San Diego: “I travel in affluent circles, many of my good friends are affluent, but I’ve never asked any of them for their business,” mused Jane prior to a role play exercise during our Rainmaker Retreat, and then expressing her true fear, “I don’t want to ruin any of these relationships by coming across as a sales person.”
Can you relate to Jane? Her fear is a common refrain we hear, especially from veteran financial advisors.
Many financial advisors have been successful with their earnings over the years to the extent that they are able to travel in affluent circles. They’re members of the same country clubs, they socialize together, go on trips, sit on the same boards, and frequently support the same charitable organizations.
They have relationships within affluent COIs, but something is wrong. They haven’t been able to “crack-the-code” and transform these healthy affluent relationships into business relationships.
Our 2013 affluent research is clear; approximately 8 of 10 affluent investors are open to doing business with a financial advisor who is a friend.
I know, I know – you don’t want to ruin these relationships you worked hard to develop and now enjoy. I get it and don’t blame you. However, the hard reality is that if you use the phrase I’m about to share with you and damage the relationship – you never really had a relationship. Here it is, you might want to read it aloud…
“Let me put my professional cap on for a moment and ask you a question.”
Gulp! Oh my goodness, use this phrase and you’ve just taken a huge step outside of your comfort zone. Right? This is a good thing. With this one simple phrase, you’ve indicated to your friend that you’re seguing into a business question. You are not ambushing your affluent friend!
The power of this phrase is that it virtually guarantees a “Yes” response. It also tells your affluent friend that you’re temporarily stepping out of the social mode into a business discussion and broadening the relationship. The other beautiful aspect of this simple phrase is that you can easily take your professional hat off and shift back into social mode.
I’d love to hear what has worked for you in turning affluent friends into clients – let me know.
The Oechsli Institute  does ongoing research and coaching  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  for a complimentary consultation.