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You've heard this before from good clients: "Just tell me how I can help." Ideally you would like them to refer their friends, but when you take the conversation in that direction, their minds go blank. They still want to help. Here are some directions you can take the conversation.
1. Tell me about your employee benefits plan at work. They might be an individual client, but they should be contributing to their 401(k) through their firm. Draw them out about what other benefits are available to them.
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2. Does your firm survey employees about their satisfaction with the benefits plan? It's a competitive hiring market out there. Everyone seems to have "We're hiring" signs outside their firm's entrance. A good benefits package can tip the scales in their favor. Have they asked employees how they feel about their plan?
3. Who do you know in the HR department? You could organize a survey for the firm. They probably review their current plan provider relationship and consider options. You would like to compete for the business. Who do they know? That person might get you one step closer to the right person.
4. Who is retiring this year? Your client might be years away from retirement, but some coworkers are not. They may (or may not) be prepared for retirement. Could your friend make an introduction over coffee? Why? Because you have some tips you would be glad to share.
5. Are they godparents? Since they are a good client, you probably have college savings accounts set up for their children. Many people are reluctant to hand over large sums to young people because the money might be spent, not saved. The college savings plan is a good receptacle for cash gifts. Have the parents of their godchildren set up those accounts? As a godparent, they have a legitimate reason for asking.
6. Does their accountant ever offer financial advice? The first quarter is when people get their tax stuff together and send it to their CPA. People often complain to their accountant if they need to write additional checks to the Federal or state government. Accountants sometimes offer advice on what to do differently this year. It might involve directing more savings to underused retirement accounts like their IRA.
7. Who advises your parents on handling their money? Their folks might have this under control, but they might rely on their adult children to help them supplement their fixed income through a return on their savings. Your client might tell you "You have all my money" yet they don't realize they are the unofficial financial advisor for the previous generation. You can help.
8. Tell me about your involvement in the community. Plenty of people give back in one way or another. They might sit on boards, but are low key about it. These organizations might have endowments. How is that money handled? What institutions are holding it?
9. Who do you know that constantly moans about the stock market? These people are complainers, not braggers. They are unhappy for some reason. They might be self-directed investors who are having a bad experience. They might have an advisor who isn't giving them any attention. Maybe they don't have the right emotional temperament for the stock market. You would like to hear their story firsthand, straight from the horse's mouth.
10. Remind them about a problem you solved. You are their "go to" person. You've heard the expression "I know a guy." You are that guy. Take them back to a time they faced an issue and you sorted it out by giving them the right advice. Ask who they know with a similar issue. You might be able to help them too. This is a strategy that's been around forever.
You have clients who want to help. Their minds might go blank when you ask about referrals, but there are ways to tactfully get them thinking about specific situations.
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.”
