One of The Best Places To Do Client Research…YELP!

Financial advisors fall into 1 of 3 categories:

Sole practitioner (Independent Advisor), small business (Agency) owner, or they work for a large firm (carrier).

There’s one thing that they all have in common…Their reputation.

It doesn’t matter how you make a living as an advisor; your growth is heavily reliant on your reputation. It’s your biggest sales generator. I always say, when you do a good job, your client will tell 1 or 2 people, but if you do a bad job, they’ll tell 10 people.

That’s why today I want to talk to you about Yelp. It’s the largest platform for consumers to get reviews about local businesses.

It’s important because it’s one of the best ways to spy on your competitors and find out what they’re doing well and wrong. We checked out a few pages for financial advisors to see what their clients had to say and shared them below.

You’ll see that there are only a few core elements needed to put yourself leaps and bounds over most advisors.

Example #1: Sole Practitioner 110 Reviews and 5-Stars


Core elements that contributed to a positive client experience:

The advisor took the time to understand their client’s needs. Most likely he asked fact finding questions and actively listened to what they had to say; that was how he was able to come up with a custom plan.

He also took the time to teach and help them understand their financial situation. The less blind spots your clients have, the better.

Example #2: Firm 19 Reviews 5-Stars


Core elements that contributed to a positive client experience:

This client waited an entire year before writing a review, so the advisor provided a positive customer experience for a whole year! He was consistent, and that is key.

The client used the phrase “held our hand,” that speaks to the advisor’s patience, and willingness to help his clients learn.

Tip: Take a look at the Yelp votes, it shows what reviews people found helpful. That’s useful because it reinforces what is important for clients on the search for a financial advisor.

Example 3: Commercial Firm (State Farm) 14 Reviews 4-Stars


Core elements that contributed to a positive client experience:

The advisor was knowledgeable, helpful, and affordable. It’s never bad to be affordable and still provide a 5-star experience.

The best part of this review is that they recommend where his expertise lies, in cars and houses. That’s one of THE best ways to get qualified leads.

It’s pretty simple to see what these reviews have in common and what clients want:

1. A trustworthy advisor 2. An advisor that will teach and help them understand their investments 3. A knowledgeable practitioner

Example #4: Bad Review


Core elements that contributed to a NEGATIVE client experience:

Hidden fees and lack of communication of unexplained purchases. You can only excel as a financial advisor if people trust you. Be upfront with any additional fees. You never want to catch clients off guard.

Every once in awhile check the comment section of websites and blogs to keep tabs on what other advisors are doing. You’ll get ideas on how you can improve your service. Do your best to provide a 5-star experience to all your clients. The growth of your business and reputation relies on it.

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Eszylfie Taylor is the founder and president of Taylor Insurance and Financial Services and the Creator of The Taylor Method, his online sales system for financial advisors. He attended Concordia University on a basketball scholarship and graduated Magna Cum Laude with a Bachelor’s Degree in Business Management. Prior to founding his own brokerage, he was a standout financial advisor at New York Life, finishing his career there as the highest producing advisor in the history of the African American market.

Mr. Taylor has been a Million Dollar Round Table Top of the Table producer since 2011, which places him in the top 1% of advisors worldwide. In 2015, he was the recipient of NAIFA’s Advisor Today Top 4 Under Forty award. Today, as an active advisor, he continues to build on the sales language, concepts, and tips that contribute to the curriculum on The Taylor Method.