This document summarizes a webinar about connecting with niche markets and turning them into clients. The webinar discusses how mistrust is pervasive in the financial services industry and trust is key. It recommends connecting with niche groups by meeting them where they are through social media and collaborations, while avoiding customer turnoffs. The webinar also stresses caring for prospects through education, partnership, relevant questions, and inclusivity using the 4A method. Finally, it discusses converting prospects into clients by engaging with them, aligning with their needs, and being ready for opportunities while tracking everything. The overall strategy presented is to connect, care for, and convert clients by demonstrating trustworthiness.

1. CONNECT, CARE, CONVERT:
SECRETS TO ESTABLISHING TRUST
WITH NICHE MARKETS AND
TURNING THEM INTO CLIENTS Lynnette Khalfani-Cox
The Money Coach®
with
Tara Dwyer
Webinar Coordinator,
Community Banking Brief
February 21st,
2023
9:30am PST
12:30pm EST
5:30pm GMT

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United States: +1 (562) 247-8422
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4. Lynnette Khalfani-Cox
The Money Coach®
CONNECT, CARE, CONVERT:
SECRETS TO ESTABLISHING TRUST WITH NICHE MARKETS
AND TURNING THEM INTO CLIENTS

5. Session Goals
q How to best connect with niche markets
q African-Americans and People of Color
q Low-to-Moderate Income Households
q Women
q College Students
q How to care for prospects (and not turn them away)
q How to convert prospects in niche groups into clients

6. The 10,000 Pound Elephant in the Room
Mistrust of the financial services industry is pervasive

7. Why Trust Matters
“People don’t care how much you know
until they know how much you care.”
- President Theodore Roosevelt

8. What Causes Mistrust?
q Poor Behavior
q Lies
q Broken Promises
q A Bad Reputation
q Incompetent, Unethical
or Uncaring Behavior

9. What Causes Mistrust?
q Unrelated Behavior
q Unfamiliarity
q The Other Guy
q Past Experiences

10. What Else Causes Mistrust?
q Stereotypes and Stigmas
q About you or your firm
q About your prospects
q About products/services

11. What Else Causes Mistrust?
q Slights (real or perceived)
q Banking While Black
q Banking While Female
q Banking While Broke!

12. What Else Causes Mistrust?
Members of Niche Groups Have L-O-N-G memories
q The Freedman’s Bank
q African-Americans
q Credit and Co-Signers
q Women

13. Five Stages of Mistrust
q 1. Doubt
q 2. Suspicion
q 3. Anxiety
q 4. Fear
q 5. Self Protection
Randy Conley; Author of Simple Truths Of Leadership and Leading With Trust blog

14. Four Elements of Trust
ABCD Trust Model™ from Ken Blanchard
q Able – demonstrate competence
q Believable – act with integrity
q Connected – show authentic caring
q Dependable – be reliable

15. Gaining Trust Requires 2 Keys
q BEING trustworthy
q CONVEYING trustworthiness

16. Gaining Trust With Niche Markets
q CONNECT
q CARE
q CONVERT

17. How to Best Connect with Niche Markets
Best Practices to Implement
q Meet them where THEY are and where YOU are
q Avoid customer turnoffs that create mistrust
q Don’t be color-blind (or age-blind or gender-blind)

18. How to Best Connect with Niche Markets
Meet them where THEY are – and where YOU are
q Utilize social media
q Tap into trusted organizations
q Affiliate with natural collaborators
q Shore up your primary points of connection/contact

19. How to Best Connect with Niche Markets
Pop Quiz!
q What’s the Most Popular social media platform for Gen Z?

20. How to Best Connect with Niche Markets
Pop Quiz Answer
q Surprise: It’s YouTube!
q 64% of Gen Z visit at least
once a day
(vs. 62% for IG and TikTok)

21. How to Best Connect with Niche Markets
Trusted Organizations and Natural Collaborators
q Civic & community-based entities
q Faith-based organizations
q Membership organizations

22. How to Best Connect with Niche Markets
Customer Turnoffs that Create Mistrust
q An outdated or super slow website
q A lack of contact information
q Limited or no social media presence
q No endorsements, testimonials, or social proof

23. How to Best Connect with Niche Markets
Customer Turnoffs that Create Mistrust
q Hidden or vague pricing info
q No visible privacy policy
q Online privacy = physical safety
for many women

24. How to Best Connect with Niche Markets
Customer Turnoffs that Create Mistrust
q Questionable email practices
q Did they opt in?
q Is it difficult to unsubscribe?
q Do you segment audiences?

25. How to Best Connect with Niche Markets
Don’t be “Blind”: Members of Niche Groups Want to Be Seen!
q Don’t shy away from acknowledging the obvious
q Don’t use a “one size fits all” strategy
q Don’t disregard people’s lived experiences

26. Is Your Approach Age Inclusive?
Age Matters (but probably not how you think)
q 5 Generations in the workforce
q Gen Z … yeah, right!
q What about Gen Alpha?

27. Are You Shaming Your Potential Clients?
Be Mindful of your communications, behaviors, and policies
q Ignoring barriers
q Criticizing financial choices
q Using “should” frequently
q Failing to recognize financial trauma

28. How to Care for Your Prospects
Use The 4A Method™ from The Money Coach
q Always educate first
q Adopt a holistic, partnership approach
q Ask the right questions
q Aim for relevance and inclusivity

29. How to Care for Your Prospects
Use The 4A Method
q Always educate first
q Two-thirds of consumers say they have a transactional
relationship with their bank
q Source: Frost Bank, “The State of Financial Belonging” Survey

30. How to Care for Your Prospects
Use The 4A Method
q Adopt a holistic, partnership approach
q Focus on the whole person – not just their client
q Position yourself as a partner, not a savior
q True partnership recognizes their value; not just yours

31. How to Care for Your Prospects
Use The 4A Method
q Ask the right questions:
q What are the most important things in your life?
q What has worked and hasn’t worked financially?
q What makes it tough to reach your goals?

32. How to Care for Your Prospects
Use The 4A Method
q Aim for relevance and inclusivity
q The WORST thing you can be is IRRELEVANT
q The 2nd WORST thing is to lack inclusion
q Strive for cultural competence, but don’t fake it!

33. How to Convert Prospects into Clients
The Final Steps
q Engage regularly BEFORE a transaction
q Align your timing with the prospect’s needs
q Be ready for an opening
q Track everything

34. Fear-Based Tactics Don’t Work … or Do They?
Fears about a scary financial future miss the mark, but …
q FOMO is REAL!
q Family fears
q Status fears
q Belonging fears

35. Connect, Care, Convert: A Winning Strategy
3 Final Questions for Winning Trust & Business:
q Have I demonstrated:
q competence, caring, integrity, reliability?
q Have I educated & asked about their unique circumstances?
q Have I served as a partner, been relevant & inclusive?
q A ”Yes” to Each Question = TRUSTWORTHINESS!

36. Tara Dwyer
Webinar Coordinator,
Community Banking Brief
/in/dwyertara
communitybankingbrief.com
Q&A
Lynnette Khalfani-Cox
The Money Coach®
themoneycoach.net
/in/lynnettekhalfanicox/
@themoneycoach