Title: Debunking Financial Planning Misconceptions: Perspectives from Donald Miller of StoryBrand
"Listen up, pal," Donald Miller, the mastermind behind StoryBrand 2.0, told me in our recent chat about his latest book. "People ain't interested in your yarn, they're yearning for an invite to a tale."
And boy, does this truth apply to how we approach financial planning, or perhaps I should say financial planners. We've been doing it wrong, mister or missy, and it doesn't matter what kind of business you're in, this blunder's likely yours too.
We've turned ourselves, or worse, our solutions, into the main act in our clients' financial planning saga. It's time to pass the baton to the audience, our dear clients, who deserve the leading role.
This wisdom comes from none other than the StoryBrand maestro, Donald Miller. He's not the first to discuss using narrative theory in branding and marketing, but he's nailed it like nobody else. He's not just a marketing guru, no sirree; he's an author with seven memoir-filled books under his belt. Including the timeless Blue Like Jazz.
But after tapping out in the memoir world, Miller felt the itch for more. So, he embarked on an "exercise in curiosity" to evaluate narrative structures and their application in business. And boy, did he crack the code. It's not about us, business owners, it's about those we serve.
StoryBrand 1.0
In the first Building a StoryBrand, Miller introduced the SB7 framework. The seven plot points in every smash-hit story, from Star Wars to Hunger Games to Top Gun: Maverick to fruitcakes like Apple. It takes just a nanosecond to spot where we err as business owners.
We too often make ourselves the hero, forgetting that the natural actor is our cherished client. But there's a fatal flaw in that approach—making it too much about us. And the sooner we step right into our supporting role, the sooner we can be better for our clients.
Financial Planning through the StoryBrand Lens
Our clients are the main character, the hero. Our task is to know them well enough to recognize their problem or challenge, allowing us to comfortably step into our rightful role as a trusted guide.
Financial advisors who truly embrace this posture are teachers, educated technicians, engaging consultants, and powerful persuaders. But we're not condescending, self-absorbed professors, technicians locked in their own rabbit holes, one-dimensional consultants, or salespeople obsessed with transactions.
First comes client understanding, a deep and sincere effort to know who they are and what makes them tick. Then planning, a process that's best navigated in collaboration with our clients. Be comprehensive but drill down to manageable, modular plans that clients can actually implement.
The next step? Action, motivating our clients to, well, do something. We're accountability partners—a crucial, yet often overlooked, piece of the puzzle. And be ready for new problems, challenges, plot twists, and chances to re-engage in this evergreen cycle.
StoryBrand 2.0 and the Controlling Idea
So, StoryBrand 1.0 helped us define our supporting role in the story. But what's new for readers in StoryBrand 2.0? Miller introduced the concept of the controlling idea, another game-changer that could shift your marketing strategy upside down.
He explains, "A story can present multiple ideas, and yes, some are subjective. But very few commercially successful stories follow a plot that's open to interpretation."
Imagine a lost dog finally returning home to his loving family. That's the central theme, the controlling idea. Don't stray into scenes about a food critic starting their own restaurant.
The controlling idea is a one-sentence summary, like "A young lion must confront his fear to become king" in The Lion King. For a gym client, the controlling idea could be as simple as "Twenty minutes, twice".
With that goal in mind, every message should bolster the narrative. If it doesn't, it's got to go.
StoryBrand.Ai
Introducing another level-up—the Star of this show is StoryBrand.Ai, a remarkable website and tool created to revolutionize how you work with your brand message. It delivers a brand script, copy, video scripts, website wireframes and more—all for just $39 a month.
So, are you ready to invite your audience into a story? This is your chance to apply Donald Miller's wisdom and see the impact it has on your business.
Tim Maurer, a financial planning expert, emphasizes the importance of this concept in his book, which was inspired by Donald Miller's StoryBrand 2.0. Maurer emphasizes the role of behavioral finance and personal finance in this context. He suggests that financial advisors should shift their focus from being the main character to becoming the trusted guide for their clients, making the clients the hero of their financial planning story.
In his book, Donald Miller discusses the application of behavioral finance and personal finance within the StoryBrand framework. He introduces the concept of the controlling idea, a one-sentence summary that serves as the central theme of a successful story. Miller emphasizes the importance of keeping the narrative focused on this controlling idea to ensure commercial success.
StoryBrand.Ai, an online tool, can be a game-changer for businesses looking to apply the StoryBrand principles. Offering a variety of services like brand scripts, copywriting, video scripts, and website wireframes at an affordable price of $39 per month, it can significantly help companies in refining their brand message and inviting their audience into their own unique story.