Getting clients to become friends is pretty easy. Getting friends to become clients can be tough. It often involves picking the right moment to ask and putting yourself in their shoes. Let us consider 10 observations concerning trust and the conversion process.

1. Trust. Putting yourself in their shoes. Suppose you needed a product or service. It might be a lawyer, accountant or mechanic. Perhaps you wanted to buy a car or sell a house. You know plenty of people. Who would you call first? In this example, you are not asking for a referral, you are calling a specific professional. If you are looking for a lawyer, CPA or realtor, one or two names come to mind. Analyze why you chose them. What traits did they exhibit? You know more than one person in each category. Why did you choose them? Equally important, list the reasons why you did not choose someone else.

2. Trust. You might have it already but not know it. We think friends don’t know much about us professionally because we don’t talk about business. They already know what you do. Try another exercise. Suppose you have a young child. If you and your partner needed to leave town on short notice, who would you ask to look after your child for a couple of days? One or two friends come to mind. Why? Because you trust them. Your friends know what you do for a living. They might have “tried you on for size” and determined they would be happy to have you as their financial advisor. They have not approached you, but they are waiting to be asked. Everyone should have the opportunity to say no.

3. Trust and the arm’s length offer. You do not want to appear predatory. Seeing someone in distress and approaching them for business can seem like a betrayal of the friendship. It is easy for advisors to get this feeling when there is a death. They do not step up because they want to let that friend have their privacy. You can tactfully acknowledge they are in a difficult situation. You have experience in their area. You are available to offer help. All they need to do is ask.

4. Trust and expertise. There are many times in life when we want the best. There is an expression, “No one wants to fly on the world’s eighth safest airline.” In the first point, you went through the exercise of saying you had a need and who would be the first person on your mental list to call. What were those reasons. Often, this involved perceived expertise. Position yourself as a problem solver. Tell anonymous stories. How have you helped someone today? You will develop the reputation for being an expert.

5. Trust and recognition. Years ago, Barron’s seemed like the only publication that recognized the “Top Advisors” state by state on a nationwide basis. Plenty of other publications have gotten into the action. State and local magazines do the same. “Readers’ Choice” is a popular format. Have you gained recognition? Is this indicated on your signature block or business card. People, friends included, like third party validation of your expertise.

6. Trust and success. Asking everyone you know to become a client can come across as desperate, if you do it in the wrong way. It is true everyone should have the opportunity to say no, but you should take the long view in choosing the time and place. Let us assume everyone in your circle already knows you are a financial advisor. If others are always asking for business and you have normal conversations, they might assume you are a successful financial advisor. Successful people like to do business with other successful people.

7. Trust and your nonprofit organization. A NYC advisor explained when doing volunteer work with nonprofits, you want to get close to the money. (Your firm might have rules you need to check out first. Here is the logic. They know you are both involved in the same nonprofit. They assign character traits to you. He must be good. He must be honest. Why? Because this organization entrusts their money to him.

8. Trust and limiting risk. Your friends might think you are a great person. They recall your previous profession and will agree you were a great engineer. What do you know about complex financial products. They might be willing to become clients but want you to “practice” on other people first. These friends also buy investments with few moving parts. CDs and government bonds are good examples. They tend to “perform as advertised” if held to maturity. Compete for this business to get your foot in the door.

9. Trust and confidentiality. People can be private about their money. Outside major metro areas, some wealthy people choose to do business in another town because they assume everyone in their hometown talks too much. If you have a reputation for keeping secrets, they might come to you because you are a known quantity and will keep their confidence.

10. Trust and the obvious problem. They know you. They have a problem, but they have not approached you. Why not? They might not know where to look for a solution. They might see you as competent in one context but not be aware you have the skillset to help them in other areas. This is when you might approach them and explain: “You have a problem. I have seen they type of problem before. I have helped others. I might be able to help you too. The person with a problem with no obvious solution still has a problem, but now it has one possible solution.

You have earned the trust of more people than you might imagine. Don’t wait for them to make the first approach. You can skillfully position the “trust” card.

 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.