Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Check out our H2 hedge fund letters here.
I’ve never been as exhausted as the three times I brought children into this world. Hard to believe, but here are five things that are even more tired and worn out than that. If you’re using these analogies in your marketing, put them to rest.
- I’m the quarterback
When I think of a quarterback, the image of a strapping young lad with chiseled abs is what comes to mind. Not a 55 year old, gray-haired financial advisor sitting in front of a Bloomberg terminal.
In other words, it’s overly aggrandizing to the point that the person hearing it will find it ridiculous. It’s like me saying that my writing is so entertaining that I am the Beyoncé of financial advisor marketing.
I’d love to believe I’m a rock star, but presenting myself this way is egotistical and naïve.
Advisors use this analogy to convey the idea that they are the relationship manager who directs the plays that the team under him or her makes. The quarterback executes the strategy, but is he or she who is responsible for creating it? Not necessarily.
For those of you who are using this analogy, did it ever occur to you that it would be much more accurate, and flattering, to liken yourself to the coach of the team?
- Family love letter
The family love letter is an estate planning tool that many advisors use to help their clients think about the legacy that they want to leave to their heirs.
Here’s my problem. The phrase is uncouth.
I would never use the words “love letter” and “family” in the same phrase. That’s because all the love letters I’ve ever gotten have expressed ideas that were not meant for my family’s eyes and ears.
No need to say anything more on that topic. You get where I’m going with this.
I’d much rather hear something like, “family treasure chest” or “family odyssey” that does not combine family and romance.
- Bond prices go up when interest rates go down, and vice versa. Just like a seesaw.
First of all, this analogy is not accurate. Bond prices don’t go up in a one-to-one ratio like a seesaw when interest rates fall because of duration and convexity. You’re misleading the investor.
Secondly, the analogy is simply not necessary. Just explain that bond prices move inversely with interest rates and have that be that. The person will understand. You don’t need the silly reference.
It’s condescending.
How would you feel if I said this to you, “When we rebrand your website, there may be some issues with the flow from one page to another. But don’t worry, just like Thomas the Train, we’ll chug right through them. Choo choo!”
This is a business relationship and there’s no need to be cute.
Read the full article here by Sara Grillo, Advisor Perspectives
