The financial services industry has its own language.
You’re not dead, you just aren’t in the picture anymore.
You don’t sign something, you place your name.
(Related: 4 Ways to Create a Sense of Urgency)
You don’t want to deceive anyone, yet some ways of getting your point across are more comfortable than others.
1. Fee based platforms. The investment management industry has been moving from a transactional based model to a fee charged on assets under management. Explaining it’s a fee based platform has no client benefits.
Instead: “It’s pay as you go pricing. If you leave after for four years, three months, two years and one day, you are only paying for the time you were in the program.”
2. Are you an adversary? You are only interested in getting another order. When you use fee based pricing, the client pays the same annual percentage regardless of how many or few transactions take place.
Instead: “We are both on the same side of the table. When you do well, I do well.” (Because the asset base upon which fees are based increases.)
3. When it’s uncomfortable asking for the order. You are approaching a friend for business. They might think you are crossing a line. You think it’s a good move for them.
Instead: “Everyone should have the opportunity to say no. If this isn’t for you, or it isn’t the right time, that’s fine. I didn’t want to make the decision for you by not asking.”
4. Referrals. Its trade jargon. Your friend might hesitate because they know you are hitting them up for business. Try a softer approach.
Instead: “How well do you know (name)? She’s a person I might be able to help.” (Or “a person I would like to meet.”)
5. Closing. You can’t say: “C’mon, are you going to buy or not?” You realize you must read back the order, explaining exactly what they are committing to do as part of the order process.