Distraction-Proof® Advisor Ideas

Often prospects will express concern about the size of their accounts. Here’s an easy way to navigate that.

It’s not unusual when prospects have that first meeting with you that, at some point, they’ll express concern about the small size of their accounts. They may do that by asking the question, “I suppose you don’t take clients as small as us, right?”

You’ve got to recognize what’s happening behind that question. It’s not so much that they’re looking for a comparative response, regarding them compared to other clients you’re working with. What they’re really trying to clarify is, “I don’t want to feel silly in front of you, the advisor.”

This is a very intimate time, and they’re exposing themselves in a way, for the first time, to you. How you respond is critical.

Firstly, you’ve got to clarify, “I don’t really know exactly all that you have, but know, relative to the way we work with clients, what’s most important isn’t so much the asset size, but it’s the attitude. It’s us setting down a plan that you wish to follow.”

By responding with an answer like that, you get over the balance of the accounts. You can bring that out only if you can see they’re going to be flexible and work with you the way that you work. And, it doesn’t leave them feeling lousy.

People say it as a response out of concern that they don’t want to be seen as small – by you. They’re never going to the know the size of all of the clients you deal with. Most important, they want to know they can be respected by you, the advisor.

So, when they say something like that,

• Respond by clarifying, “I don’t know exactly all that you have, but the way that you seem you want to follow our advice, I really think we could work together.
• TDon’t be quick to flippantly say, “Let’s just wait and see exactly what you have,” or, “No, your assets are going to be perfect for the types of clients we work with.” The asset level, frankly, is irrelevant if they have the right attitude.
• You can clarify how you provide most value to people, and that’s by having them follow your advice exactly how you need it followed, regardless of the asset size.

It’s an easy way to navigate this issue. Practice and get comfortable doing it, and let the words roll next time you have the opportunity.

I look forward to bringing you another Distraction-Proof Advisor Idea next week. I look forward to bringing you another Distraction-Proof Advisor Idea next week.