9 Consult the public communication, online and/or social media policies of your firm. Discuss with trusted friends, business partners or clients how you are perceived by the public and how you should be perceived. Brainstorm the type of brand strategy you want to communicate, define your target market and outline implementation steps. Practice expressing your value proposition, using a tone that resonates with your personality. Create a compelling pitchbook and submit it for firm compliance approval. Budget time to spend establishing and/or revising your online presence, focusing on your website and social media strategy. Realign your verbal strategy, written pieces and online profiles with the principles discussed earlier (4 C s, authenticity, passion and humility). Conclusion Creating a personal brand goes far beyond just marketing it is the holistic message you send out to your clients and prospects and the way they receive that message. Building a personal brand necessitates refining a strategy, positioning your message and executing and implementing your strategy. Communicating with your target market includes utilizing verbal, written and online mediums to get your message across. A well-executed personal brand includes developing effective and interesting communication techniques, creating a solid and compliance-approved pitchbook and meaningfully involving yourself online. Any and all communications with the public should be compliance approved and in line with your firm s guidelines. Through a little brainstorming and a modest time commitment, you can refine your value proposition and share it with current clients, prospective clients, centers of influence, advisor peers and the general public. Final thought: focus on client experience. It is the experience that counts! About Nuveen Investments Wealth Management Services Nuveen Investments Wealth Management Services is focused on delivering wealth management education and practice development guidance to successful financial advisors that have a relationship with our firm. Please contact us directly at to arrange an engagement for this topic or inquire about our other wealth management services. Securities offered through Nuveen Securities, LLC, an affiliate of Nuveen Investments, Inc Nuveen Investments, Inc ADV-Y-09/17 Disclosure The statements contained herein are the opinions of Nuveen Investments Wealth Management Services. All opinions and views constitute our judgments as of the date of writing and are subject to change at any time without notice. Hypothetical examples are shown for illustrative and educational purposes only. Information was obtained from third party sources, which we believe to be reliable but not guaranteed for accuracy or completeness. The information provided is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The information provided does not take into account the specific objectives, financial situation, or particular needs of any specific person. Investing entails risk including the possible loss of principal and there is no assurance that an investment will provide positive performance over any period of time. 9 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

10 Appendix 1: Pitchbook Pages 10 FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

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