8. “I already have an advisor” shouldn’t chase you away. That expression is designed to communicate “I am not a prospect.” It aligns with the logic they have one mechanic and one accountant. How many doctors do they have?
Strategy: Years ago, I was impressed by reading The Millionaire’s Advisor by Russ Alan Prince and Brett Van Bortel. It makes the case that the wealthy have an average of three advisory relationships. When they say they have an advisor, you might mention: “I expected that. Successful people often have multiple advisory relationships. You are obviously successful. How many do you have?”
9. Situations change. They have money but they work with someone. Maybe they invest on their own, without an advisor. When you pursue someone in dating, and they say: “Never speak to me again,” you respect their decision. If someone says, “I am covered” when you asked about investing, this means at that moment in time, they have an advisor. Several years from now, their advisor might have retired. They might have changed firms and asked you to follow. Their firm might have pushed prices up. They might not be happy now.
Strategy: Check in from time to time. Are they still happy? Is everything still going smoothly?
10. You could have helped me. A regional manager shared this one. The advisor knew a couple. One of them died. The other took the death very badly. The advisor wanted to be compassionate, not approaching the surviving spouse because “The time wasn’t right.” Time passed. The spouse coped, wading through the paperwork and making decisions. They became distant. The advisor asked why: The spouse explained: “I had a lot of financial decisions to make. This is your field. You were in a position to help me, but you didn’t offer.” That is why they were upset.
Strategy: Respect their grief and privacy. Give them space, but mention this is your field and you are available to give help and answer questions. Now you have offered but left the decision to them.
It is easy to come up with reasons to “take people off the list.” You should ask for business anyway. There are few if any instances where this is a “one and done” exercise.
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 is available on Amazon.