Business Development is a problem for many advisors. The root of the problem is that they either do not have a good story to tell or they don't have faith in their story. Business Development is a process of expanding your client, business and personal networks. It is producing opportunities to tell your story.
Before you can tell a great story, you need to write or develop a great story - a story that "speaks" to people who match your ideal client profile. A story that demonstrates that you and your team have the ability to help solve the their most important issue or solve their most frustrating conditions.
Then, you need to believe your story. Many advisors do not feel that they do a sufficiently good job of managing client portfolios to generate returns that help them to achieve their financial goals. Many are afraid of making "big" promises because they have a track record of failing to deliver of big promises. They don't believe their own stories.
Finally, you need to allocate resources (time and money) to getting out and telling your story. You need to be inspired by your story so you want to stand on the highest building in town and offer people the opportunity to work with you and your team.
That's what Business Development is all about!
Write Your Story
Writing your story is the strategic part of business development. In this phase, you develop your investment management and client relationship strategies to differentiate yourself from the thousands of other advisors.
It is also the phase in which you identify your ideal client profile and write positioning statements for your website, social media sites, like LinkedIn, and for opportunities to tell your story.
Believe Your Story
Believe your story is the test phase, where you discover if your have written a great story. It is the phase in which you deliver your story to people who you consider "safe" and to whom you are comfortable stumbling and bumbling as you gain confidence in your story.
This phase is all about confidence. It is when you build confidence to get out there and broadcast your message.
Tell Your Story
Telling Your Story is where business growth happens.
Most advisors do not have a great story or don't have faith that they can deliver on the promises of their stories.
If you have a great story and believe it with all your heart, you want to get out and tell your story. If you tell a great story to people who match your ideal client profile, your business will grow and you will achieve your business and personal goals.