August 13, 2020
What makes you different? Why should clients deal with you over other advisors? Is it because you have proprietary products and processes? Is it because you care more? Maybe because you take a comprehensive approach to wealth management? Does this script all sound familiar with your approach to serving your clients?
We live in a highly commoditized industry where differentiating between service offering and product solutions is nearly impossible. Even if we have a better mousetrap it is very difficult for the public to distinguish the differences between us and everyone else. So how are you going to set yourself apart in a meaningful way? A way that matters to the families that you want to work with.
I recently read a book call The Power of Moments written by Chip and Dan Heath. For advisors at Endeavour Wealth Management this is now a must-read because it helps us to understand the moments in people’s lives that make a difference and why they are so memorable. What could be more important than creating more moments that matter in our life? As wealth managers, financial planners and advisors, what could be more important than creating more defining moments for our clients? Understanding what makes these moments so special and how to create them should define how we serve our clients and how we interact with them. What makes one moment more memorable than another?
The authors describe the memorable difference between moments by calling it the “Disney Paradox”. If you were to measure your minute-by-minute happiness at a Disney park, odds are that you would have been happier laying on your couch for the day. During your day at Disney you would have experienced numerous highs and lows. You would have waited in line for long periods of time waiting to get on rides. You would have experienced large crowds, hot weather, frustration over costs and more. On the other side of it, you would have experienced exhilarating rides, spectacle shows in parades, the emotional reaction your children have when meeting Mickey Mouse and many more.
If you ranked your experiences out of 10 throughout the day, you likely would have scores ranging from 3 right through 10. In the book they discuss a study that was done on this exact experience and determined that when they averaged the participants scores, the Disney Experience received a 6.5/10 score. The psychologists performing the study took their analysis further and surveyed the participants again a few weeks after their vacations to see how they ranked their overall experience. Now, it would have been reasonable to assume that they would all rank their experiences as overall 6.5/10 again but to their surprise the average overall experience instead was rated as a 9/10!
Psychologists determined that the reason for this result is that when people assess an experience, they tend to ignore its length, a phenomenon called duration neglect. Instead, people rate their experience on two key moments, which are the best/worst moments known as peaks or valleys, and the ending. When we think about our experiences, we do not have an exact playback and we do not average our minute-by-minute experiences.
In the book, the authors determined that memorable moments all contained four key elements:
If we understand that creating defining moments for our clients can be our differentiator, how do we go about creating them? First, we must be intentional about it. Most businesses focus on avoiding the valleys and not enough on creating peaks. I would challenge all advisors to look at every single client touch point they have; every potential touch point they create and look for opportunities to make them memorable for their clients. Secondly, do not forget about your internal stakeholders. I believe that happy employees make happy clients. Do not forget about making memorable moments for your people.
So, what makes you different?
Grant White is a Portfolio Manager/Investment Advisor at Endeavour Wealth Management with Industrial Alliance Securities Inc, an award-winning office as recognized by the Carson Group. Together with his partners he provides comprehensive wealth management planning for business owners, professionals and individual families.
This information has been prepared by Grant White who is a Portfolio Manager/Investment Advisor for Industrial Alliance Securities Inc. Opinions expressed in this article are those of the Portfolio Manager/Investment Advisor only and do not necessarily reflect those of Industrial Alliance Securities Inc. Industrial Alliance Securities Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
Reference Link: https://www.wealthprofessional.ca/news/industry-news/how-advisors-can-harness-the-power-of-moments/332351
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