How your firm's reputation helps you close business
10 ways your firm can help make the case why your prospect should do business with you
It is important to be proud of your firm. If you subscribe to industry magazines and daily online newsletters you are always reading about an agent or advisor who did something wrong or a firm being hit with a fine. These are the minority in a large world of agents and advisors trying to make a living while doing the best job they can for their clients. Your firm’s reputation is one of your best, yet overlooked tools.
I worked at Merrill Lynch for 20 years. I was always proud of my firm. The firm’s reputation spread beyond the industry. As I recall, John Grisham’s novel The Firm has one of his characters riding in an elevator with “a couple of Merrill Lynch types.” At least one of Robert Ludlum’s novels had a character referencing my former firm. Many, many years ago the New Yorker magazine ran a cartoon with angels looking at people standing at a counter on a cloud with a big Merrill Lynch sign. One angel told the other something like: “These are the folks lucky enough to take their money with them.” It made me feel good.
Here are 10 ways your firm can help you make the case why your prospect should do business with you:
1. Longevity. How many years has your firm been in business? 100 years? Longer? Years in business gets the message across your firm has successfully weathered different economic cycles. Your firm is not an untested newcomer. Longevity implies stability.
2. Famous projects. Your firm put up the money to build railroads across the US. They funded the construction of the Panama Canal. They established a stagecoach network across the West. Your firm helped make history.
3. Assets under management. People trust your firm with their money. The number of clients the firm has and the total value of all those accounts added together should be a pretty big number. When many people place plenty of money with your firm, it communicates trust.
4. Retirement assets at your firm. People often have different pools of money. You have heard some people talk about their “play money” or their “safe money.” Retirement money seems to fit into the “safe money” category for many people because they will really need that money down the road. How many retirement accounts are held at your firm? How much money in this category? Client identities are confidential, but sometimes the identities of major pension funds are public information. Can you name a couple of prestigious institutions fitting into that category? People trust your firm with their retirement assets.
5. Your firm’s building. Is it the tallest building on the skyline? Is your firm’s name spelled out in big letters on the top? Does everyone in the city know the building by your firm’s name? This type of recognition puts your firm in the big leagues.
6. Awards won. The financial services industry has many publications. They hand out “Best of” awards on an annual basis. What awards has your firm won? This is important because third-party recognition of excellence means a lot to many people.
7. Money spent on technology. Prospects want to know the connection between a fact or number and how it benefits them. Your firm has probably spent a huge amount of money on technology. Why? Has it been to allow clients to access their accounts online in real time? Does it involve data security? Make the connection between your firm’s technology investment and the benefit to clients.
8. Years serving your local market. How long has your firm been in town? Is the local stadium named after them? Are they the lead sponsor for charity events? This shows commitment to the community. Your firm has demonstrated their long-term commitment to the area. They aren’t testing the market.
9. Independent agency ratings. Your firm has ratings on the debt it issues. The industry rates the financial viability of firms. What is your firm’s rating? Is it the top score? How long have they held that ranking? People want to feel their money is “safe.” Independent rankings help.
10. How many offices and employees? Your clients travel. What if a problem developed when they were away? Is there a local office they could visit? Could they get someone to call you and help sort out their problem? Firms with an extensive branch network provide this opportunity.
Here is something really cool: Most of this information is probably in your firm’s annual report. Isn’t that the ultimate Compliance-approved document? You could prove every point just by flipping to the correct page and pointing it out. Just don’t write in the annual report! Compliance wouldn’t like that.
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