Some Prospects

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Mar 21, 2007 12:24 am

Since Nov I have been chasing a 2 million dollar account.  Actually, the woman already has a smaller account with me (120K) and after our meeting in Nov. she agreed to let me review her Smith Barney statement. 


I promptly deconstructed the SB statement, created a proposal that absolutely anhliated it, undercut the fee by .25 bps, and gave the presentation of my life.  It went very well, so much so that she invited me and my wife over for dinner the following weekend.  Long story short, she still hasn't moved her account.  She is now considering managing it herself with ETF's, her accountant is telling her to leave it where it is, she is confused and I'm tired of chasing her.


Sorry, I had to vent. I really think I made the right moves here, she is just a bit tough to read.  I still have a shot at it, but I'm done chasing it.


Chris

Mar 21, 2007 12:37 am

Is it about getting the best investment return or making sure she can do whatever she wants to in her life? She won't move it for the 1st(we can all blow away current allocations -- the question is how will our allocation be blown away by another smart guy 5 years from now), but I'm sure she will for the second. What's important to her? Did you show her that this will allow her to do that 1 - Earlier. 2 - With a higher degree of certainty. 3 - Move money to other priorities?

Mar 21, 2007 10:35 am

Unless she just won the lottery, this woman has been saving this money for a long time.  Two million dollars doesn't just show up overnight.  Cut her some slack. 


Clients, much less prospects, don't always care about how much cheaper your system is, or how much lower the risk is, or that you could have performed better over the last 5 years.  She's looking at you as a new guy wondering if you're going to stick with it and if you've got enough experience to handle it.  She's trying to figure out if she trusts you enough yet to give your her life savings.  You see it as a wonderful account and a great boost to your production numbers.  To her it represents everything she's worked for in her life.  The decision to give it to some new person isn't going to be an easy one. 


Give her some time and space.  Do a phenomenal job with the money you currently have.  Service and performance will win the account eventually. 


I have a couple of big prospects that I've been dripping on for a few years.  Slowly they're becoming clients.  I think a lot of times we just wear them down over time.  Don't give up on her, but go out looking for new money too. 

Mar 21, 2007 11:24 am

Spiff- good advice.

Mar 21, 2007 11:36 am

Continue to let her know you like and respect her, no matter what happens, and over time see what happens.

Mar 21, 2007 6:36 pm

Ask her to bring over the acount if she says no ask her why. If she questions something ask her to bring over a # she feels comfortable with.

Mar 21, 2007 8:23 pm

It may be that her CPA is the real decision maker. Ask to take her and her CPA out to lunch. Don't perform the presentation during lunch, but focus on determining what the CPA & client consider important. (Apparently, your presentation did not cover the items they consider important.) Also, the CPA may have had a hand in determining the SB portfolio, so any presentation that "blew away" the SB portfolio may not have sit well with him/her.


Face it, you're back to square one with this client, but don't give up. The book called, "Spin Selling" might help you with this situation.


Good luck. 

Mar 21, 2007 8:50 pm

I could go on and on about this one.  Frankly, many posters' have already given you a lot of good advice/different approaches.


It always comes down to numbers, when it comes to prospecting.  Never, ever (ever), stop prospecting and filling up the pipeline.  You never now who will come through and who will crap out.  Yes, you will have impressions of who is actually for real; still, your actual experience/closings' will vary.


Keep prospecting.  Remember- the more qualified/interested prospects you have in the pipeline, the less important each one of them are.  And (believe me) that attitude/mindset comes accross to those prospects.

Mar 22, 2007 7:57 pm
The Judge:

It always comes down to numbers, when it comes to prospecting.  Never, ever (ever), stop prospecting and filling up the pipeline.  You never now who will come through and who will crap out.  Yes, you will have impressions of who is actually for real; still, your actual experience/closings' will vary.


Keep prospecting.  Remember- the more qualified/interested prospects you have in the pipeline, the less important each one of them are.  And (believe me) that attitude/mindset comes accross to (those prospects.



Bingo, Judge! There's a world of difference between the attitude of a broker (with an empty pipeline) who just lost a whale and a broker (with a full pipeline) who just lost a whale.