Don’t Read This Article – You Might Not Qualify

Don’t Read This Article – You Might Not Qualify

Chicago:  “What do you mean that we’ll be able to acquire more affluent clients by turning them away?” asked Robert in an incredulous tone.

First off, Robert wasn’t really listening.  I didn’t say turn affluent clients away, I said the affluent will generally do the opposite of what they think you, the financial advisor / salesman, is attempting to convince them to do.  Quite simply, you’re still reading this piece, which is the opposite of what the headline instructed.

Reverse psychology has always been a powerful force.

If you tell your child not to look in the closet, the closet is first on the list for inspection.  If a manager encourages an advisor to move his business to the firm that’s been recruiting him, he’s more likely to stay put. 

When it comes to acquiring affluent clients, a subtle dose of reverse psychology will help accelerate your success.  You and your affluent prospect are sitting at a conference table, you’ve taken the time to review their family’s affairs, prepared a proposal, know you can help, and would love to have them as a client.

What would most advisors do?  Attempt to convince them why they should become a client.  Instead, start the meeting with a dose of reverse psychology.  Here’s how to subtly frame your meeting and clinch the relationship.

  • Point out that you’ve thoroughly reviewed their family’s financial affairs, but you have two requirements before moving forward.
  • First - you must be confident that you can be of assistanceto their family’s financial affairs and after a thorough review of their affairs, you’re confident you can be of assistance in a number of areas.
  • Second - there has to be a good fit.  You have to feel comfortable working with  their family, and they need to feel the same level of comfort working with you.

As basic as this appears, it’s classic reverse psychology.  You’ve essentially informed your affluent prospect that you aren’t going to convince them to hire you as their financial advisor.  In fact, you’ve subtly told them that they might not meet your standards – they might not qualify.

In effect, you’ve told them “Go ahead and check me.”  It’s that “don’t look in the closet moment” – just like children, your affluent prospects are likely to do the opposite.

Did you read this?  Let me know your thoughts.

The Oechsli Institute [5] does ongoing research and coaching [6] for nearly every major financial services firm in the US. To take the first step towards coaching with The Oechsli Institute, complete the pre-coaching business profile [7] for a complimentary consultation.