6. Compete for the business. People like to be considered desirable. Your friend uses managed money at a competitor. They’ve told you. One day you bring up the subject: “You use managed money at (competitor). You have told me previously. We offer managed money at (your firm). When do you review the performance of those managers? Can I speak with you a day or two beforehand?
Rationale: If they are a business owner, corporate manager or a professional, they review vendor contracts before signing on for another year. They consider alternatives. You are approaching them using the same logic.
The comment “I already have an advisor” isn’t a reason to break off the conversation. It can be a starting point.
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.