7 Reasons Friends Want to Do Business With You

By Bryce Sanders

Slideshow August 01, 2022 at 07:24 AM Share & Print

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Related: 10 Reasons Your Friends Aren’t Doing Business With You

Everyone should have the opportunity to say no. Do not make the decision for them by not asking them to do business.

That makes sense, yet there are people who build a wall between their business and personal lives.

From time to time a client might cross the barrier and become a friend, yet these agents and advisors do not approach their friends and ask them for business.

Many friends would want to do business with you! In the gallery above are seven reasons why.

Bryce Sanders

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1. They trust you.

You have history.

If you borrowed that neighbor’s tools, you returned them in the same or better condition.

Maybe you served in the military together.

They have played golf with you and know you are ethical.

Why this helps: When a new client connects with an agent or advisor, it takes time for them to be convinced that person has the client’s best interests in mind.

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2. Understanding.

One of the people I interviewed for my book, “Captivating the Wealthy Investor,” made the point: “You understand the tapestry of their life.”

The financial planning process gathers data through straightforward questions.

As a close friend, you understand the strength of a client’s marriage.

You know if they are pleased or disappointed in their children.

Why this helps: It takes a long time for a client to open up to their new advisor.

They opened up to you a long time ago. You “get” them.

(Image: Shutterstock)

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3. Personal attention.

Your friends know you have clients with more money than them. They feel these folks get plenty of attention.

They feel as friends, they will get honorary “best client” status and get the same level of attention

Why this helps: A client would never call their new advisor on a Friday night with a question about their account.

A friend would not only call, they would walk across the street and ring the other friend’s doorbell if something was on their mind.

Friends feel personal time and space is defined differently vs. a strictly professional relationship.

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4. Known quantity.

When a prospect walks through your office door and asks, “Can I speak with someone,” they are directed to the agent of the day or the advisor on duty.

At that point, they are an unknown quantity.

Are they the top agent with lots of experience and professional certifications or are they a poor performer with one foot out the door? It takes time for the prospect to “size up” the agent.

Why this helps: Your friends have known you for years.

They know about your education and experience.

Through anonymous stories you shared, they know how you help people.

(Image: Adobe Stock)

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5. Unbiased, objective advice.

There are plenty of people who don’t want to share bad news. They understate or minimize problems. They tell you what you want to hear.

Suppose a client wanted to buy an investment that was clearly unsuitable.

The advisor might mention some pros and cons, then say: “It’s your money. You can do what you like.”

Why this helps: A friend would be more blunt and straight talking.

“Personally, I would never do that with my own money.

There’s this (problem) and that (problem.) Where did you get this idea?” They would place the order, but want you going in with your eyes open.

People want that kind of advice.

(Image: Adobe Stock)

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6. Referrals.

The friend might have been hearing stories about your advice and great service from third parties, specifically other mutual friends who are your clients.

You are bound by confidentiality. Your clients are not.

They can talk about you as much as they want.

Why this helps: That friend might be completely prepared to move their business to you because of all the feedback they have gotten beforehand.

This is feedback you never knew about.

(Image: Shutterstock)

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7. They like you.

People do business with other people they like. It’s as simple as that.

You need to be qualified, of course, but personal compatibility counts for a lot.

Why this helps: Your friends like you.

Friends prefer to do business with other friends they like and trust. You have these factors working for you in the background.

Some might be happening with you being aware of those conversations.

Shouldn’t you give everyone you know and care about the opportunity to do business? Ask them.

(Image: Adobe Stock)

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