Personal Branding for Financial Advisors: The Harsh Truth
- National Best Practice Leader at Desjardins
- Published on May 6, 2024
- Updated on August 30, 2024
Table of Contents
Did you know that 85% of clients say they began working with their current financial advisor based on that advisor’s personal brand and reputation – not just credentials or product offerings? Crazy, right?
In today’s crowded market, your personal brand is make-or-break for standing out and attracting your potential clients. Having the same bland financial advisor brand is like being one of those flavorless, stale saltine crackers. Sure, it’s technically food, but who wants to put that in their mouth?
So answer me this, is your personal brand a finely-tuned magnet that naturally draws in your ideal clients? Or are you blending into the vast sea of forgettable financial sameness with a snoozefest vibe?
In this frank article, I’m going to obliterate all the personal branding myths and reveal what actually works for financial advisors who want exponential growth.
KEY TAKEAWAYS
- Define your target audience – Your personal brand is the cornerstone of your financial advisor marketing. Get laser-focused on the specific niche you want to serve as a financial advisor. Trying to be everything to everyone waters down your personal brand.
- Identify your unique value proposition – Clearly articulate what makes your expertise and approach uniquely valuable compared to other financial advisors. This separates you from the crowd.
- Develop a consistent visual identity – Your logo, color scheme, fonts, etc. across all marketing channels must reinforce your distinct brand messaging and vibe.
- Establish credibility as a thought leader – Create tailored valuable content that demonstrates your specialized insights and ability to guide your target audience.
- Cultivate a strong online presence – An optimized, modern professional website and active presence on social media platforms is essential for attracting prospective clients.
- Prioritize building relationships – A great personal brand connects with clients, other professionals, and influencers through genuine relationship building.
- Deliver exceptional service – Your financial planning and client communication must consistently back up the high expectations set by your personal brand.
- Seek feedback and evolve – Constantly gauge how your personal branding resonates, and adapt your approach based on results and client feedback. Stay relevant.
- Make your target audience the heroes – Position yourself as the supportive guide, not the main attraction. Frame your value around fulfilling their ambitions.
- Consistency is key – Building an impactful personal brand is an ongoing process that requires continuously reinforcing your unique expertise across all interactions.
Showcase your brand.
Create company profiles with custom banners and info-packages tailored to different industries.
Show your contact info easily accessible by your prospects and clients.
Add custom CTAs to drive prospects or clients to your calendar, sign up form, etc.
Collect feedback from prospects and clients. Feedback and reactions are not publicly visible.
Share any existing PDF presentations and documents.
Simplify Complex Topics with Video PDFs
Boost client engagement with personalized video explanations of key financial documents. Access engagement analytics. Learn more.
Harsh Reality of Standing Out in a Crowded Market as a Financial Advisor
Alright, let me give it to you straight up, this financial industry we’re in? It’s a jungle out there, my friends. There are more financial advisors out there than there are stars in the sky. And they’re all trying to manage money! Standing out is tougher than a $3 steak, am I right?
You got financial advisors left, right, and center all vying for the same potential clients. The harsh reality is if you don’t have that special sauce, that X-factor that makes your personal brand stand apart, you’re going to get lost in the thick of it all.
Think about it for a second, when was the last time somebody signed up with a financial advisor just because of their credentials or what products they were slinging? I’m willing to bet it was their personal brand that reeled the new clients in. Their vibe. Their brand messaging. The way they just got them on a deeper level.
That’s the name of the game nowadays. In my experience, the financial professionals who are really crushing it have crafted that authentic personal brand that clicks with their target audience. It’s not about listing off what services you can provide. It’s about communicating that unique value proposition you bring to the table in a way that sets you apart.
For example, my Discovery Series podcast guest Jackie Soong (CFP, CLU) is the perfect example of nailing this. She targeted her personal brand to speak directly to the career-driven women and Millennials. She taps into the perspectives and pain points of her target audience. She then crafts valuable content that hits the spot. She builds those genuine connections. And in time, she wins over more clients hands down.
The same harsh reality applies to your online presence and social media profiles too. Anyone who thinks it’s just posting selfies and humble-brags on social media has been living under a rock called MySpace.
Just having accounts on social media platforms ain’t going to cut it when there’s so much noise out there. Your personal brand needs a cohesive, striking visual identity. Visual identity that grabs people’s attention and leaves a lasting impression.
As Jackie laid it out on the podcast, having an outdated, thrown-together online presence is a big no-no. From your profile pics down to each post you share, it all has to reinforce your personal brand and expertise. Because you can bet that most prospective clients are going to Google you first. And if your headshot is from the 90s? What message does that send? Not a good look, let me tell you that!
Look, at the end of the day, building that powerful personal brand, in my opinion, is make-or-break for financial advisors wanting to dominate this crowded market. It’s about way more than financial advisor marketing tactics. It’s about connecting with your tribe on an authentic level. Cementing yourself as the thought leader your target audience can trust.
I need to warn you though, building a personal brand as a financial advisor is NOT a sprint. It is an ongoing process. It requires consistency. It requires creativity and really understanding what makes YOU special. It is a marathon. But trust me on this one, attracting those potential clients that are a perfect fit for you? Man, it makes the hustle more than worth it!
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Who Are You As a Financial Advisor?
Look, I know they tell young financial advisors all kinds of baloney about crafting the perfect “personal brand” these days. Figuring out your special sauce, things like that.
At my age and experience level, I’ve realized there’s no use putting on airs. The finance industry is just one big conveyor belt of sameness. Same old suits. Same sales pitch. Same beaten-to-death retirement planning dog and pony show.
So for this whole “Who are you?” personal branding question, my advice is to keep it simple and embrace who you genuinely are, delusions and all. Believe me, I’ve tried all the prefab persona shticks over the decades and none of them ever really stuck.
Are you the guy who shows up to work every day in a suit and tie, or are you the type who prefers to rock a pair of dark wash and a Polo shirt that says, “I put the ‘fun’ in ‘funeral’?” Maybe you’re somewhere in between, like a casual Friday kind of person.
When I was a young advisor, I tried playing the smooth-talking Wall Street weekend warrior. Tossing around fancy finance jargon. Rocking the power ties, you know the shtick. After getting laughed out of enough Bay Street bars, I figured that overly slick routine wasn’t me.
So these days, after decades of trying on different hats and narratives, I just own who I am. Flaws, insecurities, existential dread and all. A wisecracking financial truth teller from Toronto who secretly questions if any of this money stuff really matters in the grand scheme of things.
So for any financial advisors trying to figure out their “Who am I?”, my advice is to get uncomfortably real with yourselves. Ditch the cheesy vision boards. Speak truth about your experiences, philosophies and ambitions.
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Who Are You Trying to Benefit?
The reality is, many of us financial advisors are just grinding away. Many are trying to bring in enough half-interested pension people and risk-averse middle-class families to keep the lights on. Nothing sexy, just basic bread and butter financial planning grunt work. Following the same musty Wealthy Barber scripts we’ve been touting since the Clinton years.
The typical financial advisor move is to rattle off some prefab gobbledygook about “serving families” or “helping people achieve their dreams”. Okay… Good luck!
But if you’re shooting for an actual personal brand that doesn’t just blend into the awkward suit-wearing background noise, you’ve got to get waaay more surgical with defining your niche, your target audience.
For example, you could easily go the path of saying your personal brand aims to benefit like, “Hard-working Torontonians looking to maximize their retirement readiness.” Or whatever that motivational poster baloney is these days. But where’s the authenticity in that? Where’s the unique fingerprint making your particular financial advice any more magnetic than the next cookie-cutter financial advisor?
Why not try something different? “Divorced or widowed boomers grappling with anxiety-inducing money dilemmas around alimony, estate planning, and whether to blow their kids’ inheritance on a new Tesla’s Cybertruck.” Not exactly an aspirational picture, but you get the idea. Leaning into embracing a highly unique audience. One that probably makes polite company cringe but will allow you to develop a more focused personal brand as a financial advisor.
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The Personal Branding Paradox
You know the biggest paradox when it comes to crafting your personal brand? On one hand, you need to spin this authentic, unique identity that separates you from other financial advisors. But on the flip side, that personal brand can’t just be about self promotion. I know, right?
See, the paradox is that your personal brand has to be about way more than just you as an individual. The essence of a great personal brand is showing your unique value proposition to your target audience at the same time. It’s about positioning yourself as the answer to their ambitions. And be the answer to their financial problems.
For example, for Jackie, her entire personal brand is built around being the go-to financial advisor for career-driven women and Millennials. She’s not just showcasing her credentials. She’s being herself. She’s being authentic. She’s making it loud and clear how she can enrich the lives of her target audience. Your unique value proposition and area of expertise have to be the cornerstone when building your personal branding.
So when Jackie shares valuable content about smarter money decisions, she’s not just flexing her knowledge. She’s demonstrating her deep understanding of that specific audience’s challenges and delivering insights tailored just for them. Relatability and relevance. That’s how great financial advisors build incredible resonance with their personal brands.
The same applies to your online presence and social media profiles. Your personal brand messaging has to go beyond just listing your qualifications and services like every other financial advisor out there. It needs to immediately convey your unique value proposition. Unique value that you provide to your target audience. And why you’re the financial advisor for the job. But it cannot be overpowering.
That’s why having a cohesive, visually compelling visual identity across all your marketing channels is so crucial when building your personal brand as a financial advisor. From your snappy bio to eye-catching images and videos on your professional website, each element should reinforce your status as the thought leader for your specific audience.
At the end of the day, the paradox is that you have to build your personal brand in service of your audiences’ needs and desires, NOT just to marvel at your own accomplishments. It’s about making THEM the hero, not you.
Financial Advisor Personal Branding Myths
Alright, let’s bust some major myths around this personal branding game. There’s a ton of misconceptions floating around that are holding financial advisors back from creating that standout personal brand.
One of the biggest myths out there is that personal branding is all about bragging and self-promotion. Now I know, I know, putting yourself out there on social media platforms can feel like you’re just patting yourself on the back constantly. But the reality is having an authentic personal brand has nothing to do with being a shameless self-promoter.
Here’s another personal branding myth that needs to get busted, financial advisors need a massive marketing budget and professional resources to create a personal brand that stands out from the crowd. You know what they say, you don’t need a big budget for personal branding. Yeah, tell that to every newly divorced dad buying a Porsche to re-establish his brand. All jokes aside. Sure, having a marketing team makes things easier. But at the end of the day, all you really need is a clear vision, consistency, and a willingness to keep it real.
I have many examples, check out John Saikaley or Sarah Balram. They are doing exceptionally well at this game. They establish credibility with their target audience. Their network grows organically based on the value they provide.
But possibly the biggest myth of all is that personal branding is just a flashy online presence. True story though, true brand building goes way deeper than that. It’s about cultivating meaningful relationships both online and off. It’s about showing up for your clients and community as that trusted financial advisor they can always turn to.
Another whopper of myth is that personal branding is just about social media. Okay! Now don’t get me wrong, having an on-point presence on social media platforms like LinkedIn is crucial these days. But reducing personal branding to just posting on socials? That’s selling it way too short.
True personal brand building has to cover your entire game. From how you represent yourself in industry events and other professional circles. All the way down to the vibe you give off meeting existing and new clients one-on-one. It’s about amplifying that authentic personal touch across every single interaction.
Jackie hit the nail on the head by doing an appreciation strawberry picking event for her client base back in July. She didn’t just focus on her services but also was making introductions between her clients and other professionals who could help them. That’s how you truly build meaningful relationships and make your personal brand resonate.
Here’s another myth, personal branding is only for independent financial advisors. I hate to break it to you, but whether you’re affiliated with a big firm or not, you still need to stand out. New clients aren’t signing up for a company logo. They’re investing in YOU as their trusted partner.
Just look at Jackie, she’s been able to carve out her niche as the go-to financial advisor for her target audience, all while being affiliated with Desjardins (the fifth largest cooperative financial group in the world). At the end of the day, your personal identity and ability to connect are what seal the deal.
Here’s another one that needs to be shut down: thinking personal branding is just a quick fix for business growth. Umm, no… cultivating an authentic, impactful personal brand takes major work and commitment. It’s an ongoing process of consistently reinforcing your skills, expertise, and ability to guide your clients towards their goals. There’s no hacking or shortcutting in this game. It’s a grind, but one that’ll have new clients lining up for your brilliant self!
The final myth I want to demolish is the idea that personal branding is only for the young financial advisors. Are you kidding me? Having a strong, well-defined personal brand is arguably even more crucial for experienced financial professionals looking to attract fresh prospective clients.
You’ve got decades of specialized knowledge and wisdom under your belt. By packaging that up into a clear, highly visible personal brand. This way you immediately separate yourself from other financial advisors in the game. Clients today want to work with the financial advisor who deeply gets them, no matter their age.
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How to Build a Personal Brand as a Financial Advisor in 8 Easy Steps
Crafting a standout personal brand is an absolute must for financial advisors who want to attract more clients in today’s crowded market. But where do you even start? Let me break it down into 8 easy-to-follow steps:
Step #1: Define your target audience.
This is priority number one. Don’t rush it! If you don’t get this right, then building your personal brand may turn into an uphill battle. Get crystal clear on exactly who you want to serve. It could be small business owners, tech professionals, or, like my previous guests Cindy Marques, career-driven Millennials, or Taivi Tayler working with senior clients. Don’t make the mistake of trying to be everything to everyone. Niche down. Develop a deep understanding of your target audience.
Step #2: Identify your unique value proposition (UVP).
Now it’s time to get specific about how you’re different from every other financial advisor out there. What makes your expertise, communication style, and approach to financial planning uniquely valuable? Maybe it’s your ability to simplify complex concepts. Or relating deeply to their particular stage of life and mindset. Define a sharp UVP that immediately conveys the distinct benefit of working with YOU.
Step #3: Create a consistent personal brand identity.
Once you got your target audience and UVP defined, you can start baking that into every aspect of your brand identity. I’m talking your visual elements like logos, marketing collateral layouts, and color schemes. But also your brand voice. Your core values. Your overarching vibe you’re putting out into the world.
Step #4: Establish thought leadership.
You know the famous saying by Theodore Roosevelt “People don’t care how much you know until they know how much you care”? That’s what this step is all about. Start creating and sharing valuable content tailored specifically to your target audience’s needs and interests. Blog posts, videos, podcasts, etc. Your goal is to build trust by generously giving away your advice and insights.
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Step #5: Build a strong online presence.
You gotta go digital. Your personal brand has to live online. I saw an advisor’s website the other day that looked straight out of 2003. My man is still using Times New Roman font! If that doesn’t scream ‘outdated’, I don’t know what does.
I’m talking a modern website that conveys your unique value proposition. But also optimized social media profiles where you’re consistently sharing content and engaging with your target audience. Make it easy for potential clients to find you. Reinforce your personal brand’s key messaging.
Step #6: Develop relationships and networks.
Personal branding isn’t just about uploading content into the void. You need to actually connect with clients, prospects, other professionals, and also influencers who can amplify your voice. Prioritize building relationships and being active in the online and offline communities. The more value you provide through these relationships, the more your personal brand will spread its reach. Having strong brand awareness is crucial.
Step #7: Provide exceptional service.
At the end of the day, your personal brand has to be backed up by consistent delivery once new clients are on board. Nothing torpedoes a brand faster than over-promising and under-delivering. Your financial planning and client communication have to go above and beyond. Solidify your reputation.
Step #8: Seek client feedback and adapt.
Personal branding is an ongoing journey. You have to consistently gauge how your messaging and content is resonating with your target audience. Ask for feedback. Pay attention to engagement and results. Adapt your approach. The financial advisors with the strongest personal brands I know are always tweaking and evolving.
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Personal Branding Mistakes Financial Advisors Make
I’m about to save you a ton of headaches and wasted effort when it comes to this personal branding game. Too many financial advisors are making rookie mistakes that sabotage their ability to attract more clients and grow that book of business.
One of the biggest personal branding blunders is trying to be everything to everyone. They lack a clear and differentiated brand identity. Look, I get it, defining what makes you unique in a sea of financial professionals is tough. But trying to be everything to everyone just waters down your whole vibe until you blend into the background noise. It is a surefire way to end up being nothing to no one. You have to get laser focused on the specific niche you want to serve. No confusion. No mixed messaging. Crystal clear on who you guide and how you provided unique value.
Another common mistake is having an inconsistent or outdated brand identity. Good luck attracting prospective clients if your logo looks straight out of MS Powerpoint 95 and your website belongs in a Wayback Machine. Your entire visual identity from colors to fonts needs to make an impact. Reinforce your unique brand positioning. Having an inconsistent brand message across platforms is the marketing equivalent of having a split personality disorder. Confusing for everyone involved!
And we can’t forget about the advisors whose online presence is basically non-existent. Newsflash, if clients can’t easily find you on search engines, engage with you on social media, or get a sense of your expertise through valuable content, you basically don’t exist to them. Building a robust online presence optimized for how people search and consume content today is non-negotiable.
But probably the biggest personal branding sin is making it all about you, you, you! Your credentials, your achievements, your ego. Wake up, people! Clients don’t actually care about all that jazz. They care about what’s in it for them and how you can guide them towards their goals and #lifegoals.
The best way to build your personal brand is to position yourself as the supporting hero. Not the main attraction. Just look at how Jackie Soong frames her entire brand messaging around empowering her clients, career-driven women and Millennials, to make smarter money decisions and achieve their desired lifestyles. It’s about them, not her. She carved out a strong personal brand identity that resonates.
But having that strong personal brand positioning is only half the battle. Where a ton of financial advisors slip up is inconsistent messaging across various platforms and marketing channels. Your website, social media profiles, print materials – they all need to reinforce your core brand identity with cohesive language, visuals, and that unique sauce that makes you, you.
Of course, none of that audience engagement matters if your personal brand feels inauthentic or like you’re exaggerating your expertise. Clients have a BS meter that’s off the charts these days. Making over-inflated claims or portraying an identity that doesn’t feel genuine is a surefire way to get ignored or called out.
But sometimes financial advisors go too far the other way. They default to the same old corporate talk and traditional marketing tactics that put people to sleep. Your personal brand should be an exciting breath of fresh air. In my experience, it should align with how people think, act and communicate today.
Having said that, don’t think you can just slap up a flashy website and social media presence and call it a day. The financial advisors winning at personal branding are going all-in on networking, relationship building, and always being of service to their community. That’s how you make deeper connection and turn viewers into loyal followers.
Of course, none of this matters if you neglect monitoring online reviews and feedback. These days prospective clients will 100% be looking you up and seeing what people are saying about you. You need systems for promptly responding to any feedback.
Last but not least, a rigid resistance to evolving your personal brand over time is a recipe for becoming stale and irrelevant. The most successful financial professionals, I know, are constantly tweaking their positioning, messaging, and visuals based on what’s resonating with their audience.
Showcase your brand.
Create company profiles with custom banners and info-packages tailored to different industries.
Show your contact info easily accessible by your prospects and clients.
Add custom CTAs to drive prospects or clients to your calendar, sign up form, etc.
Collect feedback from prospects and clients. Feedback and reactions are not publicly visible.
Share any existing PDF presentations and documents.
Simplify Complex Topics with Video PDFs
Boost client engagement with personalized video explanations of key financial documents. Access engagement analytics. Learn more.
Conclusion
Alright advisors, here’s the cold harsh truth: in today’s crowded financial industry landscape, you’re simply dead in the water without a personal brand that immediately conveys your unique value proposition and ability to guide your specific audience towards their wildest financial goals.
If you take just one thing from this guide, let it be this – your personal brand is simultaneously your greatest business asset and most important investment you can make as a financial professional.
FAQs
How can I build a consistent personal brand identity?
Define core visuals like your logo, color palette, fonts and develop brand guidelines. But personal brand identity is also about a consistent voice and tone, core values, and vibe across all your marketing channels. It breeds familiarity and trust with you as a financial advisor and your personal brand.
What personal branding mistakes should I avoid?
Common personal branding mistakes that financial advisors make include having an inconsistent brand identity, outdated visuals and website, inauthentic messaging, overemphasizing their achievements vs. client benefits, and failing to adapt their personal brand based on feedback.
How can I define my target audience for personal branding?
Financial advisors have to get hyper-specific about the demographics, professions, lifestyles, values, and goals of their ideal clients. Maybe it’s Millennial entrepreneurs, retirees, divorcing couples, etc. The sharper you can define your specific audience, the more resonant your personal brand will be.
How can I monitor and improve my personal brand over time?
Financial advisors can monitor and improve their personal brand by setting up systems to track metrics like website traffic, engagement, inquiries from content and landing pages, social following growth. Continuously solicit feedback to identify areas for optimizing messaging, positioning and personal brand identity.
When will I see results from personal branding efforts?
There’s no set timeline as personal branding is an ongoing process for financial advisors. But most advisors experience increased brand awareness and buzz within 6-12 months if efforts are consistent. If you do it right, you can expect landing ideal new clients directly from your personal brand in about 12-18 months.
Disclaimer: The following information is being presented on the understanding that it is intended for information purposes only. None of the presenters or Desjardins Insurance has been engaged for the purpose of providing legal, taxation, or other professional advice. No one should act upon the examples/information without a thorough examination of the legal/tax situation with the appropriate professional advisors.
About the Author
Reh Bhanji (Certified Financial Planner, Chartered Life Underwriter), a veteran in the insurance and financial advisory industry, boasts over 25 years of experience. His journey began in 1998 at Imperial Life Financial in Toronto, ON, where he managed over $40 Million in annuity assets. His prowess quickly earned him a promotion to Team Leader in 2002, where he led a team of financial advisors. In 2005, Reh’s expertise propelled him to the role of Regional Sales Director at Desjardins Financial Security. In this role, he was responsible for training financial advisors and driving life and health insurance sales through strategic marketing and business development. His commitment to financial advisor education was further exemplified between 2007 and 2009, serving as Vice President for Education at Advocis Toronto (The Financial Advisors Association of Canada). In 2012, he became Senior Regional Sales Director at Desjardins Financial Security. At Desjardins, he managed the company’s largest account and developed key sales strategies and business building techniques for life and health insurance solutions. His exceptional leadership skills led to his 2020 promotion to National Best Practice Leader at Desjardins Financial Security, where he spearheaded the coaching and development of sales processes across the national network. In 2021, Reh expanded his influence as the host of the award-winning Discovery Series Podcast by Desjardins, providing a platform for industry-leading financial advisors to share their strategies, success stories, and industry leading insights.
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