How to Avoid Getting “Shopped” Against Other Advisors

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When there is an abundant supply of financial advisors in your local market, it becomes harder for you to differentiate yourself. As a result, it’s easy to let your guard down and reduce your fees (or add more pre-sale “meetings” to your sales process), out of fear you might lose a new client opportunity.

But if you allow yourself to become commoditized in this way, you open yourself up to being “shopped” against other advisors.

This is a problem facing many financial advisors, even successful ones.

Your initial meeting with a potential client will go well, but near the end of the meeting they’ll say to you something like:

Thanks for your time but we’re looking at two or three other advisors and have meetings lined up this week... we’ll get back to you.

Ouch... you just invested an hour of your time for a “we’ll get back to you.”

Waiting for potential clients to get back to you is no way to build a reliable and consistent business –and being forced to chase them when they don’t get back to you, only pushes them away.

What do you do?