Advisors have a relatively brief window of time to communicate their value to prospective clients. Many prospects ask friends and professionals for recommendations, browse a few firm websites, and typically interview only one or two advisors before deciding whom to hire. This means advisors must communicate both their services and values within a very limited – and not always synchronous – span of time. Given how little time prospects spend evaluating their options, it’s crucial to understand why people hire financial advisors and to communicate how their services address those drivers as clearly and effectively as possible.
In this article, Senior Financial Planning Nerd Sydney Squires draws on research from Morningstar that identifies 11 core motivators that influence how prospects choose their particular advisor. These motivators fall into three categories: emotional, financial, and situational (“other”). Emotional motivators were the most commonly cited, with 60% of respondents indicating these as their primary reason to hire their advisor. These included trust, communication quality, and a general discomfort managing finances alone. Financial motivators – such as solving a specific issue or seeking better investment performance – were cited less frequently, but remain important, especially when a prospect has a clearly defined financial pain point. Finally, situational factors – proximity in particular – rounded out the list. Notably, prospects rarely hire an advisor based on all 11 motivators. Rather, they often seek just one or two key values that align with their personal priorities.
To connect with prospects motivated by emotional drivers, advisors can consider strategies that make it simple for prospects to get a ‘feeling’ for the firm. Success stories, case studies, and a well-crafted About Page on their website can help prospects get an overview of the firm’s values and philosophy. Financially motivated prospects, meanwhile, benefit from clarity and specificity. Firms can spotlight the concrete financial services they provide – such as tax strategies, retirement planning, or investment management – in clear, client-friendly language. Finally, for clients who prioritize a local presence, local SEO strategies can make a tremendous difference in boosting visibility among prospects seeking in-person engagement.
The overarching takeaway is that advisors don’t need to meet all 11 criteria to attract new clients. Instead, they can identify which motivators align most closely with their existing client base and business model, and then focus their messaging across their website, collateral, and conversations to reflect that value clearly and consistently. Understanding what drives good-fit prospects – and communicating it with empathy and precision – can help position advisors not just as one of the few a prospect interviews, but as the one they choose.
Ultimately, refining an advisor’s messaging is an ongoing and iterative process. What resonates today may evolve as a firm’s ideal clients shift or as market conditions change. Soliciting real-time feedback from prospects about what stood out or prompted them to reach out can be an invaluable source of input for continuous improvement. In the end, authentic, focused messaging that reflects the true value an advisor delivers can build trust, increase engagement, and help firms serve clients more meaningfully!
