At a social gathering or party, what do you say
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[quote=anonymous]
If you are trying to prospect in a social setting, I think that it’s more important to find out about them and whether they are someone with whom you would want as a client. Let them talk about themselves instead.
[/quote]I thoroughly agree with this post. If they ask make a brief specialization statement, “I help build multigenerational wealth” or whatever and switch the conversation back to them. Get them to talk 95% of the time and get their card. Then you can follow up with a nice note. I suggest the book Endless Referrals as a good resource for pressureless prospecting.
I tell them I am an independent financial planner. You can watch the news and find out why I am indy.
If they tell me they are with a wire. I say so you are enabling them. Waiting for them to screw up again. So who is at fault the next time you or them?[quote=bspears]
I guess I’m the anti prospecting type. I very rarely tell anyone what I do, if I can avoid it. The less they know the more they want to know. My wife always says exclusivity and a bit of mystery draws people to you. It works. [/quote]Do you find that the local Dungeons and Dragons players have a lot of investible assets?
I’m kidding, I’m kidding! Ice made me post that.
[quote=Greenbacks]
I tell them I am an independent financial planner. You can watch the news and find out why I am indy.
If they tell me they are with a wire. I say so you are enabling them. Waiting for them to screw up again. So who is at fault the next time you or them? [/quote] So basically you are lying. If some guy was an advisor at Bear Stearns or Merrill the fact that the company itself screwed up has nothing to do with the advice he is giving to his clients.I’m with Greenbacks. I say, “I own my own independent and impartial financial advisory practice. I have only one client–that is, my client. Everything has come full circle in our business.” If that grabs their attention, they’ll ask more. But, try and turn the conversation back on them.
I agree. As an indy, you can, and should, leverage that for all it's worth in this climate.I’m with Greenbacks. I say, “I own my own independent and impartial financial advisory practice. I have only one client–that is, my client. Everything has come full circle in our business.” If that grabs their attention, they’ll ask more. But, try and turn the conversation back on them.
I am not accountable to a branch manger, a regional manager, a divisional manager, a regional leader, an area leader, another general partner, god forbid some banker, worse yet a foreign banker, or anyone else–just my client. Does that help?
That makes perfect sense! I like it.
For me, I think my wife is the toughest boss/client I have, hahahaha.[quote=Soothsayer]I’m with Greenbacks. I say, “I own my own independent and impartial financial advisory practice. I have only one client–that is, my client. Everything has come full circle in our business.” If that grabs their attention, they’ll ask more. But, try and turn the conversation back on them. [/quote]
Clever, smart. Separates you from the massive financial institutions that “so and so has said they’ve been reading about in the papers.”
I think the oversight at Jones is a good selling point.
If someone asked to invest my money and told me he is the only one overseeing his actions, I’d tell Bernie to go pound sand.
Huh. Very insightful. Do you suppose that 'oversight thing' is the reason why no large financial firms ran into any trouble in the past year? How many months have you been in the business?I agree Still@Jones. The oversight thing is a huge plus to clients who have advisors that are either the sole investment guy or whatever . Has worked quite well for me too.
Let me respond: Huh? Huh?
Do you even know what caused this financial crisis? The retail brokerage business and retail banking business are quite sound in almost every company. Banks got sunk by their trading desks by being over-leveraged and tied up in complex derivative transactions. Comparing trading desk “oversight” to retail “oversight” is silly.
The oversight I promote (and that I am glad we offer) is: they make sure I only offer quality investments, make sure I do not churn a customers account, and protection from commingling or mishandling client’s funds. I believe this is all the oversight a retail customer needs.
[quote=wind3574]Still @ Jones…Don’t worry, It doesn’t matter how good of a comment you leave,every comment you make will be bashed cause your a newbie…
But I totally agree with you. There are alot of smaller firms and banks that have no compliance department here and only have maybe one individual that handles securities and it's a good selling point when they know someones watching over you... It's worked for me, regardless of what crap the vets give you about it...[/quote]Do you honestly think that other firms don't have a compliance officer overseeing what they do? You really have no idea what you are talking about. Even worse you are misleading prospects and clients when you make that statement.....
Major financial institutions (AIG, Merrill, Citi) and Solo Acts ( Madoff, Stanford) have both been drilled in the media. If you are affiliated with any of them it is difficult to get around the fears people might have. Most advisors had absolutely nothing to do with the trading desks and the other mistakes that were made. Using that as a way to "sell" your advisory skills is a slippery slope and one that could easily backfire should something happen in the future. Im a bank rep at one of the few banks not bashed in the media, but I am not using that as a way to "sell" myself.
I wasn't talking to you specifically. I am referring to any advisor who is going to rip on another firm because of something unrelated to the advisors at the firm. If I am competing with BofA for an investment client I am not going to bring up how they need government money as a way to place my bank on top of them. The tables could easily turn in future years.