How To Answer The Toughest Question Prospects Will Ask


How To Answer The Toughest Question Prospects Will Ask

June 23, 2015

By Dan Solin

PDF | Page 2

Baupost’s Seth Klarman Suggests That The U.S. Could Be Uninvestable One Day

Seth KlarmanIn his 2021 year-end letter, Baupost's Seth Klarman looked at the year in review and how COVID-19 swept through every part of our lives. He blamed much of the ills of the pandemic on those who choose not to get vaccinated while also expressing a dislike for the social division COVID-19 has caused. Q4 2021 Read More

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

Here’s an exercise I use in my coaching sessions with advisors. I ask them to bring in an employee who is not an advisor. The employee plays the role of the prospect. I then give the employee a series of questions to pose to the group of advisors.

The inquiry that advisors have the most difficulty answering is: “Why should I retain your firm?”

Typically, the initial responses I get are formulaic and convoluted. They often include statements like “because we really care” or “because we provide a wide range of services, not just investing advice.” I remind the advisors that every firm will tell prospects that they “care” and most provide broad, wealth-advisory services.

A suggested response

The way I suggest advisors respond to this question may surprise you.

I recommend the following: “I need to know more about you before I can answer that question. I want you to feel free to ask me any question you want about our firm. After you learn more about us, and we learn more about you, then you will be in the best position to decide whether we are the right firm to entrust with your money.”

Think about how presumptuous it is to answer such a difficult question without going through this process. What if you are an evidence-based advisor and the prospect tells you that they are looking for someone who can tell them when to get in and out of the market? Your firm would be a poor choice. Why would you assume otherwise?

PDF | Page 2

Remember, if you have a question or comment, send it to [email protected]

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 Apple: Who Cares About Taylor Swift When There’s China?
Next article Demonization of Russia Happens To Justify NATO’s Existence

No posts to display