4. Assuming a need. You know what they say about “assuming.” Sometimes it’s obvious. Your uncle works in middle management at a drug company. Been there his whole career. Is it a safe assumption he owns lots of his own company stock in deferred comp, options and his retirement plan? You politely ask how he protects himself in a volatile market when he has a lot tied up in one stock.

Why it works: OK, you might be late. He has a concentrated stock position strategy with (competitor.) More likely, he believes in the firm and rode in up and down over the years. Now he is nearing retirement. “You know something about this?” 

5. Just ask! Your friend told you they work with an advisor at a competitor. You can tell they use managed money. Your friends are likely in middle management, own a business or are professionals. They review vendor relationships all the time. They know about requests for proposals (RFPs). You approach them with the dignity you would extend to a professional investor. You ask: “When do you review your relationship with (firm)? Are you open to presentations about outside money managers at that time?” In plain English, you asked when they get their next scheduled portfolio review. Can you see them ahead of time? 

Why it works: You are speaking the language they use at work with service providers! You are seeing them beforehand, establishing yourself as the alternative. When they get their review, their current advisor suggests changes. This money in motion is an opportunity to raise some money to send over to you while keeping the bulk of their current relationship intact. You got your foot in the door!

These are easy and comfortable conversations. If they work, that’s great. If not, there are plenty more fish in the sea.

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 can be found on Amazon.

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