If you identified a need and saw a way you might help, would you walk away because you didn't like the person? You need a strategy. (Photo: Shutterstock)
“I only do business with people I like.” How advisors love to say that! But the reality is different. Newer advisors have numbers to hit. Good advisors rarely if ever leave money on the table. Put another way, if you identified a need and saw a way you might help, would you walk away because you didn't like the person? To help you help them, you need a strategy.
Who are these frenemies, anyway?
According to the Merriam Webster dictionary, a frenemy is “One who pretends to be a friend but is actually an enemy.” In a Psychology Today article “What is a Frenemy?” the subtext explained “An evolutionary perspective on staying friends with those we can't stand.”
Let's think in practical terms about who in your life is a possible frenemy. Maybe you married their sister and got the in-laws as part of the package. They don't know why their sister married you. They suspect you are cheating. They think you steal money from client accounts to support your lavish lifestyle.
This does not look like a good prospect. There's some upside, but unlimited downside.
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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.”
