Some liberties were taken with that headline, but hey, many advisors do author books, typically of the non-fiction variety. Going beyond that, storytelling is one of those underrated soft skills that can serve advisors well.
After all, a significant part of client acquisition and retention is effective communication. Remember, a spate of recent surveys confirm that clients want a human touch. It’s one reason why artificial intelligence and robots won’t be taking the place of advisors anytime soon.
That doesn’t mean advisors need to have stand-up comedy routines or gripping fictional prose at the ready for every client meeting. However, it pays to show some personality and not be, well, robotic. Storytelling is one way of accomplishing and that’s good news because everyone has a story.
For advisors, the better news is that due the client-facing, personal nature of the business, the advisor that is good at paying attention is acquiring a lot of stories along the way.
Why Storytelling Matters to Advisors
As Sue Thompson, head of SPDR ETFs Americas Distribution, notes, the “why” underscores the importance of storytelling in the advisory business.
“Your purpose is the reason your organization exists, the reason your product exists, or the reason you do what you do. Good storytelling is also a two-way exchange: it involves active listening and being able to inspire team members and clients to share their own stories to build stronger connections,” she observes.
Stories worth telling to clients include, but are not limited to, what motivated you as an advisor to get into the business, family stories and how you’ve helped clients reach and exceed goals.
“You’re able to connect with clients and colleagues in more authentic, memorable, and meaningful ways,” adds Thompson. “And, as a result, you gain the opportunity to communicate ideas, common goals, culture, core values, and product benefits more effectively and authentically. The simple truth: storytelling is a superpower.”
Advisors should also note that effective storytelling with clients shares some of the same hallmarks as best-selling books without all the legwork. Thompson advises that advisors’ stories bê relatable, emotional, immersive, easily passed on by the client to another person and purposeful.
Speak from the Heart
If there’s a word that’s overused these days, it’s “authentic,” but in order for advisors to be effective storytellers, authenticity is key. Speak from the heart.
Second, while some editorial liberties and embellishments here and there spice things up, make sure your stories are, well, your stories. Delving too deeply into fiction is time-consuming and requires more editorial effort than advisors are inclined to give.
“Most importantly, remember the root of storytelling: The desire to connect — and to make those connections as strong and memorable as possible,” concludes Thompson.
Related: A Financial First Worth Remembering