Assuming the prospect steps into the conversation and answers your question, you have several very intriguing questions to pose. These are rarely ever uttered by other financial professionals, perhaps because they don't want to call attention to these "sticky" issues. Let's look at some mind-bending questions:

I can tell you from my side of the desk that each advisor likes a different type of client relationship. Do you think your advisor has built a relationship with you?
Unless you have an advisor who sells a single product, he probably promised you comprehensive service. Does that sound familiar?
The term "Comprehensive" means that the advisor helps with literally every aspect of your money: taxes, mortgage, bank fees, trusts, insurance, investments, and major purchases. Has your advisor spoken with you about how you might be impacted by the collapse of the mortgage industry?
Many advisors today refer to their business as "Wealth Management." Has your advisor used that term?
The client-relationship model that dominates is the "hands-off approach." It is pure efficiency. Other than for a periodic review, the less the advisor hears from you the better, and the fewer contacts he has with you the better. We also call this the "no service model." It is completely one-side, weighted to the advisor, not you. Can you recall how many times this year your advisor has initiated a personal contact with you?
The other dominant financial model is based on financial accumulation. The advisor helps you accumulate as much money as possible in the most efficient way possible. Most investors think this is a good deal, after all accumulation is good, right? It is if you're young and can weather the ups and downs of the market over time. But, accumulation is not so good if you're anywhere close to sixty. After that age, people need to start thinking about distribution of their money, not accumulation. Do you mind if I ask about your age? Are you near retirement age? Has your advisor told you about distribution?

In Conclusion

Most advisors focus on maximizing their incomes in the most efficient manner. That means there are many clients being under served, and each one of them is a potential new client for you. That's because service takes time and energy, and for advisors seeking more money under management, service and communication divert their focus, thus reducing their efficiency, thus reducing their new money under management, thus reducing their incomes. Knowing that, you can position yourself as the high-touch, high-service advisor. All you have to do is talk with people and show them what real service is like.

Instant Insights /

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