As I was leaving a conference, I overheard two financial advisors talking. One described his approach to meeting a prospect: ask, “What has your advisor done for you lately?”
The question stayed with me.
Depending on the tone, it could be an honest invitation to discuss the relationship. It could also suggest that the current advisor has done too little, before the prospect has said anything at all.
It led me to think about three approaches to a sales meeting.
1. Point out everything the other advisor got wrong
Review the 401(k) investment lineup. Find funds you would not have selected. Question the fees, the service, and the decisions. Build the case for replacing the advisor.
There is a legitimate place for identifying problems. If I find a specific concern, I should explain it clearly and support it with evidence.
But I also need to understand the circumstances. Why was that investment selected? What did the employer ask for? What information was available when the decision was made?
“I would have done it differently” is not enough to establish that someone made a mistake.
I want a prospect to understand my judgment. That requires more than criticizing someone else’s.
2. Explain everything I can do
I can describe my services, my experience, my investment approach, and the attention I give clients.
Those are appropriate subjects. A prospective client deserves to know what hiring me would mean. Cautionary note as one might find a tendency to ramble on.
But if I begin with everything I offer, I am asking the prospect to sort through my presentation and determine what matters to them.
I would rather understand their priorities first. Then I can explain how my work addresses those priorities and where it may not.
3. Ask questions and listen
What do you value about your current advisor?
Where would you like more support?
What takes more of your time than you think it should?
What would you like your employees to understand about their retirement plan?
These are questions I would want to explore before recommending a change.
The answers might reveal a service gap. They might reveal that the employer needs help with something I had not considered. They might also reveal that the current advisor is doing a good job.
I need to be willing to hear all three.
Asking questions does not automatically make a meeting thoughtful. I can ask a question while already preparing my pitch. I can listen selectively for an opening to criticize the incumbent.
The discipline is allowing the answer to change what I say next.
A fair comparison
I am not suggesting that advisors avoid competition or hesitate to address a documented problem.
I am suggesting that we earn the comparison.
Understand the employer’s priorities. Examine the work in context. Explain specific concerns. Show what we would do, why we would do it, and how it would help.
A prospect should be able to evaluate my services without being pushed to dismiss everything their current advisor has done.
If there is a good reason to make a change, I should be able to explain it on its merits.
The Parting Glass
“What has your advisor done for you lately?” is a question I should be willing to answer about my own work.
Can my clients explain what I do for them? Have I made that work visible? Do I know whether the things I spend time on are the things they need most?
Before I ask a prospect to question another advisor’s value, I ought to examine my own.
And when I ask a question in a sales meeting, I want to hold myself to one standard:
Am I willing to hear an answer that gives this person a reason to stay where they are?
#401k #RetirementPlans #FinancialAdvisors #ClientService #Listening