Distraction-Proof® Advisor Ideas

AdviserBlast – Quick Tips to Accelerate Your Practice
In this issue: Learn the common question you should NEVER ask a prospect – and what to say instead

 Using rigid scripts to direct your chats with prospects has one big problem – they'll flub their lines! Great prospecting requires genuine curiosity, good conversation skills, and confidence. Read on to learn how!

Everywhere you turn, industry experts are claiming that this is a great time to be finding new clients. I couldn't agree more.

Along with this expert claim come many recommended prospecting techniques and suggested exploratory conversation "scripts." With most of these, I couldn't disagree more! While many of them read nicely, they just don't work in the real world. 

The best way to discover potential new clients is to train yourself to be a great conversationalist.

Firstly, avoid the hackneyed "What do you do?" question.

It's a lazy way to get to "know" prospects, and it implies the most significant thing about them is their job, which may be only a small part of the picture you want to learn about. In the current environment, they may not even have a job, and if you lead with this question, the conversation can be over even before it gets started. (To give you an idea of how important I believe it is to NEVER ask this question, I actually call it "The Question of Death!") 

Recently when traveling, I asked a guy next to me in line for the airport shuttle, "So when's the next time you get to do this?" I learned he was returning home to his wife and two children after an annual three day sales conference. I knew he was tired because he told me he never enjoyed attending this conference since, as lead on a sales team from IBM, he was always asked to speak.

On the shuttle I sat a few rows behind him and watched and listened as another traveler sat down beside him. There were lots of empty seats, so I could see the fellow was clearly after something. Sure enough, right on cue, after the "So, is this home for you?" question, out it came: "So, what do you do?" 

The weary IBM executive replied with a dismissive tone, "A lot of stuff." Conversation over. He pulled out his Blackberry, plugged in his headset, and that was that. 

Be better than that when talking with strangers! Let them ask the "What do you do" question, and have a great response prepared. 

Here's a script that works in the real world:

You're at a cocktail party and a stranger asks you: "So what do you do?" 

You:       "I talk people down off ledges." (Now used by several
clients I coach.) "Actually I'm an adviser at _____, and lately clients are bringing in friends that are absolutely scared to death and don't know what to do. They're concerned about what's happening with the economy, when it'll end, don't know the difference between a will and a living trust, and want to know when they can retire."

Them:    "When do you think this mess will end?"

You:       "I have no idea. And if you have an adviser that tells you otherwise, run!" (You put this out to see if they volunteer any information back.) 

You:       (Keeping control of the conversation, you don't get caught up in unproductive market speculation, but keep finding out more about them.) "How often do you attend these kind of things?" (Train yourself to avoid asking questions that can get you a closed "Yes" or "No" response.) 

Them:    However they answer. 

You:       (Pick one of the following:)

"How do you know the host?" (Could uncover business relationship, family background.)

"How long have you been a member of XYZ Association?" (Don't be afraid to ask realistic, assumptive questions. Even if they're not a member of the organization which threw the party, it's a natural question and will allow them to clarify why they are attending the event.) 

Them:    Whatever they answer.  

You:        "Do you live here in the city or nearby?"
(This now opens up options for them to mention where they live. A "We have a place…" response may give a clue about possible family.) 

Them:    Whatever they answer. It will usually contain a nugget you can pick up on to ask about further. 

You:        (Depending on their nugget they provide:)

"When you say "we", is that you and your family?

"How many children do you have?"

"Does your partner work in the city too?"

(Somewhere in this conversation, the person will refer to a location that they commute to, or a partner that they work with, or a previous job they've had – all great points for ongoing conversation questions. 

For instance if they mention a previous job, you can ask if they enjoyed it, or what they liked most about it, or why they left it.) 

This line of questioning keeps you learning more about the person you're speaking with, and you can train yourself to take a genuine interest in other people and their lives, rather than look at them as only a job or an account number. And, people feel you have a genuine interest in them as a person, not just as a means to make some money. 

If you are attending the event to specifically meet people, don't stick talking with only one person, thinking you could strike the mother load at this party. Keep mingling. 

If you want to continue your conversation with this person, say to them:

"You asked me about what I do earlier. I'd love to find out more about your situation, and see if I can help. I don't want to talk business here, so can I send you an email and we can grab a coffee next week, if that works for you."

(The person will usually give you their business card and you can go from there to the next person.) 

In the course of the above conversation, you're going to uncover a lot of personal details about this person and find out things that are important to them. You haven't asked "The Question of Death," and have a lot of information that should help you decide if you wish to pursue this person as a client.

Happy Prospecting!
Paul

 Copyright Paul Kingsman 2009
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Paul Kingsman provides financial services professionals practical tools to achieve consistent, outstanding results. As a motivational speaker and executive coach, he is a sought after expert on how to make your split seconds count. Having won an Olympic medal by only four one-hundredths of a second, Paul knows the importance of keeping focused and now teaches people how to overcome distractions and achieve their own success. His experience as an adviser for Morgan Stanley and Wells Fargo has given him an insider’s understanding of the unique business challenges faced by financial services professionals and an ability to guide his clients in implementing results oriented solutions.

To find out more about how he can help equip you or your team to achieve your own Split Second Success® through his presentations or executive coaching, email him at Paul@PaulKingsman.com

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