The Advisor Institute: Coach's Corner
Is opportunity knocking?

Practical messages intended to help you elevate the success of your practice.

The views expressed in these posts are those of the authors and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for Eaton Vance are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Past performance is no guarantee of future results.

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      By David GordonDirector, Eaton Vance Advisor Institute

      Could it be true that far more investors are looking for their first financial advisor than are actually currently using one? A recent industry article carried this surprising news:

      "Americans are so concerned about the effects of the coronavirus on the economy and their finances that one out of four has turned to a financial advisor for the first time, according to a new report."1

      Within the context of CNBC's observation from just six months earlier that "99% of Americans don't use a financial advisor,"2 advisors now have a golden opportunity to attract new clients not despite the challenging time we find ourselves in, but precisely because of it.

      In our view, it is better to be discovered than announced. How can you make it easy for prospective clients to discover you? By developing and communicating your theses — timely, pithy sound bites that connect the dots to what you are doing (or not doing) in clients' portfolios. Your theses on today's market memes can influence client conversations with family and friends when you are not in the room.

      Prospective clients looking for their first advisor are likely seeking something they haven't had on their own:

      • A plan
      • A perspective
      • A point of view
      • A thesis

      If you have clearly shared your current thesis (or theses) with your clients, they will be better prepared to communicate that point of view to friends and family. How your clients describe your service and communications during current crises — how they communicate your thesis (es) — will make or break this referable moment. Are your clients currently communicating your value in their lives the way you hope they will?

      Bottom line: It is important to have a point of view and articulate it to your clients — especially in times of crisis. What a client says about you today could determine whether you get a new client tomorrow.