Some new clients see financial planning as an extension of the account opening process or a tool to get people to buy things they don’t want. How can you convince them of its importance?
Friends can be fickle. On one hand, they’re resistant to doing business with you because they worry you may discuss their finances around mutual acquaintances. On the other hand, if they have a serious problem they’ll want help from someone they know and trust.
In previous columns we’ve looked at a number of expressions you should never use with clients. Here are 11 more to scratch off your list.
You’re rolling up the driveway after a long day and wave to a neighbor. Why isn’t she a client?
Most people selling securities call themselves financial advisors. How does your client perceive your role?
Clients sometimes mistakenly think their investments are underperforming—typically a result of using the wrong benchmark. Other times, your advice doesn’t work as expected and portfolios actually do fall short. Here are some examples of both cases, and how to handle them.
One of your biggest challenges is differentiating yourself from the competition. Here’s how it’s done in four key areas that are top of mind with prospects.
People who bluntly say what they mean may be considered rude. The advisor’s dilemma is often how to get her point across without sugarcoating, while at the same time not seeming harsh.
People view telemarketers as intrusive and annoying, hence the popularity of legislation that brought in do-not-call lists. But charities and politicians can still call, and they persist because it works.
Prospects are often reluctant to tell you how many accounts they have, and where. They’re interested in doing business, but want to maintain multiple relationships.