If advisors aren’t being chastised for being too old, they are being dissed for being too young. It’s confusing, but apparently all that is needed to solve the problem is image consulting, according to this Wall Street Journal article.
While I agree that advisors need to present themselves in a manner that is in tune with their client base, odds are that an advisor who is knowledgable, empathetic and truly understands the needs and concerns of that client base will connect with that client base. Lacking those characteristics, no amount of “dressing up” will make up for serious shortcomings.
Most people know when their trusted advisors are genuinely authentic in terms of their interest in them as people — not just as a source of revenue — and know their stuff. If that isn’t the case, those gaps in knowledge or phoniness will be apparent in time, in many cases sooner, rather than later.
The best way to present yourself in an authentic manner is to have deep knowledge of your niche, be confident in your skills and stick to processes that will help your clients be as comfortable as possible. An attitude of respect for clients and your team members, an ongoing openness and search for new knowledge and skills and some humility go far in helping you connect in an ongoing way with clients and potential clients.
After all, they are trusting you with their life savings, placing faith in you that you can help them reach their financial goals. The best financial advisors that I have the privilege to know all exude these characteristics.
Forget about the image consulting — for those advisors who aren’t fiduciaries in the truest sense of the word (if not in fact by industry and regulatory standards) — no amount of lipstick will dress up that pig.