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Advisors have been taught by peers and mentors that to effectively acquire new clients, they need to tap into their social networks – the “low-hanging fruit.” They find themselves approaching friends and relatives, attending social events at the local chambers of commerce, country clubs, and golf courses, and engaging in conversations over coffee or a meal, patiently waiting for an “in” to start talking about what they can do for them as an advisor.
It’s awkward to insert yourself into the conversation with something to the effect of: “I could take a look at your finances if you’d like”. That’s the moment the person you’re socializing with senses your real agenda, triggering in the back of their mind: “Is he just being friendly with me to try and get my business?”. At that moment, what seems like low-hanging fruit becomes the most difficult, hard-to-reach fruit at the top of the tree.
Coming across as having an ulterior motive, using the social relationship as a lead-generation strategy, can break trust faster than it took to create the relationship in the first place. Crossing social norms into business norms is fraught with pot holes, yet relationship-based selling can be fruitful if you’re perfectly happy with an extended and very long sales cycle that is often unpredictable. The theory goes, the more relationships you create within your network, the higher likelihood of landing a new client – which is fine, if playing the “numbers game” is your thing – when ultimately, you’d be happy with just one or two new clients per month.
The key to unlocking this predicament is not to confuse social contexts with business contexts.
To solve this dilemma, you’ll need to be open to a new client-acquisition model that starts with a business context, not a social context. Your doctor doesn’t require you to meet him or her in a social context before your initial consultation. Nor would you want him to.
His process of diagnosing your issues and helping you understand them more than you did before you met is how his value is established as a trusted authority.
Attempting to insert your knowledge and advice, as subtle as it might be, about what you do in a social context can break the expectations of that social setting, not allowing you to establish your authority positioning.
A peer-to-peer lead generation strategy was a wonderful model before the advisor profession became commoditized. Now, any prospect you meet with substantial net worth most likely has an advisor. Attempting to shift them from their current advisor to you is going to require you to first shift your own thinking, to become a trusted authority (not a trusted advisor, they’re completely different). A trusted advisor is what you become after the sale. A trusted authority is what you must become before the sale.
To learn more about this unique and contrarian trusted authority approach to selling, order your complimentary book and schedule your confidential 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.
