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The “Art” of Gathering AUM Should be a “Science”

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The “Art” of Gathering AUM Should be a “Science”

December 30, 2014

by Dan Solin

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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

Let’s assume you are an experienced investment advisor. You have presented your value proposition hundreds of times. You are about to go into a meeting with yet another prospect who has inquired about your services.

If you are like almost every other advisor I have met, you don’t give much thought to the beginning, middle and end of that meeting. You know your stuff. You believe you have a unique value proposition. You are confident that you have heard just about every question and objection that could be asked or raised.

While these assumptions may be accurate, here’s what you probably don’t know: The process of converting prospects into clients is more of a science than an art. There is peer-reviewed support that shows how you can skew the odds in your favor by following some basic rules. Here are some suggestions:

Happy prospects are more likely to become clients

According to renowned psychoanalyst Donald Winnicott, we can learn a lot about the feelings of joy and happiness by looking at the relationship between a mother and her newborn baby. When the mother smiles, the baby smiles back. Yet the brain of a newborn is not sufficiently developed to process the propriety of responding to a smile with a similar response. It appears to be automatic or inherent. The conclusion is inescapable.

Joy and happiness are part of our DNA.

By greeting prospects with an open and smiling countenance, you set the framework for a relaxed and pleasurable meeting. While implementing this suggestion is easy, I have found many advisors are so preoccupied with the details of their presentation, and the seriousness of the process, that they forget to be relaxed, informal and hospitable.

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