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By jeff Thorsteinson

When on a call or at a networking function, how often have you heard, "I already have an advisor."? It's bad enough to hear it from an ego perspective. It's worse when you believe this is a qualified prospect. It's tempting to drop prospects cold when things don't work out, but I encourage you to stay on their radar. It can pay dividends. We often assume it's a polite way to say, "Get lost. I am not a prospect." It makes sense: Everyone with money already has an advisor unless they are a DIY investor. Nevertheless, staying on a person's radar when you hear this is a good idea. Let's look at how you can tactfully keep your name top of mind with those who already have another advisor.

The most important reason to stay on a qualified prospect's radar is that life happens. Circumstances change. Let's take a look at a few examples:

1. The advisor may retire earlier than expected

2. The advisor may change firms, like a bank firm

3. You've become concerned about succession planning

4. The advisor may change their fee structure

5. The advisor may change their service process or ideal client profile. You don't fit anymore.

6. The prospect's new spouse may not like the advisor

7. The prospect's new, more complicated situation requires a step up in certification or experience.

8. They may be unhappy with performance or the attention paid to their account

9. Their advisor might be increasingly asking for referrals, and that bugs them

10. The prospect may have been re-assigned to a junior team member

11. There may have been a falling out recently

12. Advisor has become too busy or difficult to reach or book a meeting

For any of the above reasons, you want to be the prospect's next call. So, in the early days of building a relationship with prospects, it's essential to show respect for their current relationship yet plant the seeds for the "better way" you know you have to offer.

The art of effective praise can produce stunning results if executed skillfully. Comment on the prospect's decision to work with an advisor rather than go alone, particularly in challenging markets. With that out of the way, your next comment can begin with "Our approach is somewhat different however...", then launch into one of the following:

1 ASSESS SATISFACTION

"What would you change about your present advisory relationship?"

"Are you completely satisfied with how your advisor handles your investments, debt, insurance, and retirement plan?"

2 PROPOSE "FREE" SECOND OPINION

Offer complimentary, no-obligation second opinion or review. Ask if the prospect "knows what s/he owns" and "why." That will either jog their memory or prompt them to realize how clueless they are about their situation.

3 ADDRESS KEY GOALS & CONCERNS

Retirement, funding kids education, and providing for loved ones. What are their goals? Are they being addressed by their current advisor? Ask, "How are they doing with respect to achieving these goals?"

4 INTRODUCE THE ROLE OF THE FINANCIAL "CFO" OR HEAD COACH TO HANDLE MORE COMPLEX SITUATIONS

If you discover the prospect has multiple advisors, inform them that your team looks at the ENTIRE financial picture. Emphasize your expertise in coordinating and integrating diverse strategies into a comprehensive plan.

5 PROMOTE YOUR PROFESSIONALISM

Be forthright about any credentials. More importantly, demonstrate your disciplined approach and process.

6 BE AN AGENT OF CHANGE

Many prospects will stick to an unsatisfactory, status-quo advisory relationship rather than deal with moving accounts, making changes and adjustments. You may want to discuss that "Many think they will suffer a setback when dissolving an advisory relationship due to liquidating some of their current positions. It would be best if you reassured prospects that "it doesn't have to be that way."

7 SUGGEST ACCOUNT SHARING

If the client is large enough, you may be willing to introduce the idea of sharing. Propose a "test" by transferring a small portion of their account to your practice to determine if working together exclusively has a long-term benefit.

8 YOU ARE WORTHY

If you are convinced that the prospect is pleased with her current advisor, then sometimes the best you can do is to graciously "bow out" with an invitation to call should she ever feel the need for a no-obligation review. As the above list suggests, there are a large number of circumstances leading to dissatisfaction. You never know!

So why shouldn’t you be the person prospects turn to first?

Ask her to put her name on your newsletter list. Express how welcome she is into your practice when she's ready. Or you may want to suggest a fresh set of eyes on her current financial plan and portfolio by offering a second opinion – no cost and no obligation.

9 FOLLOW-UP REGULARLY

Get your "name" in your prospect's mind with regular emails, direct mail, event invitations, and phone calls. Get permission to do so and manage that relationship. Every qualified prospect you meet should be considered "on the continuum of becoming your client." While some prospects are more ready than others, they all represent an opportunity!

Would you like to discuss your prospecting process or prospect communications process? Call Jeff Thorsteinson for a free, no-obligation discussion on how to optimize and build the value of your practice.

Enthusiastically yours,

Grant Hicks and Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

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Advisor Practice management combined clients manage over $8 billion AUM and earn over $80 million annually. 

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Are you confident in identifying with your ideal client profile?

If you want to discuss adapting to a fully client-centric advice model, call Jeff Thorsteinson for a free, no-obligation discussion about creating winning relationships with prospects and clients.

Our Practice Management resources - Comprehensive Practice Management checklist

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We are here to serve your practice, let’s talk

Jeff Thorsteinson

www.advisorpracticemanagement.com

For elite practice management resources to manage and grow your business 

Tel 778-628-3165 

Email jeffthorsteinson@hotmail.com

To book a NO obligation appointment with me to discuss practice management or coaching click the following link  https://calendly.com/jeffthorsteinson/30-minute-q-a-explore-apm and let’s talk. Get a copy of our “ 21 page comprehensive practice management checklist”   

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Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting Jeff at  jeffthorsteinson@hotmail.com regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Jeff Thorsteinson and Advisor Practice Management's combined financial advisor clients manage over 8 billion AUM, and earn over $80 million dollars combined! 

Enthusiastically yours,

Jeff Thorsteinson
Advisor Practice Management
www.advisorpracticemanagement.com

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off? 

STATEMENT OF CONFIDENTIALITY The information contained in this email message and any attachments may be confidential and is intended for the use of the addressee(s) only. If you are not an intended recipient, please: (1) notify me immediately by replying to this message; (2) do not use, disseminate, distribute or reproduce any part of the message or any attachment; and (3) destroy all copies of this message and any attachments.

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Grant Hicks,

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Grant Hicks
Advisor Practice Management
http://advisorpracticemanagement.com