Ever get the "inexperience" objection when talking with prospects? A field from your previous company might say: "Boris, you were a great mechanical engineer, but what do you know about investing? You've only been there a year!" Blunt people with no social skills might even say: "Practice on other people's money. After a year, if you are still around, let's talk." Ouch. What do you do?
1. Clarify your role. Why are they so worried about on-the-job experience? Because they think you are a stock picker. People in the industry are thought to be stockbrokers. That was true years ago. Today, you are using managed money, index funds, ETFs and mutual funds. It's unlikely you are picking stocks.
Strategy: Explain your role as a relationship manager. Explain your process and the use of professional money managers. You are on the same side of the table. They should be able to align the relationship manager role with your previous work experience.
2. Sell the team. If you are new, you are likely on an advisor team. The team probably has a brochure and website. Talk about the combined experience of the team and their specific skills.
Strategy: Sell the team. Explain they are becoming a client of a team within the firm, of which you are a part.
3. Sell the firm. Many people do business with a big firm because of its longevity and reputation. If something goes wrong, they also think the firm has deep pockets. You might be handling the relationship, but they identify themselves as clients of the firm.
Strategy: Talk about the firm. Mention assets under management, longevity and awards won. Include categories where your firm is No. 1 in the ranking tables. As their advisor, you will bring the resources of the firm into their living room.
4. Talk about professional certifications. You hold certain licenses. You may have earned a certified financial planner designation or another professional certification. You don't just join the firm and start looking for clients. You must finish a certain level of training before you are licensed. This is measured in months, yet the training continues for years.
Strategy: Explain your qualifications. You have earned credentials. If your prospect is an attorney, lawyer, CPA or one of many other professions, they get it.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "
