Sidney C. Walker
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April 2008

by Sidney C. Walker


I just completed the second Selling Without Wrestlingô Teleseminar Series. My plan is to do at least 2 trainings per year. We had a great new group of 49 financial advisors and another 100 people were invited to participate as well (coaching clients and the class of Ď07 from last fall). They had some good questions for me as usual. In the last teleclass I was asked, "What do you say when your telephoning and your prospect says they already have a financial advisor?"

I have written on this topic but for those who have not yet purchased any of my books or CDs, here are some quick ideas.

First, donít panic. This is a "knee-jerk" or automatic response. Itís like saying, "I already own a television." It doesnít mean anything. Everyone with any money has been approached by financial advisors. Also, it doesnít necessarily mean they have a "real" relationship with an advisor even if they have purchased something.

My favorite response is: "Tell you what, I will spend an hour with you and teach you the latest and greatest on how to maximize what you are doing with your money plus answer any questions you have. Then if you like the information I have given you, you can share it with your financial advisor and see what he or she thinks. Fair enough?"

This is a fun response because you get to find out if the door is open for another financial advisor. If the prospect agrees, he or she is saying their current relationship is not that strong or they want a second opinion or they are just open to new ideas. All good things for you as the prospector.

The second part of the question I was asked was, "What if you are with a prospect for the first time and after a few minutes of small talk they say they already have a financial advisor." My response was again, donít panic, and donít give up yet.

It is always good to poke around in areas where you know there is some lingering doubt. Your response could be, "Could I ask you a couple of quick questions?" Prospect says sure. Then try one of these questions:


"Is your money really doing everything you want it to do? Are you really happy with the return you are getting?" or,


"Is there anything you want that you donít have related to money?"


If your prospect still insists that they are good shape. Then you hit Ďem one final time with some reverse psychology. You say, "You must be doing really well with your money and you must have a really smart financial advisor. It is rare that anyone tells me they donít think they could do better with their money. My congratulations to you!"

If the prospect still doesnít budge, you didnít have a chance anyway. They had already made up their mind they were not going to let anyone new into the picture. What you are hoping for at this point is that the client will admit that they are doing well but they could probably always do better and then ask you what some of your ideas are. I can hear the squeak of the door hinges opening just a crack!

Have a productive April,

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