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Last week at our Found Money Management™ Financial Advisor Boot Camp we were privileged and honored to have two very distinguished Industry Legends divulge their secrets... Forrest Wallace Cato (Media Advocate) -'Acquire Leadership Identity Within Your Desired Market' and Edwin P. Morrow (CEO of the 'International Association of Registered Financial Consultants') - 'How to Leverage Your Identity Into More and Better Clients.' They each delivered new, extensive and valuable materials, on the critical importance of "Image Branding" in your local markets! Below is a short article from Forrest Wallace Cato on the same subject. If you want to dramatically improve the response from your sales letters, ads and invitations. If you want to make it much easier for you to set appointments and close sales, then you must...
Become The Recognized Leader In By Forrest Wallace Cato, RFC®, RFMA®As a reader of the Insurance pro Shop’s weekly newsletter, you actually have the ability to position yourself as the leader in your target market. You can become extremely well known in your geographical region. You can be the most noted and sought after financial professional in your area. You can be perceived as the most respected and most accomplished agent, advisor or planner available there. You can be famous right where you are - where you sell, - where becoming famous would help you the most!
You can become one of the top ten best-known people in your community. You can benefit hugely by leveraging your enhanced identity, by marketing yourself based on your stronger profile, and by utilizing the impressive status that comes with this desired type of regional fame. You can be the financial advisor in your market area that prospects in your market area have heard “many good things” about… "and want to see!"
You can “own” this marketing advantage, or you can allow your competition to have this marketing advantage.
Being famous enables you to add one-to-three hundred thousand dollars worth of valuable targeted media exposures a year to your marketing efforts! (That's what you would pay to an Advertising Agency or a Public Relations Agency, with paid ads in magazines, newspapers, radio and television.) However, you can receive and benefit from this exposure without having to pay one-to-three hundred thousand dollars a year, with a little help.
Would this help you attract and serve more and better clients?
Loren Dunton, founder of financial planning, told me many times, “Most financial advisors (and insurance agents) fail to understand the importance of fame. (Image Branding) They also fail to realize that they can actually become famous in their market area. Thus the majority of them squander this opportunity. They do not have the budget to become famous nationally or internationally. But, with a little help, it is very affordable to become famous locally. The vast majority of agents and advisors simply do nothing to acquire fame. This leaves their market area ripe for the agent or planner who intelligently attempts to become famous in his or her marketplace.” With fame you can take business away from most anyone.
Amateur Efforts Get Amateur Results
Very often, planners and agents (ignorant about how to benefit from media exposures) receive some important publicity results (like a cover story and feature article in a ‘real’ magazine, for example) but fail to properly capitalize on this opportunity by merchandising these results. Thus, such agents and planners get little benefit from the valuable media exposures.
Many times I have seen financial professionals, otherwise product knowledgeable and technically savvy, waste priceless magazine cover exposure after they appeared on these magazines. They waste this and other valuable publicity coverage because they have no idea how to use any of this to get new business. The do-it-yourself self-promoter is usually an amateur who fails to ever realize that it is the aggregate of media exposure that is essential to becoming famous. Your desired image results from a series of ongoing small exposures over time, not from immediate fantastic results due to one big overnight exposure. I have met lots of amateur media self-advocates, but I have never met one amateur media self-advocate who even suspected that he was an amateur media self-advocate.
If you are such an individual, solely with a self-advocate mentality, then possibly you do not need to even think about or consider becoming famous in your own market area. You might as well just surrender to your market leader who is (or will be) first to figured-out how to get and use fame locally. Some people are simply hopeless when it comes to gaining fame in their geographical place on this earth -- even though there are over 300 affordably and cost effective fame building techniques that are well proven.
Cost effectiveness and other realities, regarding the 300 ways to become famous in the region where you operate, are highlighted in the following:
Do It Yourself With Professional Guidance and Help
The DIY financial person who has professional help is a person who hires a financial media advocate to work for him or her. Since the financial media advocate has a history of practice and accomplishment in this specialty, and knows far more about what to do and how to do it, it is not necessary to boss or instruct your media advocate. Nor is it intelligent or realistic to make demands for instant spectacular results.
Your media advocate should be highly familiar with the financial products and services industry, especially the problems an agent or planner faces.
Your media advocate should know much more than how to ghostwrite and place articles.
The DYI financial person with a media advocate is the most cost effective method for you to become famous in your area. Your media advocate does most of the work, but you contribute. Your input is vital as the media advocate channels your thoughts and energy toward the desired outcome of becoming famous. But if you micromanage your media advocate then your results will be minimal. If you require daily hand holding, and constant reassurances, plus weekly status report, then you will suffocate and emotionally drain your media advocate. Even the biggest bucks won’t purchase that from any source. Don’t waste your money, or the time of a sincere media advocate, if you are the type of individual who is unable to work well with other financial professionals, including media advocates.
Procedures involved with the “DIY with professional guidance and help” approach to fame building are likely to begin with:
Creating a flexible sales promotion and an image-building plan, to be skillfully executed (not amateurishly attempted)! This plan will be revised from time-to-time, and includes monthly reports and evaluations on work performed. This plan covers such fame building elements as:
...And much more!
There Are Over 300 Fame Building Techniques
Proven fame building techniques may include the following and these differ with various financial advisors. How many of these can and do you use?
The current list of fame building techniques (for planners and agents) that cost little or nothing continues for more than 300 additional items …
This program is most likely to work if you can discipline yourself accordingly. By “discipline yourself,” I mean control your ego and cooperate with your media advocate. But you must be able to respect your media advocate and not dictate to him or her. All media advocates report failed relationships with clients who dictated rather than cooperated.
This plan is extremely cost effective in attracting new prospects. This is proven to be the best investment you can make in yourself and your business. This plan is the most prudent and logical approach for you cost-wise, time-wise, and involvement wise. Your cost here would be about $1,000 to $1,500.00 a month, while you devote the majority of your time to actually performing those duties involved with your business and your expertise. _________________________________________
The writer presents The Cato Award during the IARFC sponsored “conference of financial professionals.” This prestigious award is for published “journalistic work that brings about the increased understanding of financial planning that leads to greater acceptance of this profession.” Cato is an award-winning author, op-ed writer, critic, essayist, speaker, biographer, scholar, speech writer, and financial sales researcher. Cato wrote the Introductions to eleven books, including the classic work titled How To Sell Your Way Through Life by Napoleon Hill. He has ghostwritten for such luminaries as W. Clement Stone, Norman Vincent Peale, Napoleon Hill, Robert H. Schuller, Charles “Tremendous” Jones, Mehdi Fakharzadeh, and other notables.
Public Relations Quarterly called Cato, “The ultimate media insider for financial professionals.” He works for advisors and agents, helping them create, establish, and maintain their desired images (positions as market leaders). Cato is credentialed as a member of the media authorized to cover the U.S. Congress and the White House. He has interviewed five Presidents of the Untied States. Cato frequently lectures at the famous Insurance Pro Shop (conducted by Lew Nason at the Ragsdale Inn in Dallas, GA), the Dubai Million Dollar Producers Academy (conducted by Alan W. Altmann at the Dubai Financial Center in the Middle-East, and in Madison, WI), the Money School of Boston (conducted by Harold F. Chorney in Boston, MA), and at the Sales & Success Forum (conducted by Rev. Dr. John Clements in Norwich, England).
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