How Do I Articulate My Value Proposition When I Move to a New Firm?

As a High-Net Worth Advisor, you have many options to change firms, to change business models, to acquire other practices, to merge with peers, to go independent, and so on.? Your skills and networks are in-demand.? For the sake of this article, let’s assume you found your perfect fit and move to a new firm.

At this critical junction, it’s always important to remember that your best client is someone else's best prospect!?

When you are in-motion your relationships can be tested.? So how can you insulate yourself and your relationships?? Is there a way to dig a moat around your relationships and keep raiders out???

Any transition has to be organized and thought-out to minimize risk and maximize your chances of success.?

Knowing that, we recommend advisors make two important steps that make all the difference in supporting the transition.??

1. Create a business plan around your top “must win” clients.? You know, the ones who you need to follow you.? Think through what new team members, leaders, experiences, or technology they need access to - and when.? Will a transition SWAT team help you execute?? Will your new firm host client events or meet + greets to support your transition?? Prioritize your list of activities then set milestones and timelines to keep yourself on track.? This is all about being proactive and minimizing risk.

2. Craft and articulate a compelling value proposition.? Don’t take for granted that clients will ask (or think without asking aloud): Why you?? Why now?? Why are you introducing me to this new firm + team?? When presenting a change - a new firm, a new acquisition, a new team member introduction - the articulation of the ‘new’ value proposition sets the stage for the relationship from that point forward.? Your value proposition is a clear message about what you do, how you do it, and why you do it.? This is beyond a memorized sentence or two.? The value proposition permeates your actions, your service, and your communication.? Clients need to understand why moving with you is best for them, and why your new firm/model/team adds differentiating value. The why aspect is so important, yet most people overlook it, wing it, or ignore it completely.??

What you do is easy to talk about.? How you do what you do is also relatively easy.? Why you do it is not easy - it takes thought, originality, energy, and authenticity.? Opening the dialogue with: “You might be thinking, 'why did I change firms?',” or “Let me explain why this new firm is more valuable for you...”? The word for this is: “credentialize.”? Credentializing brings context and a compelling backdrop to a situation.?

Top advisors invest time credentializing - articulating the why in a compelling, energetic, and authentic way - for several reasons:

1. Reassurance: It reassures your clients that despite the change, the core value and benefits they receive from you remain intact. This helps maintain their trust and confidence in your services.
2. Clarity: Clear communication of your value proposition - what, how, and why - prevents confusion and ensures clients understand why and how the change will positively impact them. It helps them see the continuity and improvements in the service you provide.
3. Competitive Edge: A well-articulated value proposition can differentiate you from competitors, especially during transitions. It affords you the chance to revisit your unique strengths and highlight the enhanced capabilities of the new firm.
4. Building Trust: Transparent communication about the why behind the change and how it benefits your clients builds trust. It shows that you are proactive and committed to their best interests.
5. Client Experience: Integrating your value proposition into every touchpoint with your clients reflects the core values and benefits you offer. This creates a seamless and trustworthy experience, enhancing loyalty.? Don’t wing-it or take for granted the impact you’ll have by weaving your value proposition into as many client conversations as you can.? Think of this like advertising and you need to reinforce your message frequently through different contexts.
6. Differentiation: A strong value proposition helps differentiate you from competitors. By clearly communicating what, how, and why you are unique, you’ll attract and retain clients who appreciate your what, how, and why.
7. Value-Added Services: Highlight any new additional services you offer that can enhance the client experience, such as access to exclusive investment opportunities, personalized financial education, invitations to events, smoother technology, meeting thought leaders and experts, or concierge services.
8. Use Quantifiable Results: Whenever possible, include specific metrics or outcomes that demonstrate the effectiveness of your new firm platform. For example, “I now have access to a full financial planning staff with eight CFP’s,” or? “my new firm hosts an investor symposium that I will invite you to in April.? Our Head of Alternative Investments will moderate a distinguished panel.”??
9. Credentialize New Team Members: Rather than introduce a team member with, “She’s my insurance person.? She handles our insurance cases.”? Take the time to credentialize, or articulate the value proposition - the what, how, why - behind bringing this new person into their lives.? Instead, a better introduction can say “I’m happy you get to meet X.? She is the best in the business and has my full confidence.? She has been involved in some very important cases for us.? We spend a lot of time together and I think you’ll quickly see why connecting with professionals like this on my team for you made this switch a no-brainer.”? That may have taken five extra seconds to say but it’s worth it!

Business planning and credentializing are key factors in determining whether a new transition is successful.? Developing a business plan, articulating a compelling value proposition with credentializing, and knitting them together for your clients will set you apart from competitors and reinforce your relationships making them stronger than before.