Branding With Anna N’Jie-Konte | ETF Trends

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How RIAs Are Rebranding Financial Advice

The subsequent time you could have a couple of moments, Google picture search the phrases banker, stockbroker, and monetary advisor. Have you ever seen so many fits and charts? And but, purchasers who work with a monetary advisor in actual life are inclined to spend extra time discussing their objectives than the present value of the Dow Jones. 

That disconnect between notion and actuality may be a candy spot for RIAs and impartial BD reps. For starters, impartial companies are inclined to have a looser costume code than Wall Street. But there’s additionally an opportunity to develop a “pure market” of purchasers, flipping the script on that time period.

Whereas wirehouses as soon as pushed new advisors to faucet their family and friends (pure market) for brand spanking new purchasers and property, impartial advisors are free to determine who they’re enthusiastic about serving organically. Here’s how Anna N’Jie-Konte, founding father of Dare to Dream Planning, described discovering her market to us: “It’s just a little little bit of a leap of religion and a weak train… And it’s a little bit of an evolution. You begin to see over time who’re your greatest match purchasers, who you do the perfect work for.”

For N’Jie-Konte, that’s female entrepreneurs, particularly girls of coloration. Forget the “woman boss,” N’Jie-Konte is channeling #RichAuntieEnergy for her purchasers. You know the lady: the profitable entrepreneur with money to journey the world with a nest egg at dwelling. But that’s only one area of interest.  

Shedding the Old Brand

ThinkAdvisor not too long ago ran a chunk titled “Why Working with Strippers Makes Sense for Financial Planners.” Previously, the one hyperlink between advisors and strippers could have been “The Hustlers at Scores,” the place strippers (who would later be portrayed by the likes of Jennifer Lopez on display screen) stole money from Wall Street varieties. 

In actuality, many intercourse employees become profitable the identical means athletes do: variable earnings that peaks early in a profession they usually age out of. They have questions on taxes, from reporting earnings to what counts as deductible. And nobody needed to assist them… till somebody did. 

Enter Lindsey Swanson and Stripper Financial Planning. Her branding appeals to the sensible aspect of purchasers and prospects, with a touch of humor concerned. In her ThinkAdvisor interview, Swanson explains why a intercourse employee may be capable to deduct intercourse toys on their taxes, evaluating them to a stapler. Meanwhile her web site exhibits an illustrated sketch of a girl chasing a canine who’s stolen a … bone.

Her boldness and affect are so vital {that a} main trade publication says that snubbing intercourse employees “might be a giant missed alternative.” Swanson herself may have missed the chance if she hadn’t taken a leap of religion.

“I had a historical past of working for conventional companies with older, retired purchasers that had hundreds of thousands of {dollars}. [For my own firm] I needed to work with stigmatized people who weren’t being served.”

Finance, Inc. Ink

More than a 3rd of Americans between 18 and 25 have tattoos (or ink, for brief). For Gen X, that quantity is round 40%. And but, tattoos nonetheless have a high degree of stigma attached, which might trickle out to tattoo artists. Enter Colton Etherton.

“’Can tattoo artists afford recommendation?’ That’s the #1 query I get after I inform individuals what I do,” Etherton wrote recently on Twitter. “So let’s dispel the parable of the poor tattooer… $150/hour is the low finish of costs, many are booked out for months. Talked to a couple this week that made $150k final 12 months — a 12 months with a lot of cancellations.” 

By leaning into this area of interest, and proudly owning it as a part of his private model (he not too long ago introduced a photographer with him to seize his personal newest tattoo) he’s creating an alternate imaginative and prescient for “what a monetary advisor seems like.”

Driving the Shift

With each advisor that steps up proudly owning their “non-traditional” area of interest, these niches grow to be extra conventional. And the face of “what an advisor seems like” begins to vary together with it.

N’Jie-Konte thinks that this might assist extra advisors step exterior of the field and into their truths. She says, “We appear to have this concept that there’s this monetary advisor police that’s going to come back to us and say, you realize, ‘You’re not a monetary advisor since you communicate too boldly. Or you don’t communicate nonetheless a monetary advisor speaks,’ no matter which means.”

That leads to advisors “desirous to be very stiff and buttoned-up and typical of what a monetary advisor must be” and hiding the passions which might be the actual key to rising their companies.

That’s one of many causes that N’Jie-Konte is talking at Exchange: An ETF Experience about branding. She desires to assist empower advisors to establish what their actual model is. How do your passions and your purchasers align? What is that message, and how are you going to inform that story?

If sufficient advisors begin telling their tales and speaking about their purchasers all whereas sporting denims (or no less than not a go well with), it might solely be a matter of time earlier than the trade general begins to get a little bit of a rebrand. And that would put us one step nearer to entry and recommendation for all. 

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