Broker Check

Why You Should Brand Your Practice

August 10, 2017

Why You Should Brand Your Practice

As a financial advisor, defining your brand is one of the most important things you can do. Your brand represents who you are, what you stand for and the specific services you provide. A brand that resonates with your target audience will help capture more business and grow your practice. Listed below are several key reasons why you should establish a personal brand:

General Practitioner vs. Specialist

According to a recent poll by the Bureau of Labor Statistics, 225,000 people in the U.S. are categorized as personal financial advisors, which is simply another way to say “general practitioner.” If people see you as a specialist, as opposed to a general practitioner, they are more likely to turn to you as a service provider.

Increase Your Value

A strong brand moves you away from being a commodity and enables you to charge a premium that reflects your actual value. Establishing your personal brand will increase your perceived value and give you the ability to charge higher fees.

Gain New Referrals

Referrals continue to be the single most powerful way to attract clients, and they are a critical source of new business. A strong brand is easy for referral sources to explain. If you are really good at what you do, clients will refer you.

How to Brand Yourself

Your personal brand is not a tagline or an ad campaign. It's a combination of your interests, beliefs, values and skills. It's the descriptors that you're known by. Take time to determine exactly who you are and what makes up your brand. Use creative, thought- provoking words to describe your persona, culture and outlook. Here are a few questions that you will need to answer:

  • What are my biggest strengths?
  • What am I passionate about?
  • What makes me unique?
  • Who is my competition? 

Sum Up Your Brand

Create a 1-2 sentence brand statement that encompasses who you are and what you specialize in. It should clearly explain the benefits you provide. Make it short, to the point and memorable.

Create an Online Presence

At the most basic level, the primary purpose of your website should be to help grow the business and bring in new clients. Surprisingly, many financial advisors do not consider their website a lead generator. Many think of it as just an online brochure. In today’s market, any potential client will likely research you online prior to a first meeting. With a branded website, you will be better able to shape how people perceive both you and your practice. If done correctly, your website should display professionalism, stability and organization, each of which helps build trust.

Target Your Market

The next step in the personal branding process is identifying your target market. Who needs to know about your product or services? Which types of client would be interested in using your services? Once you have identified these people, build your personal branding strategy around this marketplace.

Generate Brand Awareness

The more ways you can get your brand out, the better. Having a website, blog, video, social media or newsletter are great ways to generate brand awareness. Keep in mind this is an ongoing process. A strong brand isn’t built overnight.

Contact Iron Point for a no-obligation coaching call on defining your brand.