(Photo: Shutterstock)
Let's assume part of your practice involves working with individuals. When you meet someone socially (which today could be onscreen or even through social media) the question "What do you do?" or "Tell me about your business" comes up early. It's a standard icebreaker question.
The response you often get when you mention your occupation is "I already have an agent (or an advisor)." What now?
Recommended For You
Your objective is to draw them out. They often mention the firm name. A good follow-up question, after you've said, "They are a fine firm," is:
"How long have you worked with them?"
They will likely volunteer lots of information, perhaps without realizing it. If they say: "I just started with them" or "Six months" you realize the relationship hasn't developed deep roots yet. They might say: "Been with them for ten years." It provides perspective.
They might say: "I've been with (firm) ten years, but only with my new guy for six months. My previous agent retired." Again, there aren't deep roots.
Let's continue drawing them out. I came across a very good approach years ago from a successful person in the field:
"What do you like best about them? Would you recommend them?"
You are getting lots of information, even if the words are few. If they hesitate and can't mention a positive attribute, that's telling you something. They might even say: "No, I wouldn't recommend them." File that away for future use. If you get that answer, you might then ask:
"Why do you stay with them?"
Stop talking at this point. You've put them on the spot, but you don't want them to feel uncomfortable. They might say "Habit, I guess" or "I've never thought about it." Bottom line, this is a situation where there's opportunity.
I'm an optimist. It's more likely they will have good things to say about their agent. "She's great. Always there when I need her." There are still possibilities for you if you ask the next question:
"In your opinion, where do you think there's room for improvement?"
Put another way, you are asking what they could be doing better. When a person tells you what they aren't getting in a relationship, they are letting you know what they are looking for, possibly in a future relationship. You might follow with:
"So, in the ideal relationship you would want an agent who does (this.)"
They will likely agree, since you just repeated what they told you, in slightly different words. This is a good moment to change the subject. You've learned enough without being pushy. You have different ways of reconnecting in the weeks ahead.
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.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.”
