Did you watch the 86th Academy Awards ceremony? Whether you're an occasional theatergoer or an impassioned movie buff, you can learn a handful of useful lessons from the Academy Awards that can help you improve your practice. Here are four lessons financial advisors can learn from the film industry's most prestigious honor.
1. Know your category
It's not just one Oscar that gets awarded. There are awards for many categories, like best makeup, set design, supporting roles, screenplays, etc. Do you know which category you occupy in the minds of prospects and clients?
I read a recent article that highlighted Mackenzie Martin, who built a client base of over 300 families by carving out a niche for herself by helping veterinarians with their financial planning. Your category doesn't have to be limited to the types of clients you serve, as in Martin's case. It can go beyond who your clients are and be more about how you work with them.
Take a look at the types of events you put on, your style of working with clients, or even your approach to managing money. Look closely, and you will begin to find common threads within your practice. By having a keen understanding of your category and working to improve its strength, you will be better able to set yourself apart.
2. Be smart with social media
This year's Academy Awards host, Ellen DeGeneres, shared a star-studded picture on Twitter. It received so much engagement from users (over a million shares in less than an hour) that it crashed the website temporarily.
It's true. Some experts have overhyped aspects of social media, but you should not ignore it. It is here to stay, and it is a powerful tool that can be used to create connections with others. Rather than blasting out "me too" marketing messages, use social media in a manner that creates value, is interesting, keeps you top of mind, and shows that you are up-to-date.
3. Be human
In your interactions with clients, it is important to abstain from being too stuffy or formal. Don't be afraid to show you have a sense of humor either. An appropriate, well-timed joke helps put people at ease and builds rapport.
