You wish friends asked to be clients, but they have little or no idea where your clients come from, especially if you are on a team. Here's how to let them know they could be your client. (Photo: Shutterstock)
Do your friends think you have all the business you can handle, that your plate is overflowing? That might sound ridiculous, but they may truly think that. You need to let them know you are adding new clients, with the unspoken message they could be one of them.
|Where did you get an idea like that?
You work hard. You prospect. Still, you wish friends asked to be clients. So what's the deal? Your friends have little or no idea where your clients come from, especially if you are on a team.
If any of your friends work for law firms, they know that work for smaller clients often gets dispersed by partners to junior people at the firm. They might think your team works the same way – clients are handed to you.
There's more to come. Suppose your friends say: “It's going to be a sunny day on Saturday. Let's play golf.”
You say: “I wish I could, but I've got all these portfolio reviews to prepare for over the weekend. You see, every client gets an annual review during the first quarter. I won't see a golf course until after Easter.”
You might think you are communicating, “If you become my client, you'll get an annual review too.”
But they see you as overworked. They feel it would be an imposition if they asked you to help with their insurance or investments. Since they are friends, they don't want to impose. They think: “OK, I'll just find someone else…”
|How do you communicate “Yes, I'm adding clients”?
Drive by a nail salon and you might see a sign: “Now accepting new clients.” You are not a nail salon. You don't want to come across as desperate either. You would like at least some exclusivity.
Strategy #1: You just added a client. You were late to meet a friend. You explain a client sent their friend in your direction — they had questions, you were able to help, and they became a client. You might mention an intergenerational scenario where a client's daughter, who recently had their first child, became a client.
Message they get: If he just added a client, he must be accepting new clients.
Strategy #2: The success story. When someone asks “How's business?” you hear their question as “How have you helped someone recently?” You tell an anonymous success story about how you helped someone solve a problem or how you helped another person by preventing them from making a mistake with their money.
Message they get: He doesn't just sell stuff – apparently he solves problems too. That sounds like the same problem I've got.
Strategy #3: Creating exclusivity. Look at your best clients: How many more could you add, delivering the same level of service, without reassigning any small accounts or getting more sales support? That number might be under ten new clients. Build this into your business plan. One by one, let your best clients know you have done a business plan for 2019 and determined you can add seven new relationships [pick your number, of course] to your practice. Before you add them in the traditional way, is there anyone they would like to recommend to be one of those new relationships?
Message they get: Hey, I'm a good client. He's got seven slots open, and he's only offering me one! I want two. I'll talk to some people and bring them around.
These are not pushy strategies. Each one positions you as successful, not desperate – much better than putting up a sign.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
