It can be easy to ask strangers for business in the sense that if they reject you, it’s not a problem. You will probably never see or speak to them again. The problems develop when we consider asking friends and family, those people in our natural market. If we or they end up feeling awkward, the feeling might last a long time. A good advisor won’t let that stand in their way.
Here is a good story I heard from a financial advisor who had a great prospect who was his friend. He was always looking for the right time to bring up business but never found it. One day, the friend said, “You know what I like best about you? I know you are a financial advisor, but you never ask me for business!” I assume the advisor was feeling bad at that moment, but it got worse.
The guy continued, “I recently met this other guy who is a financial advisor too. He was so pushy! He kept asking me for business. I finally threw a couple of million dollars in his direction just so he would go away!” He then concluded by repeating, “That’s why I like you. Because you never ask for business!” The lesson here is that you need to ask.
Here is the logic you should consider: If you ask and they say no, they have made the decision not to do business. If you never ask, then you have made the decision for them. Based on this logic, everyone should have the opportunity to say no. Don’t make the decision for them by never asking.
How can you make this happen? Let us look at two easy strategies:
- Give everyone the opportunity to say no. The logic is simple, so put it out there and say, “You know where I work and what I do. I have never brought up business However, everyone should have the opportunity to say no. Let’s spend five minutes talking about what I do and see if there is a fit.”
- Wearing different hats. This is corny but it works. You wear many different hats. Start the conversation with, “You know where I work and what I do.” This leads into, “For the next five minutes, I want to take off my friend hat and put on my business hat.” Talk business in a professional way, as if you were approaching a major prospect. Bring it to a conclusion by saying, “I am taking off my business hat and putting my friend hat back on.” You have created space between your two roles by using imaginary hats as each of your identities.
The key lesson here is that everyone should be asked. If they say no, that is fine. There may be lots of reasons why they have not approached you. There should be no reason why you have not approached them. If you are waiting for the right time, there may never be one. Even worse, that time might come, you are not around and that other advisor, the annoying one, asked instead.
Bryce Sanders is president of Perceptive Business Solutions Inc. His book “Captivating the Wealthy Investor” is available on Amazon.
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