10 Useful Phrases to Try Out at Your Next Social Event

2. “They are a fine firm.”

The other person recovers and says: “You are right. I do have an advisor at (other firm).

Try this: “Good choice. They are a fine firm. How long have you been with them?”

Why it works: People who are meeting an advisor for the first time are expecting a sales pitch. What sales pitch? They are the person doing most of the talking.

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3. “What do you like best about your advisor?”

They have mentioned how long they have worked together. If it has been a while, they must have formed an opinion about the quality of the relationship.

Try this: “What do you like best about them? Would you recommend them?”

Why it works: If they cannot think of anything good to say about their current advisor, you might politely ask: “Why do you stay with them?” They might say, “I have never met my advisor. I had a good guy, but he left the business and I was reassigned.”

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4. “I’m glad you’re happy with them.”

They have a great relationship with their advisor. They relate one of two stories about how their advisor went above and beyond for them. Do not try to poach this client! That good advisor has earned this client! Remember the Golden Rule and treat others the way you would want to be treated.

Try this: “I am glad you are very happy with your advisor. It sounds like you have a great relationship. Here’s my card. Please give me a call if anything ever changes.” Change the subject.

Why it works: You were respectful. You respected both the firm and the current relationship. This strategy works because situations change. Suppose their great advisor is promoted to a managerial position, heading up the entire Hawaii operation. They will need another advisor.

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5. “Is there anything you wish was different?”

They say they like their advisor, but there’s no enthusiasm. Maybe they are simply being polite. You can tell there is something missing. The answer might sound like: “I guess she is OK.”

Try this: “In what areas do you think there might be room for improvement?” Stop talking.

Why it works: When a person tells you what’s missing, they are letting you know what they want. You could summarize by saying; “In the ideal relationship, you would want an advisor who did X and Y…” Listen to see if they agree.

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6. “This isn’t the first time I’ve heard this problem.”

Now you meet another person. They are talkative. They hear you are a financial advisor. Perhaps they overheard you talking or saw the logo on your tie or polo shirt. They start talking about this problem that has developed within their investment portfolio. Maybe they brought up a financial question that involves money but has nothing to do with investing.

Try this: “It’s not the first time I have heard about this problem.” It’s true. You come across it often. You recap the major points, which demonstrates you have been listening.

Why it works: Consider high blood pressure. Your doctor told you that you’ve got it. You feel guilty. You must be doing something wrong. But according to the CDC, 47% of Americans have the same problem. Suddenly, you are one of many. There must be a solution.

You mentioned you have seen this financial problem before. The unspoken message is if you have helped others, maybe you can help them too.

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7. “Let me make this easy for you.”

This person is thrilled you might have a solution to their problem. They want to talk with you about it right now. You are in a crowded room. It might be a wedding reception. You need to let him know you want to help, but not right at this moment.

Try this: “Let me make this easy for you. I want to help if I can. Let us meet on Monday morning…” You need more information, but this is neither the time nor the place. This stuff is confidential and you’re in a crowd.

Why it works: Who would not want “something made easy”? Who prefers the difficult alternative?

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8. “That’s only part of what I do.”

Another guy walks up to you. OK, so he is weaving a bit. “You’re the stockbroker,” he says. “Am I right?” He has an investment-type question he wants to ask. He might have added, “But I’m not looking for a broker because I do all my own investing.”

Try this: “Stockbroker. That’s part of what I do.” Here’s an alternative: “That’s what I used to do before I joined (firm). Now I do additional things too.” You draw him out about his question.

Why it works: The person is narrowly defining you as an order taker. They choose their own investments, so they don’t need an order taker. (They are still looking for free advice.) You are explaining placing orders is only a small part of your range of services, and you help clients in a number of other ways.

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9. “Who do you know that uses professional money management and is dissatisfied with the relationship?”

You have run into a current client at the event. They have has a little too much to drink and start telling you: “I know you asked me who I think you might be able to help, but I thought and thought and I can’t think of anybody.” You think: “I am glad they took my request for referrals so seriously, but this is an awkward place for them to be talking about it!”

Try this instead: “Who do you know that uses professional money management and is dissatisfied with the relationship?” The stock market has stopped going up. It’s been going down. People complain when they lose money. They complain to their friends. They blame their advisor, who they thought had a crystal ball.

Why this works: The more specific the referral request, the easier it is to think up names. You have asked, “Who is a complainer?” They might walk you over to someone in the room.

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10. “I want to work for you.”

You are leaving the party and see a recent prospect. It’s just you and this other couple. They say they liked your proposal and have been meaning to get back to you. This is the wrong place to talk, but you arrange to meet up with them the next morning for coffee.

Try this: They brought your proposal with them. They had questions. You have answers. The table goes silent. You say: “I want to work for you. I need the go-ahead from you.” You stop talking.

Why it works: You have gone for the close. These two short sentences used “you” twice. This communicates “it’s all about you.” It’s a closed-ended question. “No” is the uncomfortable answer. Hopefully they say “Yes.” Next, you review exactly what you will be doing (reading back the order) and arrange for payment and paperwork completion.

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