How are you showing prospects

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Mar 27, 2009 11:32 am

A prospect had interviewed us as well as another group of independent advisors.  He called and said he was going to go with the other guys because he felt they had more depth planning wise.


Out of my own curiosity, I asked what they showed him.  He couldn't really explain it other than to say they had a lot of research.


Typically my meetings with prospects are about talking to them and finding the pain and taking notes. 


What are some of you guys showing them in the office?  Do you pull out an example of a quarterly report for a client?  How do you show them your planning depth?  Do you show them your access to research which most everybody has the same of?


On the same topic, I was sitting in a lobby the other day overhearing a Merrill guy showing someone his services.  He had all these reports and was saying how he reads them first thing in the morning and was saying how they show him who the best managers are and this and that.  The whole time, I'm thinking, what a bunch of crap this guy is saying.  It's like selling from those Morningstar reports.  Do people actually want to see that stuff?

Mar 27, 2009 11:45 am

It is a bunch of crap.


Some people are more easily impressed than others. Some want to see a 30 page bound plan, while most are fine with yellow page financial planning. Accept that you will not win them all.
 
On another note: ask the prospect if they showed him/her results. How did their clients do in the last six months? What good did all that research actually do? Did they show how, exactly, they got their clients off the tracks.
 
One of my favorite lines: "Mr. prospect you may meet advisors who are smarter than i am, dress  better, drive fancier cars, and give you better looking reports, but you will never meet an advisor who cares about his clients more than i do. That's my commitment to them and it is my commitment to you."
 
Then go for the close.
Mar 27, 2009 12:30 pm


Snags,  I don't show prospects anything.  I do spend close to an hour asking them questions, revieweing their financials as I fill out a fact finder. 90% of them said their current broker never filled out a fact finder or asked them the type of questions that I do.
 
Bondguy, I recognize that line out of the Nick Murray playbook.  That's a great quote.

Mar 27, 2009 12:32 pm
BondGuy:

It is a bunch of crap.


Some people are more easily impressed than others. Some want to see a 30 page bound plan, while most are fine with yellow page financial planning. Accept that you will not win them all.
 
On another note: ask the prospect if they showed him/her results. How did their clients do in the last six months? What good did all that research actually do? Did they show how, exactly, they got their clients off the tracks.
 
One of my favorite lines: "Mr. prospect you may meet advisors who are smarter than i am, dress  better, drive fancier cars, and give you better looking reports, but you will never meet an advisor who cares about his clients more than i do. That's my commitment to them and it is my commitment to you."
 
Then go for the close.
 
That is pure gold right there!
Mar 27, 2009 3:28 pm

Nick Murray's first book, "Serious Money-The Art of Marketing Mutual Funds" is one of my all time favorites, and is available on ebay for A BUCK! (plus 3.99 shipping)

 
Money well spent.
 
Stok
Mar 27, 2009 6:40 pm
snaggletooth:

A prospect had interviewed us as well as another group of independent advisors.  He called and said he was going to go with the other guys because he felt they had more depth planning wise.


Out of my own curiosity, I asked what they showed him.  He couldn't really explain it other than to say they had a lot of research.


Typically my meetings with prospects are about talking to them and finding the pain and taking notes. 


What are some of you guys showing them in the office?  Do you pull out an example of a quarterly report for a client?  How do you show them your planning depth?  Do you show them your access to research which most everybody has the same of?


On the same topic, I was sitting in a lobby the other day overhearing a Merrill guy showing someone his services.  He had all these reports and was saying how he reads them first thing in the morning and was saying how they show him who the best managers are and this and that.  The whole time, I'm thinking, what a bunch of crap this guy is saying.  It's like selling from those Morningstar reports.  Do people actually want to see that stuff?



Clearly, you didn't take him through the sales process that you've recently learned.

Mar 27, 2009 7:03 pm

How do you know he's telling you the truth to begin with? Sounds like my dog ate my homework to me.

Mar 30, 2009 6:05 pm
BondGuy:
 
One of my favorite lines: "Mr. prospect you may meet advisors who are smarter than i am, dress  better, drive fancier cars, and give you better looking reports, but you will never meet an advisor who cares about his clients more than i do. That's my commitment to them and it is my commitment to you."
 
 
Great line.  I've used it twice already today.  One was to complete an annuity transfer, the second was to a $12mm prospect that hasn't been called by his guys in almost a year.
Mar 31, 2009 1:05 am

Ice, it really is a good line. 

If you build it up like: I went to a good college, had good grades, did great research, do such and such in the community, passed this many certifications, blah blah blah....at the end of the day, I can guarantee you that you will meet a smarter people than me.  However, what I can tell you is that you will never meet a person more devoted to you, your family, and your needs.    

Mar 31, 2009 7:55 am

More 'depth' likely means that the other guys said they had a CPA and and an estate attorney in the office in the office, and an attorney on retainer and a couple of other FAs in the office and a picture of their founders in the lobby. Some people feel more comfortable with all of that rather and one of us in an office by himself.


Mar 31, 2009 9:11 am

I think it's incredibly client specific.  With most people if you bring out a bunch of reports, and 10 yr numbers, its over their heads.  They feel dumb, and nobody likes to feel dumb.  With other people, (mostly men in their late 40's early 50's, with small amounts of remaining manhood), they want to see that number bs.  They like to feel like they're "putting you through the wringer"  when they're "interviewing you."  They'll shake their heads and act like they understand every syllable coming out of your mouth, in actuality, they feel like you know what your talking about because they have no idea what your saying.... again in my experiences its totally client specific.

Apr 2, 2009 12:26 am

Just tell them to keep in mind that when the other guys lose half of his money he probably won't qualify to meet your minimum; but good luck anyway.  Funny telling that to people.

Apr 2, 2009 7:20 pm

Say look ... here are 5 trades. The results will be out in 3 weeks. If I get 5 for 5 are we going to talk or not????



 
You need to know up front I have minimums that you may or may not qualify but lets wait for the results first ..... (the take away)
 
 



Apr 5, 2009 10:07 am
snaggletooth:

A prospect had interviewed us as well as another group of independent advisors.  He called and said he was going to go with the other guys because he felt they had more depth planning wise.


Out of my own curiosity, I asked what they showed him.  He couldn't really explain it other than to say they had a lot of research.


Typically my meetings with prospects are about talking to them and finding the pain and taking notes. 


What are some of you guys showing them in the office?  Do you pull out an example of a quarterly report for a client?  How do you show them your planning depth?  Do you show them your access to research which most everybody has the same of?


On the same topic, I was sitting in a lobby the other day overhearing a Merrill guy showing someone his services.  He had all these reports and was saying how he reads them first thing in the morning and was saying how they show him who the best managers are and this and that.  The whole time, I'm thinking, what a bunch of crap this guy is saying.  It's like selling from those Morningstar reports.  Do people actually want to see that stuff?



The results of any one call or meeting don't matter --- as long as you have a full pipeline.
 
Don't question what you do or how you do it.  Just find someone else to show it to.