Communicating Client Value By Articulating Your Solution To Their ‘Job To Be Done’

Communicating Client Value By Articulating Your Solution To Their ‘Job To Be Done’

Communicating ongoing value to clients and prospects can be a challenge for financial advisors. Although there are many ways to articulate how an advisor can create value for a client, there is no guarantee that any one particular method will resonate with every potential client. An expression of value that works for one prospect might fall completely flat with another – and for advisors, it might feel like guesswork to find out what message will be the most effective for a particular client.

In this guest post, Michael Lecours, financial advisor and co-founder of fpPathfinder, introduces an approach for advisors to define their value for clients based on the “Jobs To Be Done” framework – that is, the specific outcome that the prospect wants from engaging with an advisor.

The concept behind the Jobs To Be Done framework lies in the insight that prospective clients often want something specifically unique beyond just the service provided by the advisor. For example, one client hiring an advisor to manage their investments might actually be seeking more free time from not having to manage their own portfolio, whereas another client might seek the advisor’s help because they want to reduce their stress level and fear making the wrong investment decisions. While the actual service performed by the advisor might be the same for both clients, the different ‘jobs’ of getting more free time and reducing stress levels reflect unique aspects of the advisor’s value that are most important to each client. While there are countless potential reasons that a client would seek an advisor, the Jobs To Be Done that clients generally need can be grouped into four categories: Functional (relating to the advisor’s knowledge and technical skills); Emotional (relating to the peace of mind created by professional advice); Social (relating to the ability to keep up or fit in with friends and peers); and Aspirational (related to achieving a certain future goal or status).

For advisors to convey their value in terms of a client’s Jobs To Be Done, they must first identify what those jobs are. One way to do this is to use a job-mapping approach to help identify where in the financial planning process the client or prospect became stuck, and what triggered their search for help. For instance, do they need help defining their big-picture goals? Are they too disorganized to put together the necessary documents for creating a plan? Or do they know what they need to do but want help executing their plan? Assessing the client’s challenges in each job-mapping stage – from Pre-Execution, Execution, and Post-Execution – can help the advisor determine the actual job that will help the client overcome the obstacle blocking them from finishing the process.

Ultimately, the key point is that advisors can convey their value to clients in terms of what clients really want from the relationship. And by assessing the different reasons that clients may be unable or unwilling to do their own financial planning and finding out where in the process the client may be stuck, advisors may find valuable insights into the actual job a client needs to be done. And when advisors understand the real Jobs To Be Done that clients are seeking, they can create a compelling value proposition based on what will help them complete those jobs!

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