Client Acquisition Techniques of Top Advisors

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Thirty years ago, after speaking at a financial planning conference, an attendee approached me while I was signing books. He told me about his strategies and techniques for landing new clients – what is commonly referred to as “closing.” He was proud of what he called the “Ben Franklin” close. This is listing the pros and cons of a proposed solution while heavily weighting the pros.

Overhearing the same conversation, another attendee told me about an even more manipulative approach. He would tilt a folder toward the prospect and drop a pen down the slope to the prospect’s side. Catching the pen, the unsuspecting person would then be holding writing implement ready to sign any contract pulled out of the briefcase.

These tactics didn’t work 30 years ago, they certainly don’t work today. There is no place in our profession for biased analysis or manipulation.

Reasons why people don’t say “yes”

Why people won’t do business with you should not be a mystery. There are two big reasons:

1. They don’t understand your solution; or
2. They don’t trust you.

In all my years of speaking and coaching, I have yet to find a client who fully understood what you did for them. At best, they will remember three solutions. At worst, they remember only whether they can trust you. When they don’t understand your ideas, they want to gain more information until they get confused and, eventually paralyzed by over-analysis, do nothing.