I have a confession.
I haven’t been to the dentist for about two years.
…ok, three years.
I know I should, and I will soon – I promise.
But it’s not at the top of my priority list right now though. And it hasn’t been for some time.
The last time I actually went to the dentist (ok, four years ago…), I didn’t have a choice. A rogue wisdom tooth was diligently burrowing its way into the base of my molars, and the seething pain stopped me from working, sleeping, or doing anything that didn’t involve ingesting painkillers and holding frozen peas against my face.
Obviously, I had to get it dealt with.
But since then, I haven’t needed to go back because I haven’t had any other problems.
Or have I?
Just because I haven’t experienced any symptoms, it doesn’t mean I don’t have any problems.
I could have another mole-like wisdom tooth covertly digging its way towards my unsuspecting nerve endings as we speak. That’s definitely a problem… I’m just not aware of it.
This distinction between symptoms and problems is one advisers need to consider when marketing to prospective clients.
After all, most financial symptoms people experience only come around when it’s too late; often when they retire or when they pass away.
Take estate planning as an example. You may be able to help your clients’ families avoid unnecessary estate taxes. But the symptom’s never actually experienced by your client!
So what do we do when you know a prospective client has a problem that you can help with, but they’re not experiencing any obvious symptoms that prompt them to take action?
This is where two useful tools come in:
- Social norms
By highlighting what similar people, in similar situations, are doing differently, we can show what ‘the norm’ should look like. When we identify the gap that exists between what a prospective client is doing and what others like them are doing, we’re creating a symptom. - Visualisation
It’s difficult for people to visualise the future. But in a recent course, I shared examples of the dramatic impact that prompting people to think about their future selves in the right way can have on their long-term financial planning decisions. If symptoms don’t exist today, we need to help clients understand what these symptoms will look and feel like in the future. Under-funding a pension today might feel more comfortable in the short-term, but we know how challenging the long-term symptoms will be.
When we’re communicating the value of financial advice, we need to acknowledge that the message might fall on deaf ears if the current symptoms are not clear. By focusing people’s minds on the future symptoms they’ll face, we have a better chance of helping them, address the problems that you know exist.
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