Leaving ej>>>indy:your elevator speech to clients?

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Sep 10, 2009 12:02 am

For anyone who has been through this and now has it in the rear view mirror,  what was your "30 second elevator speech" to your clients on the first phone calls in the minutes/days/weeks after your license transfer went through?



I'm trying to focus on that all important station WIIFM that the client wants to stay tuned into- thats "What's in it for me" (and that means what's in it for THE CLIENT, not me personally).
 
What are the most important concerns that the client wants to hear addressed?
 
What was the most consistent response or questions and concerns that clients needed explanation and comforting on? 
 
Not as important but what was the most bizarre, or out from left field response and questions you heard from clients?
 
thank you
 
Sep 10, 2009 12:18 am

Elevator speech:

Mr/Mrs Client, as you know...EJ sucks (maybe substitute something more subtle here) - so in order to offer you un-biased, independent advice and more access to solutions for your needs...I've started my own firm and would like to continue working together as your financial advisor.  I'd like to setup an appointment to answer questions and get the process started.  Would x or x be a better time for meeting at my new office?

Concerns - that you're not going rogue a'la Maddoff...defused if you're affiliated with a reputable b/d

Consistent response - no problem, we like you and consider our relationship with you, not EJ

Bizarre - what happens if we choose not to go with you (which really isn't that bizarre)

Good luck, I think you'll love being indy.

Sep 10, 2009 7:57 am

Very good point.

 
Going indy can't just be about a higher payout and lifestyle change for you and your family.
 
I went indy so I could focus on less households with bigger assets, yet still maintain my standard of living. So I told my clients there would be interaction, follow-up and checking in on throughout our time together. I told them I was slimming down my book to a very select group of people that I could focus all my attention on, something I wasn't able to do at my last firm.
 
Sep 10, 2009 8:37 am

Good luck.



Mr/Mrs. Client, we've both known this is a long time coming. We've discussed the shortcomings of EJ in how we manage your portfolio. The platform we are using now will cost you less for the things you need, you will get more personalized attention in a more professionals environment.



Concerns - Will you still be my advisor?

Consistent response - Just send me the paperwork. We're with you.

Bizarre response - What does the name of your company mean?

Sep 10, 2009 1:38 pm

I went Indy less than a month ago.  Here are the main points you should make in your pitch to move your clients:

 
1.) Position your move to Indy as an "upgrade" for your clients.  Explain that you will have more to offer at your new firm "enhancing" the relationship. You did this move for them, not just for you.  I try not to bash my old firm, keeping the conversation positive.  I try to get them excited so they are eager to come along.
 
2.) Be able to explain the safety of their assets.  Most clients doen't understand the custodian-broker dealer relationship.  They might think their investments are backed by EJ or whatever company you are currently with.  Show them how the custodian interacts with the broker-dealer (SIPC..etc).
 
3.) Make the move for them as easy as possible.  Have all of the necessary information you need to prepare the paperwork ahead of time.  Clients are reluctant to change and think it's a big deal.  Make it easy so they have one less reason to stay put.  Most of my clients just needed to sign where I highligted....nothing more and I included a pre-paid envelope to return the documents.
 
 
Sep 10, 2009 6:10 pm

Great to hear things workin' out for you my friend!

Sep 10, 2009 7:59 pm
AdvisorControl.com:

Elevator speech:

Mr/Mrs Client, as you know...EJ sucks (maybe substitute something more subtle here) - so in order to offer you un-biased, independent advice and more access to solutions for your needs...I've started my own firm and would like to continue working together as your financial advisor.  I'd like to setup an appointment to answer questions and get the process started.  Would x or x be a better time for meeting at my new office?

Concerns - that you're not going rogue a'la Maddoff...defused if you're affiliated with a reputable b/d

Consistent response - no problem, we like you and consider our relationship with you, not EJ

Bizarre - what happens if we choose not to go with you (which really isn't that bizarre)

Good luck, I think you'll love being indy.


 
AdvisorControl.com - No BS Resources for Financial Advisors
This is your tagline?  Your post is the biggest stinking pile of BS I have ever seen. 
Dork.
 
Moraen.  You and I agree more and more but, respectfully, I never want clients to choose me because I am "lower fees".  I think the "better service, better portfolio services" is spot on.  That is what my "elevator speech" would be if I ever fell down, bumped my head, and decided to leave Jones .  I have fought the lower fees battle many times in my long career and it always ends with the lowest fee possible.  $0.
 
Sep 11, 2009 2:23 pm
ytrewq:
AdvisorControl.com:

Elevator speech:Mr/Mrs Client, as you know...EJ sucks (maybe substitute something more subtle here) - so in order to offer you un-biased, independent advice and more access to solutions for your needs...I've started my own firm and would like to continue working together as your financial advisor. I'd like to setup an appointment to answer questions and get the process started. Would x or x be a better time for meeting at my new office?Concerns - that you're not going rogue a'la Maddoff...defused if you're affiliated with a reputable b/dConsistent response - no problem, we like you and consider our relationship with you, not EJBizarre - what happens if we choose not to go with you (which really isn't that bizarre)Good luck, I think you'll love being indy.





AdvisorControl.com - No BS Resources for Financial Advisors

This is your tagline? Your post is the biggest stinking pile of BS I have ever seen.

Dork.



Moraen. You and I agree more and more but, respectfully, I never want clients to choose me because I am "lower fees". I think the "better service, better portfolio services" is spot on. That is what my "elevator speech" would be if I ever fell down, bumped my head, and decided to leave Jones . I have fought the lower fees battle many times in my long career and it always ends with the lowest fee possible. $0.





ytrewq - In retrospect, I would not have gone the fees route. I believe I lost a couple of people that I wanted because of fighting the fees battle and not focusing on the service side. Especially since I raised my fees not four months after opening my own shop!

Sep 13, 2009 11:50 pm
ytrewq:
AdvisorControl.com - No BS Resources for Financial Advisors
This is your tagline?  Your post is the biggest stinking pile of BS I have ever seen. 
Dork.
 
Moraen.  You and I agree more and more but, respectfully, I never want clients to choose me because I am "lower fees".  I think the "better service, better portfolio services" is spot on.  That is what my "elevator speech" would be if I ever fell down, bumped my head, and decided to leave Jones .  I have fought the lower fees battle many times in my long career and it always ends with the lowest fee possible.  $0.
 



Mr/Mrs ytrewq:

I hope you're kidding.  Since you're a die hard joneser (at least you appear to be) I suppose I understand why.  The dork thing is funny though - some old fart (long career?) calling me out.

Back to the post:

Couldn't agree more with whoever said the most common response is "just send me the paperwork".  I would guess over 90% of my clients did this when I wend from indy b/d to RIA.  Good luck with the move - if you get any resistance just let the clients know their accounts will be taken over by ytrewq and they'll be signing the paperwork in no-time.