If I hear, “Go after your natural market” one more time, I will explode.
It’s true. Most advisors and agents are told to talk with friends and family about doing business. You probably find this awkward.
But the New York Times reported in 2013 that the average American knows about 600 people.
Don’t take them off your radar. Many of them are entirely unaware of how much they need more life and disability insurance, and how annuities could help them prepare for retirement. And it’s very difficult to build a business if you focus on what you just won’t do.
This is a little like fly fishing. You cast your line with a lure and hope something happens. If it doesn’t, you reel it in and repeat the process.
You need some “one Liners” for social situations, to act as a lure. You toss it out. If it works, great! You continue the conversation or schedule one for later. If not, you reel your lure back in and either change the conversation or talk with someone else.
Here are five one liners for five different situations.
1. Saving Money
Is your firm owned by a bank? Can you offer mortgage refinancing to clients? Here’s an interesting fact about affluent people: They like to stay that way.
Scenario: You are asked, “How’s business?” You reply, “Now that the Fed has started raising interest rates, I can’t believe we are still lending money at (mortgage rate.)”
Stop talking. If your friend says, “That’s nice” drop the subject. If your friend takes an interest, say, “I think I may be able to save you money. Why don’t we talk on Monday…?”
Why it Works: The Fed has been raising rates. The mortgage refinancing train is leaving the station.
2. Already Have an Advisor
“I already have an advisor “ may be the response that comes out immediately after you answer the question “So, what do you do?”
“I already have an advisor” seems to mean, “Go away. I don’t want to be prospected.”
Scenario: You tell someone what you do and hear, “I already have an advisor.” You say, “I’m sure you are very happy with your advisor. Here’s my card. If anything ever changes, please give me a call.” Then you change the subject.