7 Things to Say When Your Prospect Already Has an Advisor

Slideshow October 09, 2023 at 12:06 PM Share & Print

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You might be chatting on the commuter train with a friend, talking with someone over drinks or have been introduced to a person who said: “I already have an advisor.”

They see the role as standardized. They have one barber. One auto mechanic. One accountant. They don’t see the need for more.

You are tempted to say: “But they aren’t as good as me. Ditch them. You are moving into the big leagues now.”

Obviously, this is not a productive answer! Instead, prompt them to open up about what they’re not getting from their current advisor. In the gallery are some phrases successful advisors in the field use to draw these prospects out.

Bryce Sanders

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1. What do you like best about your advisor?

You might follow with: “Would you recommend them?” You are drawing them out. If they are genuinely happy, congratulate them on having a good relationship.

Objective: They have an advisor, but are they happy with the relationship? This might not be the best fit.

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2. Where do you see room for improvement?

You are talking with someone about their current advisor. They aren’t enthusiastic and cannot seem to think of many virtues. The answer to this question tells you what they aren’t getting.

Objective: Once they have told you what is lacking, you might state: “So, in the ideal relationship you would want (this) and (that).”

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3. They are probably doing the best they can.

Some client situations are different than others. Some require specialized knowledge or more frequent attention. Other situations bring the advisor into uncharted territory. The advisor might not know much about options strategies. This expression acknowledges they aren’t getting the job done without being harsh.

Objective: You are establishing there seem to be limits to the current advisor’s expertise. There are better solutions out there. Your knowledge and experience are deeper.

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4. I can’t believe we are still lending money at (percentage).

The Federal Reserve has been raising interest rates since March 2022. Good news for savers, bad for borrowers.

Someone has asked “How’s business?” You started by saying: “With all the interest rate increases we have seen” and then add the statement above. Stop talking. (The rate you quoted was your lowest fixed-rate mortgage for someone with perfect credit.)

Objective: Assuming the other person doesn’t ignore your reply, they might ask: “Is that rate for a mortgage or borrowing on credit cards?” This provides the opportunity to set up a meeting at your office or theirs.

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5. I may be able to save you money.

Regardless if the person is wealthy or not, everyone wants to save money. This might follow the lending conversation above. People may not be interested in buying a product from you. They are interested in saving money.

Objective: You are getting their attention by positioning a benefit, saving them money.

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6. Is your advisor more interested in who you know than in knowing you?

This comment is edgy, but creates a need by tying into two trends. The first is asset based pricing, meaning clients might not be called as much when revenue isn’t directly tied to doing trades. The second trend is asking for referrals. We are familiar with the “Who do you know” approach.

Objective: You are trying to learn if the competitor’s client is suffering from inattention which constantly being asked for referrals.

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7. Successful people have multiple advisory relationships.

You met someone. They said: “I already work with a financial advisor.” They have the mindset “one is enough.” This ties into the logic they have one barber and one auto mechanic. How many doctors do they have? You follow the “Successful people” comment with: “You are obviously successful. How many advisors do you have?

Objective: People identify with the word successful. You have set up an If/Then situation: If you are successful, then you work with more than one advisor. It creates the need to add a second advisor.

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