In interviewing clients who have selected new advisors with whom to work, I've been struck by how often the decision is made on what seems to be flimsy grounds.Here's a recent example. A senior corporate executive had been managing his own money since the tech wreck; the punishment to his portfolio in recent months prompted a decision to seek professional help. He talked to several colleagues at work and was referred to three different advisors.



When he contacted the first two, they quickly returned his call and readily agreed to meet at their offices a few days following his call.

The third advisor offered to meet at his own office as well, but asked if it would be more convenient to meet at this individual's offices or perhaps to schedule a breakfast or lunch meeting close by; they booked a lunch the following week.

The next day, this executive received a package from that advisor, with a letter confirming the meeting and indicating that he might find the attached information of interest. Included was a folder containing background on the advisor and the company he worked for, as well as two research reports from the advisor's firm - one on the company the prospect worked for, the other on his principle competitor. On the research reports was a hand-written note indicating that the advisor was sending these along in case the prospect hadn't seen them.

Ultimately, the prospect selected this third advisor - not because he seemed more knowledgeable, but simply because he appeared more interested.

When I followed up with this advisor to learn more, he talked to meabout the strategy behind that package. Whenever he has the opportunity to meet with a prospect, his goal is to send follow-up information specific to the client's situation - it might be some research on his company or industry, as it was in this case.

In other instances, he talks briefly in the initial phone call about the investments the prospect currently owns and asks about any which he is unsure about. In the information package sent in advance of the meeting in those cases, he includes an article or research on the prospect's largest holdings or an investment he has doubts about.

While it does take a bit of time for his assistant to pull that information together, his experience is that the effort to tailor the material he sends to the client's specific situation pays big dividends.

He does one final thing along to ensure that prospects know he is taking them seriously. When a prospect ultimately does come to his office to meet, he primes the receptionist. Let's say the prospect's name is Marie Williams, the advisor is John Smith. When the prospect gives her name and asks for the advisor, the receptionist replies "Hello Ms. Smith. John told me that he was expecting you and to let him know as soon as you arrive."

When talking to prospects, it's important to present an image as a knowledgeable and professional advisor. Equally critical is communicating your genuine interest in working with them - by tailoring the information you send and ensuring that prospects feel acknowledged, you increase the chances of winning the battle for new clients.