Even though you might be fed up with hearing the slogan “15 minutes could save you 15% or more on auto insurance,” you have to appreciate its effectiveness: Geico has been using this elevator pitch for about 25 years.
Indeed, being exposed to it over and over again is, if you will, the method behind the madness.
Likewise, a financial advisor needs a pitch that succinctly sums up their expertise and how they help their clients. And they should be able to convey that tone in one sentence: a “powerful sentence”.
Those who fail to generate one will be “passed over to the person who can,” argues Leibel Sternbach, CTO of Fusion Capital Management and founder of Yields4U.com, a financial consultancy focused on retirement planning , in an interview with ThinkAdvisor.
A representative investment advisor at Fusion, Sternbach is the author of two new books, “Authenticity: Dominate the Market by Being Yourself” (April 2021) and “Living With Financial Anxiety” (May 2021), both published by Primedia E- launch.
The elevator pitch, according to the National Social Security adviser in the interview, should inform all posts and advertisements, especially retargeting advertisements. These follow people online, appearing almost everywhere after clicking on a particular product or service.
“If you don’t [retargeting ads], your competitors certainly are, and they are the ones that your prospects will see thousands of times.
“[When they’re ready to commit], there’s a good chance they’re going with the person they’ve seen most often, ”says Sternbach, who has coached more than 400 counselors.
The Certified Financial Consultant also explains how cognitive dissonance – which causes confusion – kills sales and how blogging is the first step in developing an emotional relationship with prospects.
Consistency and repetition are the name of the game in reaching and attracting target prospects, and a concise pitch is at the heart of that strategy, says Sternbach, who is a certified portfolio management advisor.
Two consultant marketing companies he founded, Radical Printing and Radical Promoting, were acquired by Fusion, a RIA, in 2017.
ThinkAdvisor recently interviewed Sternbach, a registered agent with the IRS, who was on the phone from his base in Melville, New York.
He stressed the importance of devoting time and energy only to social media that appeals to the advisor’s target demographic.
That probably leaves Twitter out of the mix, according to Sternbach: “I haven’t met a really successful advisor on Twitter yet,” he says.
Here are excerpts from our conversation:
THINKADVISOR: It’s essential for financial advisors to have a 30-60 second pitch, you write. Why do the FA need this?
LEIBEL STERNBACH: To communicate what they are doing, how they can help people, and why they are the experts at solving a particular problem. If you can’t do it in a quick and succinct way, you’re going to sound like the one who can.
The more clearly your prospects know how you can help them, the more successful you will be.
When would an FA use the land?
He informs everything. This translates into their message and branding. Use it to inform all marketing, whether it’s a Facebook ad, website banner ad, or direct mail inviting people to, say, a Social Security event.
If you don’t have your elevator pitched, nothing will be online.
Should it be something clever like a publicity headline rather than straightforward information?
You have to differentiate between a marketing ploy and “This is what we do,” which is your recurring brand message.
For example, Geico uses “15 minutes could save you 15% or more on auto insurance”. What they do and the value they bring is extremely clear. They can keep coming up with smart new marketing ploys, but the message at the end of the ad is always “15 minutes could save you 15% or more on auto insurance.”
You write about “power phrases”. What are they?
It’s your argument condensed into one sentence [or catchphrase] 30 to 60 seconds. It’s the punchline of your blog post, the way you end your emails and in every online advertisement you do.
You should have two or three powerful sentences – the second telling something almost as important as the first but not as critical.
This is for people who have already been in your [marketing] funnel and get to know you.
You rotate a third sentence throughout your post. This repetition is how you communicate with prospects: here’s what you do and how you help people. This is where you show what your worth is.
What is an example of a good expression of the power of a financial advisor?
We had a client whose five sons worked in his [family] business as advisers; his wife was the office manager.
So he wanted his clients to know what set him apart from the competition is that “when you walk into our office, you are family and you work with family”. It is a very powerful message.
You don’t mean, “We offer the best investment service. Nobody really cares [about hearing that], but they really care about being taken care of and being part of this family.
“Cognitive dissonance is the killer of sales,” you say. How to avoid this problem?
Cognitive dissonance occurs when your mind is confronted with two conflicting ideas that cannot be true at the same time. This leads to [prospects] not to make a decision.
It happens when counselors say incongruous things. For example, you told the prospect that you are a social security expert, but when it arrives, you only care about investments.
They think, “Is he a Social Security expert, or an investment guy?” You have to be extremely clear and consistent.
Being on Facebook is “a must for any business these days,” you write. How to come?