If your clients have a strong emotional tie to you, know what to expect with each and every interaction and ask, 'Why would I go elsewhere?' you have a brand. Developing a strong brand goes further than differentiation. It's all about managing the client experience.

According to Peter Van Aartrijk, CEO and managing partner of Aartrijk, a branding and communications firm, your brand is how all your stakeholders-customers, prospects, business partners, employees, regulators and media-see you. It's based on every interaction with your firm: the quality of your products, how your receptionist answers the phone, the ease of working with your customer service staff, the appeal and comfort of your offices, the personality projected by your media efforts. In branding, everything counts."

In 2007, IBM Global Business Services interviewed 1,300 investors with at least $500,000 in investable assets. Based on the responses to a series of questions, IBM segmented respondents into three distinct categories: advocates of the advisor; apathetic toward the advisor; and antagonistic toward the advisor. The results were alarming (see chart here).

These statistics indicate that more than three-fourths of clients have an apathetic or antagonistic relationship with their bank advisors.

The advantages of building advocacy are clear as advocates are more than two times as likely to give you an 80% share of wallet or more, are 60% less sensitive to fees and are four times as likely to consider you a trusted advisor. Note that this survey took place before the meltdown in 2008. One can only imagine what a similar survey conducted in 2009 or 2010 would reveal.

The survey concluded, "We strongly believe that firms that create a compelling client experience can have a distinct and more sustainable competitive advantage," aka, a brand.

WHAT'S IN IT FOR THEM?
To accomplish this you need a clearly defined mission that keeps the clients' interests front and center. Emphasize the benefit your clients will receive, not product features. Start by asking, What's in it for them? What value do you offer them? Then determine how you plan on fulfilling these needs.

Once you know the answer to those two questions you will want to develop plans and processes for consistently giving the clients what they want, when and how they want it. For example, while managing a wealth management subsidiary at a bank, I instituted a "no voicemail" policy. Clients always got a live, qualified individual on the phone. We designed an elaborate telephone routing system to ensure that even when we were operating from multiple locations, clients didn't get bumped into voicemail. This wasn't easy to do, but it was worth the effort as it clearly distinguished us from the competition.

The clients loved it and gave us a standing ovation for delivering on this promise at a client event. This phone service overshadowed what we considered to be the "meat" of our sales presentation, only further highlighting the importance of focusing on your clients' interests, not your own.

Building a brand is a compilation of multiple client touch points. How you manage these interactions will determine how clients see you. Take a close look at some of the common ways you interact with clients. How do you gather client information? Using a prescribed, consistent method that includes looking beyond pure financial vital statistics is one way to distinguish yourself from the competition.

According to Financial DNA, only 19% of advisors have a formal discovery process that uses behavioral profiling to understand a prospective client's motivations, goals and life purpose. Making a change in this one area of your business alone can differentiate you from 81% of your competitors. According to the IBM survey, only 39% of apathetics agreed "that employees listen to them and understand their needs."

Client presentations and reports are other areas that have a ready impact on how clients see you. An advisor recently showed me two presentations from rival firms; one was a scribbled diagram on yellow legal paper, the other was a series of reports with, "for broker-dealer use only" written on them.

If you wouldn't wear a shabby suit because of the impression it makes, then you shouldn't represent yourself with anything less than professional presentations and reports. These are critical because they are the most tangible illustration to the client of how you add value.

One key area in which you can make a lasting impression is communication. A recent survey indicates that 50% of clients who left their advisor did so due to poor communication-only 10% left because of investment performance! To be successful you need to create a plan clearly outlining the form and format of your client communications. Try including investment policy statements and service-level agreements as a regular part of your presentations for your top-tier clients.