The Art of Storyselling for Financial Advisors Who Want to Deeply Connect with Clients

The biggest mistake I see in the financial advisory industry is the lack of uniqueness, with each advisor looking like everyone else. This is one of the reasons most financial advisors fail to get noticed by the right clients.

But the good thing is there's a simple trick you can use — tell stories in your marketing messages, also known as storyselling. Remember, if you can't win their attention, you can't win their business.

In this blog post, we will delve into the science behind storytelling and why it is such an effective method for connecting with clients. So let's get started.

Why Storyselling Even Works

The effectiveness of storytelling lies in its ability to engage multiple areas of the brain, creating a rich and immersive experience for the listener. When we hear a story, our brains release oxytocin (one of the four feel-good hormones). This enhances empathy, trust, and cooperation. This biological response gives you, as a financial advisor, the power to build stronger relationships with your clients by creating an emotional bond that goes beyond numbers and figures.

Research has shown that emotions play a significant role in the decision-making process, often driving our choices even before we are consciously aware of them.

In a study, neuroscientist Antonio Damasio discovered something very important by observing an individual he referred to as Elliot, under a pseudonym. Elliot was an intelligent and formerly successful businessman. He underwent major surgery to remove a brain tumor located near his amygdala. Despite the surgery's success and Elliot's high IQ and impressive past accomplishments, his life took a downward turn. He lost all motivation to engage in life's activities.

As Dr. Damasio observed, Elliot turned into a detached observer of his own existence, merely watching his life unfold without actively participating.

But this wasn't even the biggest surprise. It was expected.

What was unexpected was Elliot's newfound inability to make decisions, even the simplest ones.

For instance, he spent several minutes contemplating which colored pen to use when completing his medical forms. It took him over half an hour to schedule his next appointment with Dr. Damasio. And deciding where to have lunch took several hours.

This highlights how, as humans, we rely on emotions to guide us, from things as simple as what to eat or which financial advisor to hire. We then later use logic to rationalize or justify the decisions we made with our emotions.

So by incorporating storytelling into your marketing, you can tap into these emotional drivers and facilitate a deeper connection with your clients, making it easier for them to trust you and your financial advice.

Also, telling stories makes it 22 times more likely that people will remember what you said.

Another reason storyselling is so effective is that it never feels like selling. Instead, it feels like having a genuine conversation with a friend who is sharing an experience or imparting valuable wisdom. This approach means you have a more natural and authentic way to communicate with clients, making them more receptive to your message. You reduce any resistance or barriers they may have about doing business with you.

You can then easily demonstrate your value without the need for hard-selling tactics.

Elements of a Compelling Story

A compelling story has several key elements that work together to captivate the listener and create an emotional connection. By understanding these elements, you will easily know if you are applying the storyselling principles the right way.

A Hero: To create an engaging story, start with relatable characters your audience can identify with. Usually, this is your ideal client. For example, you might create a persona for "Samantha," a 40-year-old professional who is balancing career growth with raising a family and planning for retirement. By creating relatable personas, you make it easier for your clients to see themselves in your stories and connect with your message on a deeper level.

A Guide: Another important character in your story is the guide, which in most cases is you, the financial advisor. Many advisors make the mistake of positioning themselves as the heroes in the story. There can only be one hero, and that's your client. You are simply the mentor who will guide them to success in their financial journeys.

This approach allows you to showcase your expertise and empathy without coming across as self-promotional. For instance, in the story of Samantha, you can describe how you helped her create a customized financial plan that addressed her unique needs and goals, guiding her towards a secure and fulfilling retirement. Think of it as Morpheus (guide), Neo (hero), or Dumbledore (guide), Harry Potter (hero)...

You get the idea.

Conflict: A good story needs conflict to create tension and keep the audience engaged. In the context of financial advisory services, this conflict often arises from the financial challenges your clients face, such as saving for retirement, paying off debt, or funding a child's education. By highlighting these challenges, you demonstrate that you understand the struggles your clients are experiencing and are prepared to help them find solutions.

Resolution: The resolution of the conflict comes when you present the tailored financial solutions you've developed to help your clients overcome their challenges. Continuing with Samantha's story, you can describe how you devised a strategy to help her balance her short-term financial needs with her long-term retirement goals, providing her with a sense of financial security and peace of mind.

The 5-Step Process to Using Stories in Your Marketing

Here is a simple 5-step process to get started with using stories in your marketing. The more you do this, the better you will get at it:

1. Know your audience: Before you can begin crafting a compelling story, it's crucial to understand your target audience. What are their interests, goals, and challenges? What motivates them to seek financial advice? Answering these questions can help you tailor your story to their needs and make it more impactful.

2. Discover your story: Every person has a unique set of experiences that have shaped their personal and professional journey. Reflect on your past, including any major milestones, client successes, or even challenges you've overcome. These experiences can form the basis of engaging and informative stories that resonate with your audience.

3. Define the problem: A great story often revolves around a problem that needs to be solved. Think about the most common financial challenges your clients face and identify one that you can address in your story.

4. Focus on the outcome: The resolution of your story should focus on the positive outcome that was achieved as a result of your solution. What benefits did your client experience? How did you help them achieve their financial goals?

5. Incorporate data and facts: While storytelling is essential, it's also important to back up your story with data and facts that support your message. Use statistics and other relevant information to demonstrate the value of your services and the benefits your clients can expect to receive.

By following this process, you will ensure that you have all the main elements of a great story.

Tips for Effective Storytelling

Effective storytelling can significantly enhance your marketing efforts and help you build stronger connections with your clients. Here are some additional tips, along with examples, to help you master the art of storytelling in your financial advisory practice:

A. Be authentic and genuine

Ensure that your stories are genuine and come from a place of authenticity. Share your own experiences, lessons learned, or real client stories (with permission) that can resonate with your audience. This helps you build trust and credibility.

Example: If you once struggled with managing your own finances and eventually overcame those challenges, share that story to demonstrate empathy and understanding of your clients' financial struggles.

B. Focus on the client's perspective

Center your stories around the client's needs, goals, and emotions. Because you know what, your clients don’t care if you studied at some fancy college. All they want to know is how you can help them. So focus on them.

C. Show, don't tell

Rather than simply listing your services or accomplishments, use stories to show the impact of your work on your clients' lives. This allows your audience to visualize the benefits of working with you, making your message more compelling.

Example: Instead of stating that you offer comprehensive financial planning, share a story of a client who, with your guidance, consolidated their investments, optimized their tax strategy, and created an estate plan, ultimately achieving financial peace of mind.

D. Use data and statistics to support your story

While emotions are crucial in storytelling, incorporating data and statistics can add credibility to your narrative. Use facts and figures to illustrate the results you've achieved for your clients or to highlight the importance of financial planning.

Remember this, people buy based on emotions, and then they justify that with logic. And the data you have and statistics will help you achieve that.

Example: Share the story of a client who, after implementing your recommended investment strategy, saw a 20% increase in their portfolio's value over five years, outperforming the market average.

E. Keep it simple and concise

Effective stories are easy to follow and understand. Use simple language and avoid industry jargon that may confuse or make you look like a show off. Keep your stories concise, focusing on the key points that convey your message.

Example: Instead of delving into the intricacies of tax-advantaged investments, share a relatable story of a client who saved thousands of dollars in taxes by working with you to optimize their investment strategy.

F. Everyone Loves a Happy Ending

A successful story has an emotional arc that takes the audience on a journey. Start by establishing an emotional connection with the characters, introduce the conflict or challenge, and then conclude with a satisfying resolution that demonstrates the impact of your financial advice.

Example: Share the story of a young family who was struggling to save for their children's education. Describe the stress and uncertainty they faced, explain how you helped them develop a comprehensive savings plan, and highlight the relief and confidence they gained as a result.

Conclusion

Incorporating storytelling into your financial advisory practice can help you create meaningful connections with your clients, foster trust, and ultimately drive success in your business. As a parting tip, remember to always put your clients at the center of your stories.?

By focusing on their needs, goals, and emotions, you demonstrate your commitment to their well-being and showcase your ability to provide tailored financial solutions. Embrace the power of storytelling and watch your financial advisory practice thrive as you build stronger, more authentic relationships with your clients.

Note: This article first appeared on The Ad Artist. Here is the link to the original article: https://theadartist.com/blog/how-to-use-storyselling-to-connect-with-clients-if-you-are-a-financial-advisor/