I'm happy with my broker

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Nov 2, 2009 8:53 pm
I'm happy with my broker
- I already have an advisor
- I've been with Windy for 20 years

What are some of the best ways you've overcome these objections?  I know, I know - find low hanging fruit but if for some reason I wanted to work on these prospects and review their statements any suggestions on things / lines that work?
Nov 2, 2009 9:03 pm

"I'd be more suprised if you didn't have a broker.  Can we get together so I can show you what your broker isn't doing for you?"


"I'm not asking you to leave your broker tomorrow.  All I am asking for is 15 minutes of your time.  I am confident we'll know within 15 minutes if we should continue the conversation.  I'll even bring you a cup of coffee or a happy meal!"
 
(haven't had the guts to say this yet): "Are you confident enough in your broker to get a second opinion from a professional advisor?
Nov 2, 2009 9:05 pm
deekay:


(haven't had the guts to say this yet): "Are you confident enough in your broker to get a second opinion from a professional advisor?





I love it

Nov 2, 2009 9:05 pm

Is it the broker or the FA that you like? (Broker question) If they say FA, then ask what is their contingency plan if their FA retires? (Any other line of questioning that basically says, what will you do if the situation changes?)


The above does not belittle their choices and does not demean the other firm. Another way to approach is to go the route of not asking them to fire their current broker as much as to let you sell some of your b/d inventory to them (bond issues mostly).
 
So it goes something like, Great! I'm glad you like ABC Firm, they are a big player in the market. We have 'XYZ' muni bond that is in our exclusive inventory, is that something you might be interested in?
 
At the very least it gives you a talking point. If they are still disinterested, then all you can do is drip on them and hope their current FA drops the ball.
Nov 2, 2009 9:07 pm
deekay:

"I'd be more suprised if you didn't have a broker.  Can we get together so I can show you what your broker isn't doing for you?"


"I'm not asking you to leave your broker tomorrow.  All I am asking for is 15 minutes of your time.  I am confident we'll know within 15 minutes if we should continue the conversation.  I'll even bring you a cup of coffee or a happy meal!"
 
(haven't had the guts to say this yet): "Are you confident enough in your broker to get a second opinion from a professional advisor?

These are all great responses. I tend to err on the side of less 'sales speak' and these remind me of a slick salesperson talking. I am not saying they are not great, I'm saying that they sound 'too good' if that makes sense.
Nov 2, 2009 9:23 pm
voltmoie:
I'm happy with my broker
- I already have an advisor
- I've been with Windy for 20 years

What are some of the best ways you've overcome these objections?  I know, I know - find low hanging fruit but if for some reason I wanted to work on these prospects and review their statements any suggestions on things / lines that work?

That's great, but, if I may ask, what does that have to do with us getting together for a few minutes so I can show you the kind of work that I do with my clients?
Nov 2, 2009 9:43 pm
LSUAlum:
 
At the very least it gives you a talking point. If they are still disinterested, then all you can do is drip on them and hope their current FA drops the ball.



no offense my cajun friend, but how long do u anticipate you'll grow with this mentality.

people want sharp honest broker. not somebody beating around the bush.
your there to make sure the clients best interests are being looked after and to grow your biz.

to each his own.. 

my approach is to defuse the situation if the prospect is getting defensive.. turn it into a referral situation.. Since broker X is taking care of you I'm sure hes talked to you about this, or fortunately you have a broker who has kept you from investing in cd's. Not everyone has a broker as good as yours and may only have the local bank offering them investments.  yada yada.. something like this can go anywhere..

I'm taking half of the day to day to grow my biz and help people here in our community.. do you think you could put this x (brochure handout etc.) in the hands of someone that may not have an advisor as good as yours..     (after asking for a referral this way, the disqualified prospect takes the initiative to requalify himself) not every time, but it completely changes the context of the exchange.


Nov 2, 2009 9:58 pm

I think that is one of the great debates of the industry. Do you drip on prospects or do you find the willing today ? I would love to hear from more of you experienced guys as to how you approach this.

Nov 2, 2009 10:07 pm

What is your stock brokers risk management strategy for your money?

simple question, that most will not have an answer to. gets you in the door to at least ask more questions.

Nov 2, 2009 10:07 pm

I like the first half of Deekays response along with all of Gordons.  I think keeping the focus on what you can do is best without trying to compare yourself to what his current broker does or doesn't do.  B/c you have no idea what he/she does. 

 
I've come to realize that most FA's that are 5 years or more out pay little attention to their clients outside of their top 20% and new prospects.  So I like the follow ups along the lines of: "...have you met face to face with him in the past 6-12 months to review your recovery strategy?" or "...that's great.  Would you be against hearing some good ideas from a second source every so often?" 
Nov 2, 2009 10:54 pm
prometheus.grp:
LSUAlum:
 
At the very least it gives you a talking point. If they are still disinterested, then all you can do is drip on them and hope their current FA drops the ball.



no offense my cajun friend, but how long do u anticipate you'll grow with this mentality.

people want sharp honest broker. not somebody beating around the bush.
your there to make sure the clients best interests are being looked after and to grow your biz.

to each his own.. 

my approach is to defuse the situation if the prospect is getting defensive.. turn it into a referral situation.. Since broker X is taking care of you I'm sure hes talked to you about this, or fortunately you have a broker who has kept you from investing in cd's. Not everyone has a broker as good as yours and may only have the local bank offering them investments.  yada yada.. something like this can go anywhere..

I'm taking half of the day to day to grow my biz and help people here in our community.. do you think you could put this x (brochure handout etc.) in the hands of someone that may not have an advisor as good as yours..     (after asking for a referral this way, the disqualified prospect takes the initiative to requalify himself) not every time, but it completely changes the context of the exchange.



Everyone has their own methods that work for them. For instance, I'm not a fan of asking for referrals if I haven't worked with a client. I tried in the past and found that the referrals were, at best, luke warm.
 
It's been my experience that a referral is only strong when it's someone I've done business with and that they usually sell me to the referral. I usually meet for lunch, or golf, or some other destination that all three of us can get together at.
 
As for growing with this mentality. Again, my style is one where I ask alot of questions and come off as very interested in them personally. I don't use sales phrases as much, or try to be 'slick'. It's great if you can pull it off, you will certainly sound more refined than I do. I have a very conversational approach because it works for me. It's not beating around the bush to ask someone what their contingency plan is. And I find drip campaigns work very well, when you've established the potential that their current situation may change, because they often do.
Nov 2, 2009 10:56 pm
Ron 14:

I think that is one of the great debates of the industry. Do you drip on prospects or do you find the willing today ? I would love to hear from more of you experienced guys as to how you approach this.


My experience is that early on, you don't have the time/income to work on the long sales cycles that referral/relationship business requires. Go for the low hanging fruit early on.
 
Later on you go for the drip campaigns. You don't land a million dollar account over night unless you're very lucky. It is usually a relationship that does it, and that is a longer courtship.
Nov 2, 2009 11:15 pm

"I'm sure you do...most successful people, like yourself, already have one or more advisors. I just want to let you know that if ever your advisor is not meeting your expectations in some area of your finances; I am offering the full services of myself and my firm at no charge to you."

 - summarized from "the million dollar financial services practice"

Nov 3, 2009 7:23 am

Thanks for the responces, good stuff.



Don't want to spend too much time on these people right now but need something better to say than "I'll keep in touch, blah blah blah"

Nov 3, 2009 8:34 am
[email protected]:

"I'm sure you do...most successful people, like yourself, already have one or more advisors. I just want to let you know that if ever your advisor is not meeting your expectations in some area of your finances; I am offering the full services of myself and my firm at no charge to you." - summarized from "the million dollar financial services practice"





Remember when you I told you about that book? lol I still have the pm. Ahhh, don't you love it when people that talk sh*t about you, ask you for advice.

Nov 3, 2009 8:47 am

I like that book as well .. read it before I went to KYC and helped me build out my prospecting / business plan.  It's not really written for rural america as I can't be as picky about account size as someone in a metro but there is some gold in those pages.

Nov 3, 2009 8:59 am

I understand about your rural America situation. The best part, however, is the chapters that tell you how to focus on your job. Limit 100 prospects, limit 100 clients with higher Net Worth, etc... It makes you focus in on the important things. If Jones would just give that book after you pass your tests, there would be no need for KYC or Eval/Grad.

Nov 3, 2009 9:06 am

I wouldn't go quite that far but think it should be suggested reading after year 2 or 3.  Guys like Still took it as a literal translation of how their business should look.  Sometimes you've got to take what will work for you and forget the rest. 

 
I like his idea of "adopting" a town close to you.  I've done that and have really landed some nice clients.  Lots of good stuff in there.
Nov 3, 2009 9:39 am
LSUAlum:

Is it the broker or the FA that you like? (Broker question) If they say FA, then ask what is their contingency plan if their FA retires? (Any other line of questioning that basically says, what will you do if the situation changes?)

 
I really really like this. The FA retiring is something I have been wanting to work in, and this is a very smooth way of doing so. Thanks!
Nov 3, 2009 9:54 am

I know a broker who had a lot of success with the following:

 
"It sounds like you're taken care of and I should be on my way, however, I've found that I usually have to ask one more question before I leave, would that be okay?"
 
"Usually when people come to me from other advisors/brokers, it's for one of three reasons:
 
1. Their current broker is great at calling them when it's time to buy something, but rarely calls to discuss when to sell.  Or.
 
2. Some people I talk to are putting money away, trying to be prudent with their investments, but when it comes down to it, they still aren't sure if they are going to be in a position to retire comfortably or be stuck eating cheese sandwhiches. Or last.
 
3. Others I talk to are concerned because they don't hear from their broker often, maybe once or twice a year, unless they take the initiative to call.  For someone handling their money, they would like to be kept more in the loop.
 
I don't know about your situation, but are any of those concerns of yours?"