You should have no agenda. “No agenda” is difficult for many advisors to grasp. If you really have no agenda, your goal is not to convert the prospect into a client. How can that be? Let me explain.
Here’s my recommended response to the question, “How are you different?”
Before every talk, I ask participants to send me their most pressing concerns. At, or near, the top of every list is “justifying fees.” That concern will grow as technology invades every aspect of the advisory industry. But you have a secret weapon that few advisors will use effectively to respond to this challenge.
What’s the most difficult question you get asked by prospects? Most advisors say it is how to justify fees and value. The problem is that very few advisors know the right way to answer this.
I meet hundreds of advisors every year. The extremes fall into two categories: supremely self-confident and supremely reticent. Self-confident advisors are typically extroverts. Reticent ones are often introverts. Which personality type is more likely to be a successful advisor?
I don’t know how I missed this referral opportunity for so long.
Advisors should focus on establishing trust with potential clients, but what happens when all that person wants to do is talk about risk?
Despite the anxiety and cost they inflict, dentists have mastered the skills that allow them to persuade patients they will have pleasant and positive outcomes. Advisors can learn from them.
If you lapse into a lecture about the overwhelming evidence supporting passive investments, remember you might as well be showing the prospect an article about bird feeding.
While the trend is toward passive investing, it’s still common to face resistance from prospects who believe they can “beat the market,” often with the guidance of their broker. The use of “labeling” may overcome this objection.