Branding is how people see us - mission statements about what we do and how we do it. Sheri Fitts, after her recent Sway conference focused on branding, relayed that one of her participants said, “You have one whether you are intentional about it or not.” Sheri went on to say, “[Brand] needs to be purpose-driven fueled by thought leadership.”
So what is brand, why is it important for financial advisors and how do you create one?
Most advisors have been successful through a combination of sales skills, geeky knowledge and, if they have built a business, how to manage people, processes and capital. Few understand or value brand in part because they do not know how to create it. So let’s look at companies that do with the 10 most valuable company brands in 2023 according to Kantar.
A classic case described by UCLA professor Sonjay Sood at C(k)P training is how Steve Jobs rebuilt the Apple brand. In 1996 when he was brought back to save the company which was 90 days from running out of money, he created the ad “Think Different”. There was no mention of product or service, just referencing people he admired like Einstein, Dylan, Amelia Earhart, John Lennon, Ali, MLK, Gandhi and Picasso, ending with the line: “Because the people who are crazy enough to think they can change the world are the ones who do.”
Job’s board thought he was crazy. Maybe they were right.
Simon Sinek explains that what differentiates Apple is that they focus on why they create computers and tech, not what or how. They have zealots, not clients and are able to charge more for basically the same things.
While none of us are going to become Apple, Google or Amazon, we only need a better and more identifiable brand than our competition, which in most cases is not a very high bar.
In an era of commoditization and consolidation which at times can force advisors to abandon their personal brand, standing out is even more critical.
A brand can take years to build and just a few minutes or missteps to lose. (Note that none of the social media companies have the most valuable brand.) And when an industry falters, like financial services during the Great Recession and the Madoff scandal, it can hurt everyone in that industry.
Advisors must deal with multilevel brands consisting of:
- Their organization (if they are part of one), like Merrill or Captrust;
- The colleagues and associates with whom they work closely; and
- Themselves.
A brand is not what we do or even how well we do it, though proof statements and credible third-party testimonials are critical, it is who we are, how we want to be viewed and who we want to be associated with like Apple did so adeptly in their “Think Different” ad.
“Look at people you admire and ask why,” asked Sheri Fitts. “Maybe they reflect you. Think about what you want to be known for.”
Many advisors are not comfortable creating original content or may be restricted by regulations or compliance. There is so much content out there that advisors can share, repost or comment on content they like and reflect. And for those that can create content, it does not have to be long or deep. Short videos through a smartphone can be very powerful. But it should be consistent and intentional.
One of the regulars at Sway is a great musician but no one knew about it, maybe because he was not sure how people would react. Sheri claims it would have enhanced or even defined his brand. I share a lot about my meditation practice because it is a vital part of who I am. I want to help others because it has helped me so dramatically. Some people may not like it, which is the risk of creating a personal brand, but I think it helps me more than it hurts. Sharing who we are and our passions makes us authentic, and speaking truths, especially those that are hard to hear, helps raise our credibility.
Ultimately, a brand creates a feeling in others – good or bad. What we do or how we do it creates a thought or impression. Feelings create lasting impressions and are more moved by them than thoughts.
Advisors that have a strong brand whose clients see them as thought leaders keeping them informed, ahead of the trends, making them feel like they are not missing anything important are less likely to lose those clients. They will gain new ones not just through referrals but through clients who are advocates proactively telling colleagues how great you are.
Is that valuable? When will you start?
