Most...and Least...Likely Prospects

Unless you are prospecting hermits, loners and recluses, it should be assumed that all prospective clients that you encounter will have an existing relationship with a financial advisor. In some cases, the advisor-client bonds will be very strong. In other cases, the bonds will be quite weak. It goes without saying that advisors should focus on those Advisor-Client relationships that are most susceptible.

I would also suggest that prospective clients could be pigeonholed into one of four Advice/Service categories...akin to the Morningstar style boxes...and that the prospect's susceptibility to the advisor's entreaties could be predetermined.

• Most Susceptible: Poor Relationship - Incompetent Advice
• Moderately Susceptible: Poor Relationship - Competent Advice
• Moderately Strong: Good Relationship - Incompetent Advice
• Least Susceptible: Good Relationship - Competent Advice

Obviously, when the current advisor fails on the two counts: the quality of the expertise delivered, and the quality of the relationship...this is a prospect who is ripe for the picking. Similarly, when the advisor delivers competent advice, yet falls short in the warm fuzziness of relationship and communication...clients can be unforgiving.

However, an advisor who has earned the clients trust with above-average service, yet blunders with an inappropriate investment or ill-conceived strategy will, most likely, get an opportunity to correct their misjudgment(s). The least susceptible relationships are where the present advisor has delivered a superior, durable relationship along with competent advice. Unless there are other exogenous factors, these Advisor-Client bonds won't be broken any time soon.

Criticizing an existing Advisor-Client relationship can be a delicate matter, and should be approached with caution...if at all. Presumably, the client selected the existing advisor for a reason, and critical comments towards the advisor might be interpreted as questioning the client's judgment. 

If you encounter a situation, where it is appropriate to criticize the existing advisor, these guidelines are suggested:

• Know your competition. Be prepared, accurate, and honest. Do not "badmouth."
• Find the prospect's pain. Ask questions like, "What is your biggest financial worry?", and position the issues around the prospect's concerns.
• Compare and contrast with facts.
• The key to aggressively highlighting your competitor's weaknesses is your own personal credibility. Solving the prospect's problems and concerns should be the only thing that matters.

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