Clients that have brokers

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Nov 17, 2009 6:33 pm

Waste your time or find someone else?  What's your opinion?

Nov 17, 2009 6:45 pm

Do you mean should you go after another broker's client?  Heck yeah.  Why do you think you're in this business.  There's an adage in the biz:  Your best client is someone else's best prospect. 


Especially today with all of the changes, layoffs, poor production, lack of communication, and everything else that has gone on in the industry.  Have you not heard all of the statistics about the HNW clients who are open to talking with other advisors? 
 
From another angle.  People who don't have advisors typically either don't want one (Schwab, Scottrade, Vanguard people) or don't need one (no $$$).  Rarely do your run across someone who has money, knows they need someone, and is willing to pay you.  These people who have money are difficult to convince that it's OK to pay you for your advice and service.  They figure they can do it for free at Vanguard and screw it up as well as you can. 
Nov 17, 2009 6:47 pm

Prospect: "I have a broker."


Me: "I would hope so.  Most of my clients have brokers. In fact, many brokers are clients of mine.  Who knows, maybe your broker is one of my clients.  Do you have a few minutes to spare at 9:50 on Tuesday before my other meetings in your firm?"
Nov 17, 2009 6:50 pm
anonymous:

Prospect: "I have a broker."


Me: "I would hope so.  Most of my clients have brokers. In fact, many brokers are clients of mine.  Who knows, maybe your broker is one of my clients.  Do you have a few minutes to spare at 9:50 on Tuesday before my other meetings in your firm?"
 
I like it. If only I had balls.
Nov 17, 2009 6:52 pm
MsBroker:
anonymous:

Prospect: "I have a broker."


Me: "I would hope so.  Most of my clients have brokers. In fact, many brokers are clients of mine.  Who knows, maybe your broker is one of my clients.  Do you have a few minutes to spare at 9:50 on Tuesday before my other meetings in your firm?"
 
I like it. If only I had balls.
 
Nov 17, 2009 6:58 pm
MsBroker:
anonymous:

Prospect: "I have a broker."


Me: "I would hope so.  Most of my clients have brokers. In fact, many brokers are clients of mine.  Who knows, maybe your broker is one of my clients.  Do you have a few minutes to spare at 9:50 on Tuesday before my other meetings in your firm?"
 
I like it. If only I had balls.
 
You do.  They're just a little farther north and more than likely more prominantly displayed. 
 
Prospect: "I have a broker."
 
Me:  "I would hope so.  All of my best clients had other brokers before me.  Do you have a few minutes to spare at 9:50 on Tuesday to let me show you why those people are now my clients?"
 
 
Nov 17, 2009 7:00 pm
Spaceman Spiff:
MsBroker:
anonymous:

Prospect: "I have a broker."


Me: "I would hope so.  Most of my clients have brokers. In fact, many brokers are clients of mine.  Who knows, maybe your broker is one of my clients.  Do you have a few minutes to spare at 9:50 on Tuesday before my other meetings in your firm?"
 
I like it. If only I had balls.
 
You do.  They're just a little farther north and more than likely more prominantly displayed. 
 
Prospect: "I have a broker."
 
Me:  "I would hope so.  All of my best clients had other brokers before me.  Do you have a few minutes to spare at 9:50 on Tuesday to let me show you why those people are now my clients?"
 
 
 
I like that alot, Spiff!Thanks! I will try that one.
Nov 17, 2009 7:05 pm
WarRoom:

Waste your time or find someone else?  What's your opinion?








 
Some of my best clients came from other brokers.  If you rule out people with brokers, then you are left with rollovers and people coming into a windfall (and DIY'ers aren't worth the trouble).  Here's a hint: sssshhhhhhh......not every client is happy with their broker, pass it on.
 
I can tell you, unless the person started the relationship with the broker recently (like within the past few years), there's a good chance they are not getting very good service (unless they are loaded).  There is TONS of low-hanging fruit at the wirehouses right now...people with 200K, 300K,500K getting no service at all, no callbacks, not even a once-a-year "howyadoin?"  Wiht all the turnover, firm transitions, FA transitions, etc., many clients just get the shuffle.  And chances are, their portfolios are in the same crappy stuff from 1999.
 
IOW, it never hurts to try.  If you are convinced they love their broker, obviously it might be a dead-end.  But the monotone "I-have-a-broker" response means either "I have no f'ing idea who my broker is" or it means "I have a broker and I can't stand him, but I have no idea who you are, and chances are you are just as bad as my broker."
 
If that doesn't work, try this...
"So who is your broker?"
"John Smith"
"John Smith?  Really?  Huh.  Interesting.  I didn't know he was out already.  Well, they never actually did prove anything.  He said it was consentual.  And he thought she was 18.  Anyway, if you want a second opinion, here's my card."
Nov 17, 2009 8:09 pm

My ears are burning.

Nov 17, 2009 9:31 pm

Gracious. I get some lose most but get beat down so much it just gets old, even after 18mths of hearing it. Need to speak with conviction.

Nov 17, 2009 11:54 pm

When I started in the biz at Ameriprise... i took it as a bit of a objection/roadblock to hear someone was already working with an advisor. Rght now, those are my best prospects.

As others above has said... odds are, they are unhappy with the relationship but realize they need to work with someone. You dont need to sell them on the value of an advisor... just on yourself.

Someone without an advisor... it is twofold. you have to sell them on yourself and also why they ought to be working with an advisor.

Nov 18, 2009 9:39 am

"Most of my current clients had worked with another advisor.  What we found is that a fresh perspective could uncover opportunities that had been overlooked.  Given what has happened in the past 2 years, isn't a second opinion warranted ?  You win either way- either you find out you are doing fine as is or you learn something new."

Nov 19, 2009 1:13 pm

tell us how many clients you have earned for Primerica with this velveta cheesy used car salesman line?

Nov 19, 2009 1:14 pm

Lame

Nov 19, 2009 8:57 pm

I dont use any long winded comments, some of which really are cheesy.

 
I was cold calling today on munis, and had a guy first say not interested, which we all know is what everyone says at first. When i asked him if its because he is more interested in growth, he said he is in the markets and said, "you know, i am not really looking for munis right now, (which is good because i wasnt really looking to sell him any LOL), my big concern is i need to do some retirement planning, but why dont you send me your card. So i asked him if he is working with an advisor right now. He said yes. So they obvvioous response to me, was just " are you totally satisfied with what he's doing for you?"
 
No cheesy stuff, just ask the question. If the answer is yes, you're done with the call, if the answer is no you have a prospect who MAY be qualified.
Some wil say if the answer is yes, you are not done, you need to probe more. I think thats a matter of individual style. My attitude is that cold calling sucks and if i take a guy at his (or her) word, that they are not interested, and move on, it will suck less. Maybe i'll miss a good prospect, but i'll stay motivated to make more calls for a longer time frame.
Just my 2 cents
Nov 19, 2009 10:57 pm

I couldn't imagine taking a client from another broker. I mean. I don't want to step on anybody's toes.



This isnt a competitive industry at all.



wtf.



don't "waste you time" with negative, whimpy thoughts.

Get your mind right, man and keep it there.. Good Luck

Nov 20, 2009 6:06 am

If cheese gets the appointment, use cheese.  

Nov 21, 2009 11:32 pm

The new law of evolution in corporate America seems to be survival of the unfittest. Well, in my book you either do it right or you get eliminated. In the last seven deals that I've been involved with, there were 2.5 million stockholders who have made a pretax profit of 12 billion dollars. Thank you. I am not a destroyer of companies. I am a liberator of them! The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.

Nov 22, 2009 3:40 am

Btw... when someone tells me they are already working with someone... I love asking them...

"If there is one thing you can change about that relationship, what would that be?"

xxxxxxx

followed by "why is xxxxxxxx important to you?"

xxxxxxx

"So if I understand you correctly, and correct me i'f i'm wrong xxxxxxxxx?"

Great... So if I can show you a way/provide you with xxxxxxxxx, is that what you are looking for?"

Great... when would you be available to meet, I usually hold meetings on x and y, which is better for you?"

Nov 22, 2009 8:36 am

You have a broker? (repeated as if it's rhetorical) of course you do that's why I'm calling you.

 
I have a question for you .... (err ahhh OK)
 
Is it safe to say that not all of his/her ideas work? ...(no, not all of them bla bla bla)
 
What if I could replace his/her WORST ideas with my VERY best, wouldn't everybody be better off? (credit to Bobby)
 
(IF  grumble yada yada yada vs. a simple yes  THEN)
 
LOOK, IF I FIND A $100 DOLLAR BILL AND OFFER YOU $99 ARE YOU GOING TO SAY NO?????
 
(The above is also the line I use to justify my fees to cheapskates)
 
If this doesn't motivate mr. prospect he's full of crap and has no money. Ball up a piece of paper so he can hear it and say did you hear that? (yeah) You know what it was? (no)
 
It was you .... click
 
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