When it comes to winning new clients, Elvis got it right: “Wise men say only fools rush in.” I actually know people who pride themselves on what they call the “One-Call Close.” The One-Call Close method of selling seeks to make a product sale to a client in the very first meeting. It is also called “Low-Hanging Fruit Selling.” The idea is to get in, get what you can, and get out. These amateurs are nothing more than cheap salespeople, not financial advisors. They give our industry a bad name. The very idea is arrogant beyond description. I have heard some of these people boast of getting one over on the client, manipulating them into a snap decision. It’s a form of conartistry. Back in the day, they were called confidence men, because their stock in trade was their ability to convince people to trust them long enough to be fleeced by them. These people remind me of those young men we’ve seen on the news lately who walk up to people and punch them in the head, trying to knock them out cold. It is some kind of barbarous game to them. One-Call Closing is not a game, and it is not financial planning. We are dealing with people’s life savings, and they deserve our care and respect. ‘Fools rush in’ works both ways: advisors and clients should take their time before they jump into a relationship.
Don’t Kiss on the First Date
The shorter the process for winning new accounts, the more it’s about the advisor. The longer the process, the more it’s about the client. Longer is better. New prospective clients have to meet with me at least 3 times before I will agree to take on their accounts. They can walk into Merrill Lynch or Fidelity Investments and open up a million-dollar account on the very first visit. But, I don’t kiss on the first date, or the second, or the third. In the first meeting, I simply gather information and book a second. In the second meeting, I identify the problems in the portfolio and book a third. In the third meeting, I explain my investment philosophy. That’s it. If they want to hire me anywhere along the way, I demur. Even after the third appointment, if the prospective clients have decided to hire me, I send them home to think it over. If they still love me in the morning, they may call the office and book a visit (not with me) to meet with the staff to complete the paperwork to open their new accounts and bring over their assets. This is a hard rule in our firm. We may discuss a decision in a particular meeting, but we may not execute the decision in the same meeting. Clients, for their own good and for ours, need time to consider their options in order to make the best decision. I don’t want my practice built on manipulation. If I deliver in the first three meetings, there is a good likelihood that they will want to work with me. If they decide not to, it was probably my fault. I don’t want to sell products; I want to win accounts.
Winning New Clients
People like buying, but they don’t like being sold. Don’t manipulate them into a decision they may later regret. Instead, win their minds and hearts with a thoughtful and substantive process. Create anticipation and desire. Take the time to show prospective clients that you’re not just another pretty face. Showcase your planning skills, your knowledge of the markets and the economy, and your sincere interest in their future before doing business with them. How many advisors has the average investor ever met who requires 4-6 hours of meetings over 3-4 visits before accepting an account? An average of none. Want to land a big a account? Slow down. Want to win the whole account? Take your time.
Many clients are so excited to start working with Noel, they don’t like to wait. By the end of the third meeting, they are not only excited to work with Noel, they have fallen in love with everyone in our office. They know they have become family, they know that Noel is looking out for their best interest. It is beautiful to see the trust between client and advisor grow through the initial three meetings.
The minute you get nervous, antsy or impatient, your confidence wanes and you have just lost the client. Be prepared and never move things too quickly. Every time I have failed in this principle, I have either lost the client or had to work twice as hard to earn their business.
Noel is right by quoting the great Elvis: “Wise men say only fools rush in.” Everyone at Senior Partners prides themselves on getting to know the client and building a “family” bond. We strive to make each client feel at home, comfortable, and stress free. By taking our time with new clients, we are able to fulfill our mission, vision, and strategy in 3 simple meetings. By the end of the third meeting, clients fall in love with the staff and know that they are in good hands. We always put the clients interest first. As a result, our “family” grows bigger with future clients, and our current clients keep coming back for more.
It is a pleasure working as Risk Manager at Senior Partners with Mr. Noel Vincent. The Senior Partners office is a Christian environment in which we strive to treat each other with respect. We treat clients as part of our Senior Partners family. Our three meeting process is not only professional but personal. We really get to know our clients as friends.
Never forget that a longer appointment process also gives the advisor time to determine if they indeed want to introduce this new relationship into the “family”. We all have relationships that we wish we didn’t have. Had we slowed down early on in the relationship process, we may have recognized that this person was not a good fit. The reality is that every new relationship is not accretive to your practice. Focus on quality. Relax on quantity. You want your book to be as tranquil as possible. It’s what’s best for you and your staff. The more enjoyable your clients are to work with, the more your staff enjoy their jobs. This gets noticed by your clients and helps your firm to become more referable.
We are in the relationship business and relationships take time to develop. A three meeting process allows the staff a chance to really get to know a client. We warmly welcome each guest and treat every client, big and small, like a million bucks, like gold.
I am relieved that Noel has the 3+ meeting process. As a soon-to-be new Advisor, this “avoid haste” process is a safeguard, to not only the client, but to the advisor as well.
If a marriage is not prefaced by a long courtship, it will most likely fail or be very uncomfortable. It gives us an opportunity to see if “we” want to work with them as much as the other way around. A good amount of time spent getting to know a prospective client produces good fruit. Rushing makes ruin.
I have only met a few clients in my three days here at the office. All of those clients have met me, spent time with me, embraced me, and accepted me as one of their family. I am trustworthy, and they know this because I have been vetted according to the standards of this firm, and they have been shown that those standards are trustworthy. They are trustworthy, and I know this because they have been vetted as a good fit for the firm, according to the standards clearly outlined with all staff. This is the foundation of a long-lasting and fruitful relationship.
Whether in business, family, friendship, or romance, all relationships take time and effort to build. No matter how advanced technology gets, people are still people, and we are meant to relate to one another. Wisdom, prudent decision making and great relationships will eventually breed a successful business.
Not many things today are what they seem to be. If it sounds too good to be true, it usually is. In an otherwise deceptive world, it is refreshing to clients to move at a slower, non-threatening pace. People want to be understood, valued, appreciated and loved.