5. Balance in the relationship. Your friend might be “needy”—asking lots of questions and taking a long time to make decisions. You leave business-related phone messages. They don’t respond promptly. You are giving great service, but they don’t seem to be appreciative.
Instead: Be patient. You’ve had this client experience before. It’s like the scales of justice. You have at least one client who was hesitant to follow advice early in the relationship. Time passed. Today, you call with an idea and they say: “Just do it.” You tell them you need to explain what they are agreeing to. Treat your friend with the same professionalism.
6. Professionalism. You are serious when you conduct client portfolio reviews. You dress properly. You are prepared. You may know your next-door neighbor from sitting at their pool or attending high school football games. Don’t think this excuses professionalism.
Instead: When you are conducting a portfolio review, dress the part. They might tell you the tie is unnecessary, but they will be impressed. In terms of service, they are getting what they are paying for. If the review is at their home, you never know when another neighbor might stop by. As their advisor, you want to look the part.
Converting a friend into a client is a great thing. It comes with it’s own issues 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 can be found on Amazon.