Getting Past the “I Already Have an Advisor” Response
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You received a referral to a potential high-net worth client. Your referral source built up the great opportunity. You are excited. A referral like this doesn’t come around often. You gathered enough courage to make the call. The prospect is polite, but soon says they have another advisor.
You don’t know what to say.
In desperation, you ask them to call you if they ever need help.
They never will.
Among investors, 60% are do-it-yourselfers. But 80% of high-net worth investors have an advisor. It doesn’t mean they are happy. It only means someone is managing their money. They realize there is too much effort and complexity to get maximum returns and mitigate taxes. It’s not worth it to do it themselves.
But are they happy with their advisor? Would they make a change if presented with a better opportunity?
In most cases the answer is “yes.”