Practice Management Building Your Business Prospect Clients

8 Situations Where the Right Words Can Win Over a Client

by Bryce Sanders
Best Practices August 24, 2023 at 11:22 AM

It's been said everyone loves scripts. It certainly works for Shakespearean actors. Some advisors consider scripts as similar to spells from the Harry Potter films.

1. Introductory Social Conversations

You are networking your way into the high-net-worth community. "What do you do?" is a question you encounter frequently. If you reply, "I am a financial advisor" they have often got the words "I already have an advisor" out before you finished speaking! You want to keep control of the conversation and avoid this pre-rejection.

Try these lines:

  • "You probably work with a financial advisor already." When I would add the expression "You probably work…" there is often a pause. They are thinking, "Wait a minute! That's my line!" Instead, they say, "Yes I do" you can ask them questions about the quality of the relationship.
  • "I am sure you are happy with your current advisor. Here's my card." You do not want to get pushy, but don't want to walk away, either. You offer your card, using the expression above, followed by "Please give me a call if anything changes."
  • "When was the last time you heard from your advisor?" This is a good question for volatile markets. It's another way of saying "Are you getting any attention?" When they answer, you can tell them how often you try to be in touch with every relationship. You are setting a standard.
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2. When Following Up

You are working with a prospect who said, "Let me think about it." You are not sitting by the phone waiting for them to call. They are busy and have many other things on their mind. So you will need to call them. It's important to have new information to impart as the official reason for your call.

Try these lines:

  • "Persistence is a virtue." This was one of my personal favorites as an advisor. The expression often gets a laugh or agreement. If they worked in sales, they wished their salespeople were persistent.
  • "The last time we spoke was…" Frequency of contact denotes good service. If you reference the last call, perhaps including something you said (as a reminder), then move into the purpose for this call, it establishes a chain of contacts, reminding the client you have been keeping in touch.
Credit: Adobe Stock

3. Creating a Need to Have an Advisor

When the stock market does well, some people think investing is easy. They do not see the value the advisor brings to the relationship. There are questions you can ask or things you can say that will help them understand that investing is much more complicated than they realize. They might only own a couple of highly concentrated positions, or they might not understand the level of risk that comes with their returns.

Try these lines:

  • "Are you confident you will achieve your retirement goals? How confident?" This positions the Monte Carlo analysis tools, specifically in the retirement sphere. You can do an analysis of what they own, how much they add every year and what desired lifestyle they have for retirement. You can let them know the percentage probability they will reach their goal.
  • "How have you done in the stock market? Do you know how much risk you took to achieve that return?" The person opposite you at a party is happy because they are making money. How does their return compare to the indexes? Do they know how much risk they too?
Credit: Adobe Stock

4. Discussing Pricing and Fees

Pricing in the financial services industry can come across as opaque. Front-end loads and surrender charges still exist on some products. People are afraid of making the wrong choices and having it cost them. This topic is going to come up. If it does not, you should bring it up.

Try these lines:

  • "We use pay-as-you-go pricing." One of the advantages of asset-based pricing is you only pay while you are using the service. People should be comfortable with that approach.
  • "I work with a range of clients." People still ask, "What's your minimum?" This is exclusionary and suggests you are either in or out. No one wants to hear "You are too small." Giving a range of client account levels followed by an average helps them see where they fit!
Credit: Adobe Stock

5. Establishing Communication Preferences

We can get information through multiple channels. Years ago, the phone call was the default option. There might be a rare client who preferred letters. Today, clients have multiple options. Some people ignore their landline because of scammer calls, if they haven't ditched the landline entirely. Other people text instead of calling. If you need to get your client's attention, what should you do?

Try these lines:

  • For a new client: "What is the best way to keep in touch with you?" It's another way of asking, "What is your preferred channel of communication?"
  • As a new social connection: "I would like to keep in touch. How do I do that?" The event is over, and you caught up with an interesting person in the coat check line. You use the above expression and stop talking. They volunteer contact information, or they don't. If they do, you can respond with your card.
Credit: Shutterstock

6. Differentiating Yourself From the Competition

Many people call themselves financial advisors. Many explain they work with high-net-worth individuals. How can you stand apart from the crowd? You might highlight the access your firm has to specialists, or the personal touch that you bring to the relationship.

Try these lines:

  • "I can bring the resources of the firm into your living room." Wealthy clients have many needs. People often think of advisors as singular individuals who help in one area like investments, but you have access to a team of specialists that you can draw upon.
  • "I will handle your account personally." When a prospect is cultivated, it is often the head of the team that takes point, which might feel like a bait and switch. If you are a sole practitioner, there is no team! This can be positioned as an advantage.
  • "Our team has 50 years of collective experience." If your team has a couple of established advisors and a few newer ones, add up the collective years of experience and present it as a benefit. You are no longer "the new guy."
  • "If you become my client, you will get a report card." I would follow that statement with, "If I am doing a lousy job, you should be able to fire me." It shows you are accountable, and stand behind your recommendations.
Credit: Shutterstock

7. The Trial Close

You are presenting your recommendations in proposal format. How can you tell if the prospect is following along or distracted?

Try this line:

  • "Does that make sense to you?" This is the trial close my advisor uses. It serves to confirm the client is keeping up and not getting lost in your proposal. It's a closed-ended question, requiring a yes or no answer. A string of yesses is (hopefully) rarely followed by a no, which works in your favor as you stop presenting and start closing.
Credit: Adobe Stock

8. When You Need to Resolve an Issue

Sometimes problems develop between the advisor and the client. They are upset. Clients often vote with their feet. You do not want to lose the relationship. You have set up a meeting with them on neutral ground, giving them the opportunity to vent. You were not argumentative but made your points.

Try this line:

  • "How can we continue to move forward?" This expression cuts to the chase. If you made the effort to hear them out, it is difficult for them to say, "No, we can't move forward."
Credit: Adobe Stock

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