Many years ago, I was a new advisor. Two of the senior ones who always hung out together explained to me: “Our job would be much harder if clients ever realized they could simply call the manager and ask to be assigned to another financial advisor.” You have seen this with reassigned accounts. When accounts are distributed after an advisor retires, you call the accounts you were given and introduce yourself as their new advisor. There is usually no fuss. They just say “fine.” Internia keeps most people with their advisor.

In this case, inertia is defined as: “A tendency to do nothing or to remain unchanged.” Oxford Languages gets the credit for that one. You know the cheapest places to buy gas in your neighborhood, yet you have probably kept your homeowner’s insurance with the same firm since you bought your house. Because the procedure to find a better deal on your home insurance seems opaque and confusing, you stick with what you have got.

Let us suppose you know plenty of people who have told you, “Thanks, but I already have an advisor.” What can you do to shake up the status quo and at least get them to consider a move?

1. Establish yourself as the alternative. This came from a restaurant owner. It concerned his relative who sold chicken parts. Every time he would meet another restaurant owner, he would say: “I am sure you are very happy with your current suppliers. Here is my card. If anything ever changes, please give me a call.
Logic: Most people do not leave one situation unless they have someplace to go. There is an old story about those stunt performers who would do wing walking on biplanes at county fairs. The rationale was you do not let go of the first support strut until you have a firm grip on the next strut. By establishing yourself as the alternative, the competitor’s client has someplace to go if anything changes. Their advisor might retire. They might have a falling out. You are waiting in the wings.

2. Get them talking about their advisor. You can have good conversations on the golf course. When another advisor would learn someone works with a competitor, he would ask: “Would you recommend them?” If the other person doesn’t give an enthusiastic yes, he asks: “Why do you stay with them?”
Logic: If you can draw out what they like and dislike about their advisor, you can paint a picture: “So, in the ideal relationship you would want (this) and (that)…”  The picture is the type of relationship you would offer.

3. How long have they been in the relationship? Sometimes “I already have an advisor” is a polite way of saying “Go away. I am not a prospect.” Other times, it can be the start of a deeper conversation. My wife and I have been with our advisor since 1995. We are approaching 30 years. It is a solid relationship, and we are happy. Another person might answer: “We have only been together three months. My account was reassigned after my longtime advisor retired. I have never met the new guy.”
Logic: The longevity of the relationship can also indicate the strength. If they have been together for a long time, congratulate them on having found a good advisor. If the relationship has shallow roots, there might be opportunity.

4. Set a threshold of service expectations. Everyone wants to be an important client to their financial advisor. Many are not. Until recently, we had three insurance agents. One concerned a property in Florida. We never heard from them, except for the annual renewal notices. The second concerns our health insurance. They would be in touch at renewal time and if I called with a question at other times, they were very responsive. Our third insurance agent is proactive. Every year he initiates a policy review and tries to keep premiums the same or lower them slightly. Obviously, the third agent is the best. This makes the case for feeling you are an important client. A financial advisor in New England would ask a person in conversation, “When was the last time you heard from your advisor?” He would wait for an answer and add: “In volatile markets we try to be in touch with every client (at least once a month, at least once a quarter).”
Logic: You are looking for a gap in expectations. The unspoken message is “If you were my client, you would be getting this level of service.”  

5. Take baby steps. Sales is part art and part science. When people think of taking on a new client, some advisors say: “I want all the money.” That doesn’t happen often. People who have advisors are wary of disrupting relationships. Put another way, someone has to get fired. They probably don’t want to do that. Here is how the art of sales comes into the picture: How much can you ask for that is a large enough amount to show what you can do as their advisor, yet small enough so it won’t disrupt relationships already in place?
Logic: Once you get the client through the front door, you give them great service. You can gradually suggest bringing more money over until the majority of their assets are now in house.

Inertia keeps many people with their current advisor. If they are not an important client, there is an opportunity to add a new client to your practice.

Here is a closing thought: The two experienced advisors at the start of this article also asked me: “Are you hoping to be a rising star and have a great career at this firm?” I said, “yes!” They replied: “Then don’t be seen hanging around us!”

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.