Advisors need more clients. Even if you have a small and specialized clientele, the door to new business is not closed. You are ready to take on at least one more client provided their profile is a good fit and you feel you can make a positive difference in their lives. You know this profile. Does your spouse know it too?

Five Opportunities Where Spouses Can Help Source Business
Let us assume you have a spouse or partner who is committed to your success and vice versa. How can they help?

1. Can your spouse explain what you do? It is quite common for people to be asked “What do you do?” The conversation often moves to “What does your better half do?” Does your spouse say: “She’s a broker at (firm)” or do they go into a little more detail? A good direction to take the conversation is “how you help people.” Do they know that story?”
Approach: Sit down and take time to learn about each other’s business. It’s important for you to understand their profession too. You should each be able to give a short compelling answer describing each other’s profession.

2. Can your spouse spot opportunities? We were at dinner one evening when the spouse in another couple mentioned: “We just sold the company. I have no idea what we are going to do with all the money.” That sounds like an opportunity. If your spouse was solo in this situation, would they relay the conversation back to you?
Approach: People might not talk about money in front of advisors because they are afraid they might be designated a prospect. It’s an occupational hazard. They will bring it up with friends. This might include your partner.

3. Making the helped people with that problem connection. A husband and wife couple in California did this quite well. They would separate at social events. When she met someone, they would have the “what do you do” conversation. She would answer, “I run the household. My husband is a financial advisor at (firm).” They would start talking about their investments because they assumed as the spouse of an advisor she knew the terminology. When they reached the point in the story when something bad happened to their investments she would say: “You should really be talking to my husband (name). He has helped other people with that problem. He might be able to help you too.”
Approach: The speed this came together is the key. She suggested her husband switch tables at the event, sitting near the guy with the problem. When everyone at the table introduced themselves before dinner was served, the guy said: “You’re the financial advisor. Your wife said you might be able to help me.” The key is acting tactfully while the memory is still fresh.

4. The setup when spouses are invisible. It is regrettable, but in some social circles, it’s still assumed families need only one significant income. The spouse is not asked what they do. One advisor had a great strategy. When asked what he does he would give a short answer then say: “You should really ask my partner that question. They have the really interesting job.”
Approach: No one should be overlooked or marginalized even if great wealth is involved. This spouse made the effort to showcase the advisor.

5. The bar at the club. We were getting together with friends for dinner at the private club in our area. Everyone was assembled, except me. When asked “Where is Bryce?” my wife explained: “He’s probably still at the office. He was walking out. His phone rang. He won’t ignore a ringing phone. It was probably a client with a problem. He took off his coat, sat down and helped the client.” She then concluded: “Who knows when he will get here? Lets go have dinner. He will join us later.”
Approach: She showcased a virtue everyone wants in their advisor. Who would not want an advisor who interrupted their personal life to help a client with an important problem?”

Your spouse can be a great asset to your business while remaining tactful. You can return the favor by promoting their business too.

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.