I hear it all the time. “I hate asking for referrals”. While I understand the comment I think the real issue is that FAs hate how they feel when they ask for referrals. The basic feeling that most FAs have is fear. The definition of fear is an unpleasant emotion caused by the belief that… Read more »
“I had a discussion with an advisor last week about how to introduce himself to prospects. He would get introduced to someone and they would ask what he did. He would say, “I work at (and name his firm).” Why is that the wrong answer? It’s not about where you work, it’s about what you… Read more »
It is important that you know how to describe your ideal client. Why? There are two reasons: 1. Doesn’t it make sense that you know what you are looking for? If you know what you want you have a better chance of finding it? You could waste a lot of time looking for oranges in… Read more »
Adding an investment to a client’s portfolio is a decision. Removing an investment from a client’s portfolio is a decision. If you have a discretionary account, you review the changes with the client. If you have a non-discretionary account, you must get your client’s permission to execute a buy or a sell. However, doing nothing… Read more »
I have heard it said that the only objection you have no chance of overcoming is an objection you don’t hear. Let me give you two objections you may never hear but could be on the prospective client’s mind: 1. “I have dealt with my FA for a lot of years. I can’t stand the… Read more »
“If you have to stand in a long line to get it, you are probably in the wrong line!” I heard this said when I lived in Texas in the late 1980s. I don’t remember who said it but it is still with me after 25 plus years. Normally, this phrase is attached to investing…. Read more »