Five guaranteed ways to lose a prospect
Date: 2010-01-18
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In the romantic comedy “How to lose a guy in ten days”, Kate Hudson is a magazine columnist who is writing an article on dating traps for women; to write her story, she deliberately uses these pitfalls to try to chase away a potential boyfriend, played in the movie by Matthew McConaughey.
Recently, the U.S. advisor site Horsesmouth adapted this idea to create an article on “Ten things never to say to prospects.”
Here are five of those prospects – killers, adapted with permission from the Horsesmouth article. Remember, do the opposite of what’s outlined here to increase your chances of landing a prospect.
"Sorry I'm late."
Your goal when meeting a prospect is to make a positive impression that will encourage people to invest all their assets with you.
So, the first words out of your mouth should never be an apology for something that you could have prepared against, such as being late, misplacing vital documents or looking like a Category Five storm tore through your office.
"Let me tell you about my myself"
Prospects are meeting with you to see if you can help them – and aren’t interested in a monologue about your degrees and designations. The best way you can communicate your professionalism is to ask them questions about their situation and talk about possible ways that you could assist them.
If you do want to fill prospects in on your credentials – consider sending a brief overview prior to the meeting.
"I don't know anything about you. Tell me about yourself."
A cardinal rule for a first meeting is to try to learn something in advance that can allow you to be more prepared, and not waste time going over basic information. Never assume there will be a second meeting—you need to make the first meeting count.
Knowing something about your prospects beforehand can give you an edge in impressing them. For instance, if you know they’re with a local firm, plan ahead by doing a bit of research on their company. Know some of the issues they may be facing with the changes in the defense industry. And if they’ve come in as a referral, don’t forget to call the client who referred them before and meeting and spend five minutes learning more about the prospect.
"Bring last year’s tax return to the meeting "
This may make sense in some cases, especially where a prospect is time pressed or has said that they are anxious to make a quick decision.
As a general rule, though, this is a mistake – because most of the time you haven’t earned the right to ask for personal information before the first meeting.
Remember, the goal of the first meeting isn’t typically to sign up the client – normally, the goal of the first meeting is to get a second meeting.
"I only work with people who give me all their assets."
Almost all advisors want prospects to give them all their assets to manage, but you need to first sell them on the benefits of working with you and help them see the advantages of having a financial quarterback.
After all, for clients, it’s clear what’s in it for you in managing all their money. For this to work though, you have to demonstrate what’s in it for them.
One advisor says : "Many of my clients enjoy the peace of mind of having their assets consolidated in one central place. I would love a chance to serve as your number-one financial resource.”

