You're not bringing your great skills to your friend's doorstep because you assume they won't be interested. Shouldn't they at least have the opportunity to hear you out and decide for themselves? (Photo: Shutterstock)
Many agents and advisors are hesitant approaching friends for business. They rationalize their reluctance as: "They work with someone else already" or "They know what I do. If they were interested, they would ask." Let's not forget "I don't want to risk to the friendship." That logic is often wrong.
The $10 bottle of wine
Let's look at the first of two examples. Suppose you are a wine fan. Your friends are too. You discover this great bottle of Cabernet from California. It tasted just like that fifty dollar bottle someone served at dinner. It was delicious! Would you tell your wine-loving friends about it?
The answer is, "Of course I would!" The logic is simple: They would want to know. It would be a benefit to them, and they would enjoy it. I made a good find and I want to share it with people I like.
Professionally speaking, you are that $10 bottle of wine. You are prepared to do a great job for a total stranger and build a long term relationship. However, you aren't prepared to bring these same skills to your friend's doorstep, because you assume they won't be interested.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
