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I never knew there were so many ways to turn prospects off. Whenever I think I’ve seen them all, I learn a new one.
It’s been challenging to limit this list to five surefire ways to fail to convert a prospect, but these suggestions will be a good start. Here they are, in reverse order of how frequently I see them.
5. Hold the typical event
You’re familiar with the typical advisor event. It’s billed as educational, but it’s really a thinly disguised pitch for business.
Members of your firm use introductions of speakers as an excuse to extoll the benefit of doing business with you. The speakers drone on about arcane points of investing, often using presentation aids permitting them to deluge the (clearly bored) audience with even more data.
An event lasting an hour or so will likely dissuade most of the audience from hiring you.
4. Request personal information
Have you ever had someone invade your personal space by standing a few inches from you? That’s what it feels like when you ask a prospect who doesn’t know you to bring personal information with them to the first meeting. Start with income tax returns. That should do it.
The lengthier and more personal the information requested, the more likely the prospect will look elsewhere.
3. Elaborate screening
I understand the perceived need to “screen” prospects, but the way you go about it can be very off-putting. I’ve seen “screening” that ranges from asking personal questions about assets to elaborate psychological profiles intended to help “match” prospects with the “right” advisor.
The deeper the intrusion, and the more burdensome the questionnaire, the more likely you will elicit a negative reaction.
2. Interrupt and dominate
A uniquely effective technique for offending prospects is to interrupt them. I often observe men interrupting women. If you want to guarantee failure with this tactic, don’t just do it once. By constantly interrupting and dominating the conversation, you send the clear message that their view isn’t important. All that really matters is what you are saying.
