Differentiation for Financial Advisors Is a Secondary Problem
“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
In the competitive landscape of financial advising, the question of how to differentiate one’s practice is often top of mind for advisors. Many believe their primary hurdle is articulating a unique value that stands out in the marketplace. However, this focus on differentiation, while important, often overlooks a deeper and more fundamental issue: the advisor’s belief in the value of his or her own work.
As Socrates famously stated, “Know Thyself," this ancient wisdom underscores the importance of self-awareness in recognizing one’s unique strengths and purpose. When advisors deeply understand and believe in their inherent value and purpose, they can authentically differentiate themselves in the marketplace, not merely by what they offer, but by who they are and the good they are called to do.
Identifying the Core Problem: Beyond Differentiation to True Value
Advisors frequently find themselves caught in the monotony of day-to-day tasks, which can lead to a sense of burnout and a feeling that their work lacks meaning. When this happens, the drive to create value diminishes, and the ability to effectively communicate their worth to clients weakens.
The deeper challenge for you as an advisor isn't just standing out; it's truly believing that your work as a financial advisor is valuable and life-changing.
From the opening pages of the Bible, we see the significance of work. God himself works and delights in his work. Made in his image, we too are designed as laborers—to cultivate his creation. Our work, from the beginning, was part of God’s good creation, imbued with dignity and value.
The value of work is further emphasized in the New Testament. In Ephesians 2:10, Paul describes us as God’s “workmanship.” Because we are “created in Christ Jesus for good works,” we are to follow his design in how we work. As financial advisors, we reflect God’s good design for work as we serve our clients.
If you lose sight of the impact you have on your clients' lives, you become disconnected from the very purpose that drives your work. Without confidence in your purpose, differentiation becomes a hollow exercise, and even the most well-crafted value proposition can fall flat.
Understanding the Calling of Financial Advising: The Foundation of Value
At the heart of overcoming this problem is understanding the concept of calling. In his book The Call, Os Guinness describes calling as a purpose that is deeply rooted in who we are and how we are meant to contribute to the world. Embracing the role of financial advisor as a calling means recognizing that your work is more than just managing portfolios or selling financial products.; Your calling is to guide clients through some of the most important and impactful decisions of their lives.
Money is a powerful force in people's lives. It influences relationships, shapes futures, and affects overall well-being. As a financial advisor, you are positioned to help clients navigate these complexities, offering not just financial advice but life-changing guidance. When you understand your work as a calling, you realize the vitality of what you do—your work can truly change lives.
This belief in the value of your work is the foundation upon which you build all other aspects of your practice. If you don't believe at your core that what you do is important, it will be difficult to convey your value to clients in a compelling way. But when you recognize that your role is to serve others by helping them achieve their most important life goals, you tap into a deeper motivation that drives you to excel.
Discovering and Leveraging Your Unique Gifts
Once advisors grasp the importance of their calling, the next step is to discover and leverage their unique gifts. Every advisor is different, with distinct talents, strengths, experience, and motivations that add value to clients in unique ways. Recognizing these gifts and aligning them with your practice is key to not only finding fulfillment in your work but also creating a practice that truly stands out.
For example, some advisors are natural communicators who excel at simplifying complex financial concepts for their clients. These advisors might focus on education, creating a practice centered on empowering clients with the knowledge they need to make informed decisions.
Others may have a talent for problem-solving and thrive on tackling complex financial challenges. These advisors might choose to specialize in serving high-net-worth clients or those with intricate financial needs, offering tailored strategies that address their specific situations.
Discovering your unique gifts starts with reflection. Ask yourself:
What aspects of advising bring me the most satisfaction?
When do I feel most energized in my work?
What feedback do I consistently receive from clients and colleagues about my strengths?
These questions can help you uncover the traits that are embedded in your DNA—as God, in his workmanship, has created you. Understanding how you are designed to work will guide you in shaping a practice that leverages these strengths.
This approach stands in contrast to the trend in many large firms where advisors are often encouraged to follow a uniform approach, acting primarily as agents of the firm’s products and programs. While systems and processes are important for efficiency, they should not come at the expense of individuality. Advisors who align their practices with their unique gifts not only create more value for their clients but also find greater meaning and fulfillment in their work.
Follow Your Calling
The path to differentiation and success begins with a deep belief in the value of what you do. By understanding your role as a calling, discovering your unique gifts, and aligning your practice with these strengths, you can build a career that is both impactful and deeply satisfying.
Remember, the world needs advisors with varied gifts, each making unique contributions. Your job is to find out what makes you distinctly valuable—and lean into it fully.
Shaun Morgan is Business Development Director for EverSource Wealth Advisors. In developing strategic initiatives to expand the company’s market presence, he enjoys fostering relationships with advisors and contemplating vital matters in today's financial marketplace. Follow Shaun on LinkedIn.