Three Responses When A Prospect Already Has A Financial Advisor

0
Three Responses When A Prospect Already Has A Financial Advisor
089photoshootings / Pixabay

Three Responses When A Prospect Already Has A Financial Advisor

June 30, 2015

Play Quizzes 4

by Dan Richards

PDF | Page 2

This Too Value Fund Explains Why Turkey Is Ripe For Investment Right Now

TurkeyThe Talas Turkey Value Fund returned 9.5% net for the first quarter on a concentrated portfolio in which 93% of its capital is invested in 14 holdings. The MSCI Turkey Index returned 13.1% for the first quarter, while the MSCI All-Country ex-USA was down 5.4%. Background of the Talas Turkey Value Fund Since its inception Read More

This spring I talked to a financial advisor at a large credit union whose biggest challenge when talking to members about their investments were the words “I already have an advisor.” When she offers to provide a second opinion on their portfolios, she finds few takers. That’s why our conversation turned to different ways to engage people who have existing relationships with other financial advisors.

Advisors who work for financial institutions aren’t the only ones who hear the words “I already have an advisor;” anyone who spends time talking to prospective clients runs into that response. For many investors, receiving a second opinion doesn’t provide a sufficiently compelling benefit. After all, when you make that offer, you’re asking someone not just to invest the time to sit down but also to risk experiencing an uncomfortable level of pressure from the ensuing conversation. In addition, there’s the question of how objective that second opinion will be.

You have to give people a clear, tangible and credible reason to sit down with you. There are three hot buttons to use when responding to prospects who already have advisors. But before raising those hot-button issues, there’s something you have to do first.

Taking off the pressure

When prospects tell you that they already have a financial advisor, that’s a good thing. After all, they could simply say “no thanks” without giving you a reason. So the fact that they are honest about already working with an advisor gives you a leg up in building a relationship. The challenge is that when prospective clients tell you this, many expect to hear all the reasons that this shouldn’t matter and that they should meet with you regardless. As a result, right after they tell you that they already have an advisor, many prospects immediately put their guards up.

At that point, your first priority is to get past those defenses and convey that you and the prospect are on the same side of the table. Say something like this:

I’m delighted that you’re working with a professional advisor. People who work with good quality advisors are significantly more likely to achieve their long-term financial goals, so the fact that you’re already working with a financial advisor is a good thing.

You need to pause and wait from a response from prospects. Once you’re heard them out, ask a question that will introduce a seed of doubt about the advisors with whom prospective clients are working.

Here are three hot buttons to use to introduce that little bit of doubt.

PDF | Page 2

Remember, if you have a question or comment, send it to editor@advisorperspectives.com.

Contact Us | Privacy Policy

© 2015, Advisor Perspectives, Inc. All rights reserved.

Updated on

The Advisory Profession’s Best Web Sites by Bob Veres His firm has created more than 2,000 websites for financial advisors. Bart Wisniowski, founder and CEO of Advisor Websites, has the best seat in the house to watch the rapidly evolving state-of-the-art in website design and feature sets in this age of social media, video blogs and smartphones. In a recent interview, Wisniowski not only talked about the latest developments and trends that he’s seeing; he also identified some of the advisory profession’s most interesting and creative websites.
Previous article Leon Cooperman: Less Than 50% Chance Of Greek Exit From Euro
Next article Twitter Stock On The Rise After Promising Analyst Report

No posts to display