Will Rogers famously said “You never get a second chance to make a good first impression” and that quote was altered to elevated notoriety in a 1980s ad campaign for Head & Shoulders shampoo.
To be sure, it’s sage advice and remains relevant to advisors, particularly when considering today’s ever persnickety clients and prospects. Ensuring that an advisor’s first impression is in fact captivating and compelling is amplified in today’s digital world, meaning an advisor’s initial digital impression had better be a good one.
It’s simply a byproduct of the digital age, but prospects, many of whom aren’t actively shopping for wealth managers until they have to, are increasingly leveraging online tools to locate advisors. That’s just one example of the need for advisors to standout online. In other words, don’t rehash the same tired stories and tropes your competitors are embracing.
What follows are some tips to live by when curating your digital impression. They could make the difference in terms of client acquisition and retention.
Discovery, Emotions Matter
It’s often said that when advisors are pitching clients, the former should be telling the latter “their story” and there is value in that messaging because it makes the advisor relatable. That’s important because many prospects and even folks that have fired advisors are in the market for an advisor or a new one for emotional reasons.
Citing research conducted by Philip Palaveev, CEO of the Ensemble Practice, WisdomTree Director of Client Solutions Ryan Krystopowicz points out “that among investors who currently have an advisor ("Married"), 39% would consider a change if a recession caused portfolio losses.1 For those who've left a prior advisor ("Divorced"), the top prompts to re-engage are a health scare (37%), receiving an inheritance (33%) and relocating (26%). These are emotionally charged moments where urgency drives action. ”
Point is if you’re an advisor attempting to earn business from prospects in the aforementioned situations, your digital (and in-person) presence needs to convey empathy and that you’re here for those prospects.
Regarding discovery, that’s more about the initial digital impression and holding in regard how prospects use digital tools to identify and vet advisors. As Krystopowiczy notes, 38% of prospects start their searches online with most leaning heavily into Google and Linked In. The means calls to action are vital.
“This means your introduction is really a side-by-side digital comparison. If your website is vague, outdated or missing a clear call to action (CTA), you're eliminated before you know you were being considered,” observes Krystopowicz. “A website without a CTA is like a storefront with no "open" sign. It looks nice, but no one walks in. ”
Know What Prospects Scrutinize
One of the quirks with prospects relying on the internet to find advisors is that advisors may never know what they did wrong or what they can improve upon to better woo prospects in the future. It’s reasonable to claim that’s not fair, but advisors should turn those lemons into lemonade and focus on what they can get right.
That boils down to knowing what prospects are emphasizing and scrutinizing when they’re looking at an advisor’s website or LinkedIn profile.
Krystopowicz says Palaveev's findings and WisdomTree’s own research confirm prospects focus on items such as a practice’s “about us” section and team biographies, pricing structure, professional credentials and business age.
“A professional headshot, a clear ‘Schedule a Call’ button and concise language on how you help can all build trust quickly,” concludes the WisdomTree director. “Outdated photos, jargon-heavy bios or broken links signal the opposite. ”
