Stealing clients!

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Jun 14, 2007 3:50 pm

hello everyone,


I am doing alot of cold calling and run into "I already have an advisor" objection-I usually counter with are you happy, what does he do for you, how have your results been-in an attempt to keep the conversation going and to see if I can find a problem I can help solve-but it never goes that smoothly!  What are some good ways to penetrate a current advisor relationship during a cold call?


this should be interesting!  mooose

Jun 14, 2007 4:00 pm

I compliment them on having a great relationship with their current advisor.  I never diss the current advisor or while on the phone try to throw out doubt about their current relationship.  Even if their advisor sucks eggs, they don't want to admit it....kind of like being in a bad marriage. You don't want to admit you were an idiot.


Suggest that a second opinion or second set of eyes never hurts and that I would be happy to do a free portfolio review and show them how I do business.  Stress that there is no obiligation. You can use a doctor analogy or a car mechanic analogy for the second opinon.


I usually say something to the effect that "I'm not asking for all of your business.  Just give me a part of it and I'll earn the rest."


Jun 14, 2007 4:30 pm

I say something along the lines of:


Wonderful!  How did you meet him?  What impressed you the most about him?  Are you happy with the job he's done for you so far?  Does he communicate with you in terms that you fully understand what he is doing for you?  When was the last time he contacted you to review your portfolio with him?


Be energetic with a huge smile on your face.  What do these questions tell you? 


1)  How the client met the advisor.  Could you find similar clients the same way?  How was the advisor POSITIONED to meet their future client.  Is it a close friend or family member?  (This could be a wedge right there.)


2)  What impressed the client?  What was it about THIS advisor that stood out to your prospect?


3)  Are you happy with the job the advisor has done so far?  This isn't being merely "satisfied" or "lukewarm" with the advisor.  Is the client HAPPY.  I say "so far" because if the client isn't happy so far, what makes the client think that anything is going to change?


4)  Does the advisor communicate in terms that the client can understand.  Some advisors position themselves as the "holier than thou" experts and impress their clients to invest with them.  I don't do that.  I PARTNER with my clients to ensure that I understand their goals & concerns and I communicate on their level what I will do to help achieve their goals and alieviate their concerns.


5)  When was the last time the advisor contacted the client?  Most advisors contact their clients once every 18 months for a portfolio evaluation and rebalancing.


NOW that you know this information (again, with a HUGE smile on your face), you lay down the WEDGE.  Here's what separates you from your competition.  If you don't know your own WEDGE, you can't compete very well.


NOW, you can ask for an appointment, but I'd rather be more subtle.  I would ask for permission to just KEEP IN TOUCH with your prospect on an ongoing basis.  HOPEFULLY, you're in contact with your PROSPECT more often than the advisor is in contact with their client.

Jun 14, 2007 4:32 pm

BTW, you're never STEALING clients, unless they are clients of another rep in the same firm.

Jun 14, 2007 5:52 pm

I find out the name of their current broker and then tell them their in Jail.  It works every time.....Yes Ms Jones, Spiffy is in the slammer. He tried to steal an ATM at the bank, and unfortunately, he was caught.  If you need me to ...I could cancel all my appts today and help with your transfer.  Also, if he tries to contact you..he is probably needing some bail money.

Jun 14, 2007 7:20 pm
bspears:

I find out the name of their current broker and then tell them their in Jail.  It works every time.....Yes Ms Jones, Spiffy is in the slammer. He tried to steal an ATM at the bank, and unfortunately, he was caught.  If you need me to ...I could cancel all my appts today and help with your transfer.  Also, if he tries to contact you..he is probably needing some bail money.


While I like the idea, you could be sued for slander.  All you need is the wrong type of person on the other end of the phone to record your name and phone number (as if they're really interested in meeting you) and give it to their broker to press charges.


It's hard even when you KNOW that people have many complaints on their broker's records.  You must tread carefully.


I'd rather pump-up the competition and then show them what I can do for them, than tear down the competition.


There's more "class" in doing it that way.

Jun 14, 2007 7:46 pm

The "I already have an advisor" objection is no different than any other objection. 


Agree with the client and continue on with the conversation.  I'm a call for an appointment type of caller.  Therefore, when someone says that they already have an advisor, my response is:


"I understand completely.  Very seldom do I work with someone who doesn't have an advisor.  As I was saying, I have an appointment in your office Tuesday at 2:00.  Could we get together at 1:45 on Tuesday or would sometime on Thursday be better?


"I have an advisor" doesn't mean squat or more accurately, we have no idea what that means.  It could mean "This might shut you up."  It might mean, "I have a CPA".  It might mean, "I have an insurance agent", "I have a stock broker", etc. 


Jun 14, 2007 7:53 pm
Dust Bunny:

I compliment them on having a great relationship with their current advisor.  I never diss the current advisor or while on the phone try to throw out doubt about their current relationship.  Even if their advisor sucks eggs, they don't want to admit it....kind of like being in a bad marriage. You don't want to admit you were an idiot.


Suggest that a second opinion or second set of eyes never hurts and that I would be happy to do a free portfolio review and show them how I do business.  Stress that there is no obiligation. You can use a doctor analogy or a car mechanic analogy for the second opinon.


I usually say something to the effect that "I'm not asking for all of your business.  Just give me a part of it and I'll earn the rest."




DB, did you really post this or am I in the middle of a nightmare?

Jun 14, 2007 7:55 pm

Its actually a good objection to hear in my opinion.  It most likely means they are qualified.  It is also a knee-jerk response. 


What I usually say is something along the lines of this:


"Oh that's great!  I wouldn't expect you've gotten where you are financially without an advisor.  You know, from time to time I'll come across an idea that might work well for some of my clients.  Would you be opposed if I kept in touch in case it was an idea you hadn't heard before?"


Progress as you wish, but if you're nice most intelligent people don't mind if you call them occasionally.  Usually by the 2nd or 3rd call along with a couple pieces of mail inbetween they'll remember you and may even come into your office.

Jun 14, 2007 8:02 pm
mooose:

hello everyone,


I am doing alot of cold calling and run into "I already have an advisor" objection-I usually counter with are you happy, what does he do for you, how have your results been-in an attempt to keep the conversation going and to see if I can find a problem I can help solve-but it never goes that smoothly!  What are some good ways to penetrate a current advisor relationship during a cold call?


this should be interesting!  mooose



I know. How do you think I got your name?


I'm glad you said that....do you mind if I ask you a tough question?


Most of the people that I talk to at your brokers firm are making money, hand over fist. When's the last time you thanked him with a referral?


I know people at that firm. Did you happen to get paid on that fraud settlement yet?


I'm sure you're probably pretty happy with those IPO shares, from last week, that everyone's been bragging about.

Jun 14, 2007 10:10 pm
skippy:
bspears:

I find out the name of their current broker and then tell them their in Jail.  It works every time.....Yes Ms Jones, Spiffy is in the slammer. He tried to steal an ATM at the bank, and unfortunately, he was caught.  If you need me to ...I could cancel all my appts today and help with your transfer.  Also, if he tries to contact you..he is probably needing some bail money.


While I like the idea, you could be sued for slander.  All you need is the wrong type of person on the other end of the phone to record your name and phone number (as if they're really interested in meeting you) and give it to their broker to press charges.


It's hard even when you KNOW that people have many complaints on their broker's records.  You must tread carefully.


I'd rather pump-up the competition and then show them what I can do for them, than tear down the competition.


There's more "class" in doing it that way.



Humor Skippy. It's humor.

Jun 14, 2007 10:14 pm

Thanks Faro...I was starting to worry....