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A high-net-worth prospect gets a meeting with you and asks: “What can you do for me?” It would be surprising if the voice in the back of your mind doesn’t instantly say: “I need to show him I can add more value than he is getting from his current advisor,” which then manifests itself into explaining your approach, philosophy, team make up, and the strategies you’d deploy if you had him as a client.
Your high-net-worth prospect listens intently, then says, “Great, let me think about the information you provided to me today and I’ll get back to you.” The meeting ends.
You get zip, zero, not one ounce of a commitment out of the meeting.
But he gets your latest ideas and strategies for free to share with his current advisor.
Is this the outcome you hoped for?
It’s human nature to want to prove yourself when a person of substantial means walks through your door and offers you a chance to impress them.
But failure to resist this impulse invariably results in you doing “free consulting.”
You go from accomplished expert to an information provider, trying to prove your competence.
It’s nothing short of a demoralizing experience, to say nothing of what it costs you in time and lost revenue.
It’s a common misconception that during the pre-sale stage of an opportunity, a high-net-worth prospect is judging you on your competence. But they can’t judge your competence until they’re a paying client – when the actual work begins.
Your competence is expected by the very fact that you’re a credentialed advisor and trying to over-prove that perception works against you.
It actually does the opposite. It calls your credibility into question.
To confirm your expertise, never discuss your competence
When a high-net-worth prospect asks what you can do for them, here’s how you turn the tables to establish yourself as the “doctor” in the relationship:
Probably nothing right now... [pause]… because I need to have a thorough understanding of the context of your situation to diagnose the issues that you are concerned about. If you’d be open to it, please take a step back and walk me through your background, your situation and the financial concerns that brought you in today, and we’ll go from there…
That’s flipping the power dynamic – they’re no longer assessing you. You’re assessing them.
There’s iron in your words and confidence in your approach.
This Is about them, not you
High-net-worth prospects aren’t looking for you to prove your competence in terms of your knowledge or skill – they’re subconsciously looking to see if you’re the one who can stop them from needing to see anyone else.
By resisting the temptation to prove or “sell” yourself, you shift the conversation away from a competence track to a trust track, where your authority status is preserved and your value proven, without ever needing to talk about it.
Your sales opportunities, high net worth or otherwise, will unfold naturally and effortlessly once you learn how to make that shift.
To learn more about this trust-based authority approach to selling, order your complimentary book and consultation below.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
