How Can Another Firm's Dissatisfied Client Become My Client?

They should either agree or disagree. If they agree, congratulate them on having a good advisor. Suppose they say: "I don't have an advisor. I invested on my own" or "Not a chance. My advisor never calls. I don't even know their name. I never met them." Now there's opportunity. Since you are at the barber shop holding a deli-style ticket with "40" on it and they are cutting head #3, it's likely you are in a crowd of nosy people. You might glance around say: "This isn't the place for this conversation. Let's exchange contact information. I'll call you this afternoon."

Strategy No. 2: Establish a Standard

It's not time to get your hair cut yet. Everything is still closed. You are working from home. You are also having fun, enjoying quarantinis with friends in virtual cocktail sessions. It's a 1:1 session. Your friend starts complaining about the market or their advisor.

You acknowledge it's a difficult time. "We're all in the same boat." Right now, one of the best ways an advisor shows their value is through communication. "In this difficult market, we have been trying to do YTD performance reviews with each client. It may not be a pretty picture, but people need to know where they stand. When was the last time you and your advisor reviewed your performance?"

This gets them talking. You can also bring up an unexpected positive. They might be afraid to open their statement, because a 15% drop in the market gets them thinking they are down 15% overall. If they are 50% stock and 50% fixed income and cash, they are probably in a better position than they think.

Strategy No. 3: You Take the Initiative

You are having regular discussions with your clients. You are finding bright spots to talk about. You are sharing what your firm's research people are saying. Your client feels you are "on the ball." They are anxious about the market and the economy. You have made them feel better.

You ask: "Who else do you know that's anxious about the market and the economy? I will gladly talk with them if they are interested." Your client likely feels you've done something good for them. You have taken away some of the pain. They know people who are in "pain." Connecting you would be a favor to that friend, in their eyes.

There's lots of things that are outside of your control. Frequent contact and sharing information are things you can do. Not everyone is doing it. This can help you get more clients.