"I already have an advisor"

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Aug 7, 2007 5:15 pm

Hey everyone,


I keep getting the objection of "I already have an advisor" and it is often Edward Jones (I am a rookie so I have no right to bash them!) as I am in a small rural area.  I try to overcome the objection by asking about their portfolio, their returns, are they happy, etc.  this is the most common objection I get and I find it hard to convince somebody to come in for an appointment when they aleady have an advisor.  What are some of the angles that you have had success with in the past in penetrating existing relationships?


Let me know your thoughts and ideas, thanks mooose

Aug 7, 2007 5:24 pm

You: I was hoping that was the case.


Prospect: Why?


You: Most of our clients are people who were with traditional firms and were ready to move to the next level.


Prospect: What do you mean?


You: What would moving to the next level mean, in YOUR world?


Make up your own answer for "why?" The important thing is that you've taken their objection away from them and used it to move closer to you. They are totally unprepared for you to say that their objection is a good thing for you.

Aug 7, 2007 5:26 pm
mooose:

Hey everyone,


I keep getting the objection of "I already have an advisor" and it is often Edward Jones (I am a rookie so I have no right to bash them!) as I am in a small rural area.  I try to overcome the objection by asking about their portfolio, their returns, are they happy, etc.  this is the most common objection I get and I find it hard to convince somebody to come in for an appointment when they aleady have an advisor.  What are some of the angles that you have had success with in the past in penetrating existing relationships?


Let me know your thoughts and ideas, thanks mooose



a)Don't bash the other firm or advisor


b)Ask a question to make them "think"


c)Try to offer them a free review


d)Lather, rinse, repeat.


What cold walking REALLY is supposed to do is PREQUALIFY those you want to do business with from those you don't.  Better to know ASAP than drip on someone for a year with NO HOPE of getting their assets.........

Aug 7, 2007 5:28 pm
Bobby Hull:

You: I was hoping that was the case.


Prospect: Why?


You: Most of our clients are people who were with traditional firms and were ready to move to the next level.


Prospect: What do you mean?


You: What would moving to the next level mean, in YOUR world?


Make up your own answer for "why?" The important thing is that you've taken their objection away from them and used it to move closer to you. They are totally unprepared for you to say that their objection is a good thing for you.



Nice Bobby, I like that.  I won't even post what I would say as that completely blows me out of the water.

Aug 7, 2007 5:39 pm

"Gee Mr. Prospect it never occured to me that I should solicit people who already have brokers and money in the market.  And to think that all this time I was trying to convince people with no money to invest with me!"

Aug 7, 2007 5:39 pm

I'm a get the appointment kind of guy.  I handle almost all objections the same way.


"I can appreciate what you are saying.    Most successful people like yourself have an advisor.  Like I said, I'll be in your building on Tuesday.  Can we get together for a few minutes at 2:00 or would sometime on Thursday be better?"

Aug 7, 2007 6:21 pm
Ferris Bueller:

"Gee Mr. Prospect it never occured to me that I should solicit people who already have brokers and money in the market.  And to think that all this time I was trying to convince people with no money to invest with me!"


Aug 7, 2007 10:06 pm

Those are the people you want.  They value an advisor and at least they have shown they have enough money to have an advisor.

I make sure to NEVER ask about performance.  Try to sell them on service.  Competing on return is sure come come back to haunt you long-term.

Bobby's can work well if it fits your personality, just make sure you are comfortable saying it yourself. 

You will get this objection all the time.  50% of the time they don't even know the name of their "advisor," but it is simply a quick objection they think will make you go away sooner.  Bottom line-you better come up with something comfortable cause you will need it often.

Aug 7, 2007 10:49 pm

This is what I've done with success


Mr Client I completely appreciate your loyalty to your advisor and Edward Jones is a great firm. You've worked hard for your money and it wouldn't hurt to learn of the resources and services "your firm's name" provides for me that allows me to differentiate myself from my competitors to fullfill your needs. I promise you won't be dissapointed.


Next step is to not dissapoint. Do what you need to to get them in the door. The appointment is everything. without it there's no sell.


when i had two clients in the door i talked to them abour wrap accounts and putting myself and career on the same side of the table with them. i stole to jones' accounts.

Aug 8, 2007 12:29 am

i already found what im going to say.




client: "i already have an advisor"



me: "well most good doctors and other professionals recommend getting a second opinion on things, and dont you think this is worth a second opinion?"




what do you guys think?

Aug 8, 2007 12:32 am
RULiquid:

i already found what im going to say.




client: "i already have an advisor"



me: "well most good doctors and other professionals recommend getting a second opinion on things, and dont you think this is worth a second opinion?"




what do you guys think?



Sorry to burst your bubble, EVERY young advisor says this at one point or another.  But I've never heard a successful advisor say it.  Keep thinking though, I like the effort.....

Aug 8, 2007 1:24 pm
mooose:

Hey everyone,



I keep getting the objection of "I already have an advisor" and it is often

Edward Jones (I am a rookie so I have no right to bash them!) as I am in a

small rural area. I try to overcome the objection by asking about their

portfolio, their returns, are they happy, etc. this is the most common

objection I get and I find it hard to convince somebody to come in for an

appointment when they aleady have an advisor. What are some of the

angles that you have had success with in the past in penetrating existing

relationships?



Let me know your thoughts and ideas, thanks mooose





I would learn about the advisors in your area. A lot of Jones offices pride

themselves on personal service, so using the "service" angle may backfire.

On the other hand, some wirehouse brokers give terrible service,

especially to smaller accounts (note: this is just my experience in my

area). If you have a few veteran wirehouse brokers or large indies, there

is a good chance they can't adequately handle all their accounts anymore.   

I've taken a few acccounts from a local MS guy that I actually respect.

he's pretty good, but he simply has too many clients to handle, so I can

give them better service (he's also 26 years in the business compared to

my 2). But just don't bash any of them. Just try to touch the pressure

points of each relationship. I know how to get smaller accounts from our

local ML office without even selling. If you have less than $500K with

them, you ain't getting ANY service. Those are the easy ones. Just took

an account from SB this morning - $235K paying 3% fees!!!! How easy

was that? Their broker didn't even know that they had another 250K in

cash and 200K in annuities other places.



So, I guess my point is, the selling points may be different depending on

who they are with. It will also depend on cost structure, fee vs.

commission, etc.

Aug 8, 2007 2:21 pm

I like to branch off of that people seek a second opinion of a Dr. and use the corporation analogy:

"in this economic climate, corporations often time like to double check their work with professional services firms, wouldn't you like to do the same and meet with me?"

Aug 8, 2007 6:13 pm

Great!  Let me ask you a question: Does your financial advisor do his quarterly review in person or over the phone?


Aug 8, 2007 10:38 pm

Is it me or does Bobby Hull's response sound like Sandler? Bobby, did you go through Sandler?



It really is a terrific response.

Aug 8, 2007 10:40 pm
madabroker:

Is it me or does Bobby Hull's response sound like Sandler? Bobby, did you go through Sandler?

It really is a terrific response.


Yes, I did.

Aug 9, 2007 3:34 am

thanks for the optimism





snaggletooth:
RULiquid:

i already found what im going to say.




client: "i already have an advisor"



me: "well most good doctors and other professionals recommend getting a second opinion on things, and dont you think this is worth a second opinion?"




what do you guys think?



Sorry to burst your bubble, EVERY young advisor says this at one point or another.  But I've never heard a successful advisor say it.  Keep thinking though, I like the effort.....

Aug 9, 2007 7:46 am
mooose:

Hey everyone,


I keep getting the objection of "I already have an advisor" and it is often Edward Jones (I am a rookie so I have no right to bash them!) as I am in a small rural area.  I try to overcome the objection by asking about their portfolio, their returns, are they happy, etc.  this is the most common objection I get and I find it hard to convince somebody to come in for an appointment when they aleady have an advisor.  What are some of the angles that you have had success with in the past in penetrating existing relationships?


Let me know your thoughts and ideas, thanks mooose



"I know. How do you think I got your name and number?"

Aug 9, 2007 1:33 pm

One of my many favorites (I tried them all) was:


Prospect: I already have an advisor


You: I know, that's why I'm calling you.......


Prospect: ???


You: Mr. X, All of my current clients had advisors before me......


Prospect: I don't understand


You: That's ok, we should probably meet, are mornings or afternoons better for you to meet AT YOUR OFFICE???

Aug 9, 2007 1:49 pm
Bobby Hull:
mooose:

Hey everyone,


I keep getting the objection of "I already have an advisor" and it is often Edward Jones (I am a rookie so I have no right to bash them!) as I am in a small rural area.  I try to overcome the objection by asking about their portfolio, their returns, are they happy, etc.  this is the most common objection I get and I find it hard to convince somebody to come in for an appointment when they aleady have an advisor.  What are some of the angles that you have had success with in the past in penetrating existing relationships?


Let me know your thoughts and ideas, thanks mooose



"I know. How do you think I got your name and number?"



Beautiful.