I appreciate reader feedback. Recently I wrote “6 Ways to Establish Yourself as the Alternative Advisor.” A reader made the comment if someone has a good advisor, you shouldn’t attempt to win the client over.” (Steal them away.) I completely agree. Are there any other opportunities open to you as you take the high road in this situation?
Why Might A Person Say 'I Already Have an Advisor?'
The simple answer might be they generalize all financial advisors as predatory. They feel by engaging in conversation with you, they have agreed to become a prospect. If wearing a necklace of garlic will ward off a vampire, it stands to reason saying “I already have an advisor” will communicate “I’m not a prospect” to the financial advisor initiating the conversation?
Think about it from another perspective. If a person has money, the chances are they already have a financial advisor, or more accurately, someone who is giving them advice. It might be a parent. If a person has money yet doesn’t have a financial advisor, it is most likely a choice they have consciously made. They are a self-directed investor, not a person who just won the lottery or an astronaut returning from a deep space mission lasting decades.
What Next?
The person you are talking with has announced they already are covered in this area. Their mindset is “I’m not interested in buying what you are selling.” Where can you take the conversation?
1. Congratulate them. You are glad to hear they are getting advice. You shouldn’t consider their “I already have an advisor” answer a rebuff because they asked you “what do you do?” and you simply answered the question. If they told you they were a funeral director, you might have replied: “I don’t think I need your help just yet.”
2. Compliment their firm. The reader who took time to comment also mentioned “you shouldn’t talk bad about anyone in the industry.” That’s another good point. You might ask the name of the firm. When they tell you, a good response might be: “It’s a fine firm.” You are complementing them on having made a good choice.
3. Change the subject. Human nature is interesting. The person opposite you might think you are going to steer the conversation over to investing or draw them out about their advisory relationship. If they are obviously happy with their advisor, change the subject. A good area to explore is what they do for a living. Most people love to talk about themselves. Let them tell their story. Be impressed at the appropriate times. Ask questions to draw them out. At this point you should be winning their respect because they see you are treating them as a peer, not a prospect.
4. Find an interest in common. It might be you support the same sports team. You might both be fine fans. Maybe you each own and restore classic cars. Maybe you both fish. People love to talk about their passion with fellow enthusiasts. This opportunity also extends to people who aren’t experts but display a sincere interest in learning. A good strategy is to let them talk, then summarize what they said before asking another question. This demonstrates you were listening. This is rarer than you might imagine. This should also earn their respect.
5. Know when to leave. You have attended parties or events in your lifetime where someone attaches themselves to you. They are described as clingy. You find it difficult to get away. It’s easy for you to fall into this trap. P. T. Barnum is supposed to have coined the expression “always leave them wanting more.” It’s an expression also associated with Hollywood and the entertainment industry. Give them a chance to talk with other people. You want to mingle too.
6. Be ready for a change in attitude. You have done a lot in five steps to establish your likability. They announced they already have an advisor and you showed respect. You took an interest in them and asked intelligent questions on their favorite subjects. As you announce your departure, they might ask you to stay longer, bringing the conversation around to your specialist subjects, financial planning and investment advice. Now you aren’t leaving, at least for a little while.
7. Do they want to keep in touch? If you offer your business card, it can break the magic of the moment. You might catch up with them later in the evening, mentioning you enjoyed your conversation and highlighting a couple of topics. You would like to stay in touch. “How do I do that?” Not a word was mentioned about business. It’s a social connection. They might say: “I’m on LinkedIn. Send me an invite.” They might offer a card or write something on a cocktail napkin. They might do nothing. I like writing my personal contact information on the back of my business card along with a reminder like “fellow wine fan” or “antique collector,” then presenting my card with the handwritten side visible. On the other hand, they might not want to stay in touch. You will pickup the clues.