Advisors, How Are Your Storytelling Skills?

The era of content overload is here. Millions of shows scream for our attention to be watched and, while it can be overwhelming, it reflects an underlying human truth—we love good stories.

Stories help us make sense of the world we inhabit, teach us about what’s beyond our ken and can stick in our memories for life. Storytellers, particularly skilled ones, hold our attention and engage us through words. They can make any topic compelling, which explains why I know the history of Airdancers—the giant inflatable waving tube people you often see outside car dealerships—thanks to Roman Mars and his podcast, 99% Invisible.

The opportunity for financial advisors to create vivid stories that resonate with clients is vast. It’s a technical field with an overabundance of numbers shrouded in jargon that’s lost on most people. Additionally, the ups and downs of the markets add a layer of emotional complexity for clients to navigate. By using stories to explain, teach and describe the multi-faceted investment world you can help your clients relate to their financial plan, and you, in a deeper way.

Here are four ways an advisor can use stories to connect better with prospects and clients.

What makes you different from other advisors? Products, process and even price are no longer key differentiators. Even your mission statement, and the phrasing you spent hours crafting with your team, isn’t going to be what a prospect remembers. They will remember the story you tell to breathe life into your investment philosophy and paint the picture of your client experience. Set yourself apart with something memorable and engaging, to help them see you as the right financial advisor for them.

Some financial advisors toe-dip into the pool of storytelling using figures of speech to describe their role to prospective clients. Often, they begin with “I’m like…” and ends with something cliché such as “the quarterback” or “surgeon,” which mostly lets prospects know that you think highly of yourself. Remember, you shouldn’t be the hero of your own metaphor. It’s better to reframe it to be more client-centric. Even a small tweak, like beginning with, “Our role is to be…” can go a long way in helping you re-position a metaphor that emphasizes the client benefits your role provides.

If you are the third, or fourth, advisor a prospective client meets, how will you stand out? There could be a number of prospects who don’t really know what your job is—let alone why they should pay you. Find a way to clarify and connect using strong imagery or a figure of speech that could be accessible for most people. In other words, don’t invoke a hyper-specific or obscure simile that requires extensive backstory to understand. Stick with the everyday examples of how you improve your clients lives and help them achieve their personal goals.

When you can explain a dry or complex idea using a vivid story, you convey competency. It shows you have such a comprehensive understanding of the concept that you’re able to make it relatable for the benefit of others. Explaining technical products using a figure of speech like a metaphor can paint a picture that is more memorable than a jargon-heavy definition.

Take, for example, diversification. The definition: a risk management strategy that mixes a wide variety of investments within a portfolio. The rationale behind this technique is that a portfolio constructed of different kinds of assets will, on average, yield higher long-term returns and lower the risk of any individual holding or security.

That description is likely to cause a lot of eyes to glaze over, yet diversification is an important concept for your clients to know. Even using the tried and true story about not putting your eggs in one basket is better than the textbook definition. Consider relating diversification to dietary advice (daily hot dog consumption may not lead you to optimum health) or even fashion (a wardrobe of only tank tops makes you ill prepared for changing seasons) to convey it in relatable terms.

Stocks, mutual funds, net asset value, capital gains—most people don’t know what they mean. Select the words and phrases you use most often in client conversations and consider ways you might describe them in accessible terms, while the essence stays the same. If you feel stuck, start by searching online—you’ll find many examples and can select and build on one that resonates with you.