I'm happy with my broker
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When people tell you they “have a broker” or are “all set”, they are either (a) telling the truth, they do have a good advisor, and you probably have no shot…ever, or (b) this is the easiest way to get you off their doorstep/phone. So sort of turn the conversation on it’s side, and don’t try to pursuade someone that is TRULY please with their advisor. But try to ferret out whether they ARE truly happy, or are just trying to get rid of you.
So they say "I already have a broker I am happy with". You say (with a smile) "Oh, that's great, do you mind me asking who they are with?" If he knows the firm and his broker's name right away, those are two strikes against you. Might seem benign, but most people that don't have a "real" advisor relationship don't know their name (and some don't even know the firm). If they stumble on the name or firm, that is a good signal that they are just trying to get rid of you. That's when you want to at least plant some seeds of doubt in their mind.I like to use a little bit of humor. When some one says, I already have a Financial Advisor.
I say great, I am not asking you to leave them. You know that unlike a spouse you can have more then one Financial Advisor at a time. What I am asking for is for 15 minutes of your time so I can show you what I can do for you.
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[quote=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?
[/quote] I've actually used a variation of this with some of those prospects that I'm pretty sure I'm not going have a shot with. It's actually worked a couple of times. One of those prospects is now my biggest client. I figure that by the time you get to this point you've got nothing to lose. Take a shot.An old EJ regional leader used this one:
Advisor: "Do you thing George Bush was a good president"? Client: "Yes" Advisor: "Well the reason was he had many good advisors?" Same Question Client: "No" Advisor: "Well, the reason was he had too many advisors"[quote=Mr.Blonde]An old EJ regional leader used this one:
Advisor: "Do you thing George Bush was a good president"? Client: "Yes" Advisor: "Well the reason was he had many good advisors?" Same Question Client: "No" Advisor: "Well, the reason was he had too many advisors"[/quote] I'm thinking there would be a lot of No's on this one. Forgive me, but I'm not sure how saying that was because of too many advisors would be a positive when the goal is to get them to add another. (me) Could you elaborate?[quote=MsBroker][quote=Mr.Blonde]An old EJ regional leader used this one:
Advisor: "Do you thing George Bush was a good president"? Client: "Yes" Advisor: "Well the reason was he had many good advisors?" Same Question Client: "No" Advisor: "Well, the reason was he had too many advisors"[/quote] I'm thinking there would be a lot of No's on this one. Forgive me, but I'm not sure how saying that was because of too many advisors would be a positive when the goal is to get them to add another. (me) Could you elaborate? [/quote] If I were to use such a line (too many advisors), I'd need to be in a position to get all the advisors to be on the SAME PAGE with each other. Through that process, the client would want to make the logical conclusion that I would be their best advisor, because I'd be their CHIEF advisor - coordinating the efforts of all the other advisors the client has. Unless you can communicate and execute that kind of value, I wouldn't do that. You'd just be saying "add me" to your list.[quote=B24]When people tell you they “have a broker” or are “all set”, they are either (a) telling the truth, they do have a good advisor, and you probably have no shot…ever, or (b) this is the easiest way to get you off their doorstep/phone. So sort of turn the conversation on it’s side, and don’t try to pursuade someone that is TRULY please with their advisor. But try to ferret out whether they ARE truly happy, or are just trying to get rid of you.
So they say "I already have a broker I am happy with". You say (with a smile) "Oh, that's great, do you mind me asking who they are with?" If he knows the firm and his broker's name right away, those are two strikes against you. Might seem benign, but most people that don't have a "real" advisor relationship don't know their name (and some don't even know the firm). If they stumble on the name or firm, that is a good signal that they are just trying to get rid of you. That's when you want to at least plant some seeds of doubt in their mind. [/quote] Agreed, most people just say they have an advisor to get you off the phone or doorstep(for you EDJers). Some of the answers people come up with are just stupid when you ask what firm and advisor: "umm They are in "name your major metro area close to you"" "a team " Or when you ask for the name of the firm and advisor, and they tell you the name of the firm but ask you why about the name of the advisor, i mention i have friends who work at that firm. Or if they come up with a name, and you ask if it is the office in the nearest location, and they kind of sound confused. My favorite is when they shout out a firm that has changed names (AG Edwards, Wachovia, or some othe defunct firm) If they say they have an advisor I say " I always ask my clients every three months at our review the following questions.. 1. Are you happy with the service you are getting 2. Are you ok with the risk you are taking to achieve your plan 3 Are you happy with your investment performance. If the answer to all 3 is yes then you should stay with your advisor, but if the answer to any of them is no you should look at other options."Hah hah! I like that.I know you have an advisor. How do you think I got your number?
“I’m not here to detract from your current relationships, but am here to create new ones”
“That’s great, I’m pleased to see you value professional advice, when I come across opportunities which would compliment your current investments I would appreciate the opportunity to keep you informed”
“I rule, buy my stuff!”
prospect-"I already have an advisor"
advisor- "Thats what I would expect. What I wouldn't expect is for you to hire me today, however I am asking for the opportunity to earn some of your business" Then tell them what you will do and do it![quote=DeBolt]
prospect-"I already have an advisor"
advisor- "Thats what I would expect. What I wouldn't expect is for you to hire me today, however I am asking for the opportunity to earn some of your business" Then tell them what you will do and do it! [/quote] Why are you begging for crumbs? Why wouldn't you expect someone to hire you today? Gotta work on your positioning, because that one stinks. "I understand that you already have an advisor. Still, if I may ask you a few questions, we can determine if my services would be valuable to you and your family?" Why not qualify them first before begging for a scrap?You’re right. But (IMO) even Jones guys need to give their prospects a reason to listen to them and take their calls at a later time.
Good points but, It was more for the new Jones guys on the front porch just starting out. Besides I am sure no matter how I worded it someone would critique it.
Didn't you quit Jones 4 weeks into the process .. and now have less than 1 year of experience? Pardon me if I'm mistaken.
[quote=voltmoie] [quote=DeBolt]
Good points but, It was more for the new Jones guys on the front porch just starting out. Besides I am sure no matter how I worded it someone would critique it.[/quote]Didn't you quit Jones 4 weeks into the process .. and now have less than 1 year of experience? Pardon me if I'm mistaken.[/quote] - Now this is a smart man !!
That's pretty close to it. Started around July in 08. I actually resigned when they were scheduling my PDP travel arrangements. Didn't you ask me how I did it with out worrying about that pesky contract? I was unhappy and so I left. I am somewhere else now and just got my head above water enough to get back here. I am glad I did because of the post Gaddock made in the General section.
I will not blame Jones though because they gave me a shot and I thank them for it. I sucked there and now I am somewhere else. So far it is going very well. I was not trying to provide advice specifically to you as you are doing quite well it seems. But I do know how difficult it was those first couple months on the porch.“Are you 100% happy with the financial advise you’ve received over the last few years”?
“Thats ok, my wife had a boyfriend when i met her”
I actually used that once, about 5 years ago. I got a laugh out of it, and it broke the ice. The guy has over a million with me now. But i never had the balls to use it again.[quote=Sportsfreakbob]“Thats ok, my wife had a boyfriend when i met her”
I actually used that once, about 5 years ago. I got a laugh out of it, and it broke the ice. The guy has over a million with me now. But i never had the balls to use it again.[/quote]