138: How To Communicate The Intangible Value of Financial Planning with Michael Lecours
The Human Side of Money
Communicating the Intangible Value of Financial Planning
This chapter explores the challenges of conveying the intangible value of financial planning services. It introduces the 'jobs to be done' framework to help advisors highlight functional, emotional, and life-changing benefits to clients.
Financial planning is a service-based business.
You’re selling the invisible. It can’t be seen, touched or experienced before buying.
Prospects are forced to search for other ways to evaluate the value of working with you (most of which are NOT great options to inform such an important decision!).
Fortunately, Michael Lecours, a financial advisor and co-founder of fpPathfinder, joined the show to explain the challenges of communicating the value of an intangible service and share specific ideas to make the financial planning experience more tangible.
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How a dentist office made their service more tangible
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The invisible influences that drive a prospect’s decision
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Using a client journey map to enhance client experiences
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What Airbnb can teach us about marketing the real value of an advisor
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Resources:
- Harvard Business Review: Know Your Customers’ “Jobs to Be Done”
- fpPathfinder: Popular Checklists & Flowcharts
- “Alchemy: The Dark Art and Curious Science of Creating Magic in Brands, Business, and Life” by Rory Sutherland
- “The Checklist Manifesto: How to Get Things Right” by Atul Gawande
Connect with Brendan Frazier:
Connect with Mike Lecours:
About Our Guest:
Michael Lecours, CFP® is a Co-Founder of fpPathfinder. He is also a financial advisor and planner at the Wealth Strategies Team. Michael began his career in advertising where he worked to develop marketing strategies for insurance companies, banks, credit unions, RIAs and hedge funds. Now, he leverages his background in advertising to distill complex financial planning concepts into straightforward strategies, apply behavioral finance concepts to the planning process and injects a disciplined approach to all facets of the client experience.
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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy.
Information here may be provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, neither our guest nor RFG Advisory guarantee the accuracy of third-party sources.
The views expressed here are those of our guest. They do not necessarily represent those of RFG Advisory, its employees, or its clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, LLC (“RFG Advisory or “RFG”), a registered investment advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
RFG Advisory is an SEC-registered investment adviser. SEC registration does not constitute an endorsement of RFG by the Commission, nor does it indicate that RFG or any associated investment advisory representative has attained a particular level of skill or ability.
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