Have you ever studied a foreign language? The first things you often learn are basic phrases like: “How are you today?” and “What time is it?” Financial advisors get certain questions all the time. Let us look at one of them and consider unexpected answers you could provide.

Answering: ‘How’s Business?’
Your friends know you are an advisor. They see you all the time. A common question is “How’s biz?” Years ago, I heard a story told about market traders in the Middle East. Even if business was spectacular, the usual answer was: “It’s terrible.” Complaining to fellow traders was considered a standard response. When a member of the public asks an advisor “How’s business?” it would be inappropriate to say: “I am making money hand over fist. I am having my best year ever! I do not even have time to cash my commission checks!” If people assume advisors make money at the expense of their clients, this response reinforces that perception.

Most often we treat “How’s business” as a “throwaway” question, giving a simple “It’s good” or “Fine.” This is unlikely to generate additional questions and a desire to dig deeper by the other party.

Have you ever noticed when (some) politicians are asked a question in a town hall or TV interview, they answer a totally different question? The rationale might be “we are staying on message” but it serves to drive their own agenda. Perhaps there is a lesson here.

Suppose you “heard” a different question: When someone asks, “How’s business?” you hear “How have you helped someone today?” This strategy requires skill. You need to make a point without getting lengthy.

Suppose you recently did a portfolio review. Your client mentioned they hated their job. You know they are close to collecting Social Security. They have lived prudently and saved diligently for years, building a significant portfolio. You explain they could quit their job tomorrow if they wanted. They would need to make some changes to their portfolio, moving the focus from growth to income. They quit their job two weeks later. (This happened with one of my clients years ago.)

What’s the story in a few words. You helped someone. They hated their job. You showed them their portfolio could generate income to replace most of their salary. They need to make some changes. They quit. They are happy. It’s about 30 words.

What does the listener hear? You made a dramatic change in their life possible! They might think: “I hate my job. Could he do that for me?” My brother-in-law hates his job too. Could he do something like that for him? They consider a “what’s in it for me” approach.

Here is the problem: You do not create life changing moments for clients every day. Here is another approach to answering “How’s business?” Hear a different question instead: “How have you helped someone avoid making a big mistake?”

You have a client in their 30s. She needs cash in a hurry. She was going to make a withdrawal from her IRA account. This would have enormously negative tax consequences. You talked with her about other ways she could raise money. She solved her problem.

When your friend hears the “how have you helped someone avoid a mistake” story, they start thinking about people they know in similar circumstances. They realize introducing them to you would be doing them a favor!

In these examples, the friend is taking immediate action. The conversation is setting up a referral. This might not happen that often. You are accomplishing something else that is valuable. Your friend sees you on a regular basis. They ask this question all the time. Because your answers are different each time, you are gradually painting a picture of the range of services you provide.

Another Way The Strategy Can Be Implemented
If we consider the answer to “How’s business?” as an opportunity to tell the story about how you help people, other opportunities present themselves.

You often find yourself helping clients. Sometimes this is done over the phone. Maybe a client came in for a meeting. Perhaps you are out of the office at an appointment. What do all three scenarios have in common? If someone calls at that moment, you are not available.

Let us assume you have sales support, someone who answers your phone when you do not pick up. This is logical because if a client calls with an order, they need to reach a live person. You let your assistant know what you are doing whenever you are unavailable.

Now the scenario looks like this: A client calls. You are meeting behind a closed door. Your client does not have an order to place, they have an issue they want to discuss. Your assistant explains you are meeting with a client, adding, “She is helping him set up college savings plans for their grandchildren.” Your assistant explains you will be given a message to call when you are free.

Over time, your clients learn the range of services you offer. They might think of you as “the person who helps with their investments” but they gradually learn you also help people with insurance, lending and other services.

You have educated your friends and clients without being too overt or “salesy.”

 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.