When Your Prospect Says, 'I Have No Money'

5. Use automatic debits.

If prospects hear they need to mail in a check or make a payment every month, they might lose interest. Tell them when carriers allow for automatic debits to their checking account. Their car payment might be billed that way, so it's a familiar concept. Even public television promotes automatic monthly contributions during their fund drive. Unlike PBS, your debit would be to their checking account, not a credit card.

6. College savings accounts.

This is another smaller account that could grow pretty big, pretty fast. You suggest the idea to your client with a young child. They know the importance of education. Relatives often give checks for young children at the holidays. Now there's a place that money can go! Aunts and uncles are likely to give more when they know the money is "ring fenced" for certain purposes only.

Here's another great advantage: Some older relatives might pledge to "help with the child's college education." This can turn from a verbal promise into an actual commitment if there's a restricted place that money can go now.

7. Create a fan.

Your client is likely younger, getting started in their first real job. Give them great service, even if their account is small. They have parents and grandparents. Those older relatives might have more money. Now you have an "agent on the inside" who tells your story. You might pick up the older family members as clients.

8. Access to someone bigger.

Imagine you are a younger agent or adviser. You have a friend who is the daughter of a celebrity. You met her in that exclusive private school before you both graduated. She has little money, but you invite her to be a client. You give her great service. Her parents, ever protective, want to know how she is spending her money. She tells them about you. They want to meet you. They are impressed. You can see where this is going.

9. The influencer.

There are people who might not have money yet are wired into high society. They know everyone and are well-liked. People who raise money for major nonprofits and colleges fit into this category.

You take one on as a client. You give them great service. They "talk you up." They have a way of listening carefully and identifying needs. When it involves insurance, they bring up your name. You are a fellow donor, of course.

10. They will be a big earner someday.

Your friend is in medical school. They have years of studying and residence ahead of them, but one day they will be a high-earning doctor. You start a relationship early and keep it going over the years. Eventually they will reach their full earning potential and may become a big client.

So, clearly, there are many reasons it makes sense to take on smaller clients.