- “Credibility statements” are much more powerful than “value propositions” when it comes to building trust.
- It’s important to talk about your credentials, competence and character in a way that elevates your credibility.
- A well-crafted credibility statement is short and highlights your qualifications, results and what you do for clients.
At one point or another, nearly every advisor has been told that they need to create a “value proposition” to define the types of clients they will work with and how they will serve them well. While articulating a value proposition can be a useful exercise from an internal planning perspective, it has limited value when it comes to building strong, deep client relationships.
Trust is at the heart of every successful client relationship, and a value proposition doesn’t begin to deliver on the need to create and build trust. Rather than focusing on how advisors articulate their product offerings and service differentiation, advisors need to define how they establish trust with their clients. That is why we believe “credibility statements” are significantly more impactful than value propositions.
As discussed in “Three C’s of Strong Client Relationships,” there are three core elements of building trust and developing strong relationships with clients: credibility, consistency and connection. Of these three, credibility is possibly the most critical element of building trust. Below, we’ll address how you can establish credibility with clients and prospects, and we’ll walk you through the process of developing a credibility statement.