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When agents and advisors meet people in social settings, others often ask: "What do you do?" Once you answer, they often counter with "I work with someone already" or "I already have an agent/advisor." It's often a conversation killer. But it doesn't have to be. Here are 6 ways to take the conversation.
1. The business-to-business conversation. At a Chamber meeting, you meet a business owner who, after learning you are in the benefit plan business says: "We already work with another firm."
Draw them out. How long have they worked with them? How is the relationship going? This gives you the opportunity to ask: "When do you conduct your annual review of the relationship?" You want to learn if they interview other companies at that time.
2. Would you recommend them? You are an agent attending a party. You've gotten the "I work with someone already" comment.
Draw them out. "What's the firm? That's a fine firm. How long have you been together? Would you recommend them?"
If they say no, try what another advisor adds: "Then why do you stay with them?"
3. What do you like best about them? Yes, they would recommend them. Ask what they like best about the relationship. This leads into "In what areas do you see room for improvement?" When people tell you what they aren't getting in a relationship, they are actually saying "This is what I'm looking for."
4. How many advisors? When they say: "I already have an advisor" you counter: "I expected that. Successful people usually have multiple advisory relationships. How many advisors do you have?" You've set the bar high – successful people work with multiple advisors. It gets past the one-client-needs-one-advisor line of thinking.
5. When did you last hear from them? Note: It's not "When did you last talk to them?" That implies you might have initiated the call. You are asking "When did your advisor last call you?" This leads into current market conditions and how often you are in touch.
6. There's no monopoly. This one's been around forever. "No one has a monopoly on good ideas." This leads into the logic thread that people are specialists, which can be good if they have an investment person and you do insurance. But it also brings up the idea there's more than one smart person out there. Why did they just stop at one?
"I already have an advisor," doesn't need to be the end of the conversation. But you don't need to be pushy, either. In these examples you are asking questions and drawing them out, not selling to them. Your object is to get them to see things from your point of view too.
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.”
