Perhaps one of the most ineffective ideas perpetuated in our industry is the “elevator pitch.”
The idea of the elevator pitch is that you say something so unique and clever that people will want to talk to you about becoming your client. Can you envision it? You just say the magic words and prospects clamor for your business card. It’s so alluring that I’ve been guilty of wanting to believe this is possible myself. However, I have come to recognize that the key to engaging people, especially wealthy people who have lots of experience with financial advisors and institutions, is to ask great questions. Especially in that first 30 seconds … even if you are actually riding an elevator.
People would rather talk about themselves than listen to other people talk. Even as a cold-calling rookie 30 years ago, I remember that nobody hung up the phone while they were talking! And the same is true in person. People don’t become bored talking with you when they are talking. People don’t perceive you as just another typical FA while they are talking. People don’t conclude that they already have all of their financial affairs taken care of while they are talking. People don’t become uninterested in speaking with you while they are talking.
So what do you do if you literally have that proverbial 30 seconds in the elevator with someone who could become your next ideal client? Or more likely when you meet someone at a cocktail party or fund-raiser? Ask a great question that gets them talking about something that is meaningful, important, significant and compelling to them. Imagine the elevator doors open, they are still talking, and they would like to continue talking to you. They will be much more receptive to your offer to continue the conversation and, eventually, to your offer to take the next step in the journey of becoming your next ideal client.
While this may seem self-evident, very few FAs have developed this skill.
What kind of questions?
First of all, these are definitely not simple-minded conversations about the weather, sports or the news headline of the day. Nor are they questions about the person’s money, the markets, economics or financial planning needs.
In fact, I asked the most interesting and successful people I know to send me their favorite questions and I put them together in a worksheet. I’ve included some of their contributions below:
Kevin Knull, CFP®
- “As a child, what did you want to grow up to be, and why?”
- “Tell me about the two friends you have that would give you 50% of the money in their checking account, no questions asked, if you told them you needed it and couldn’t say why.”
- "What are the three most pressing concerns personally right this moment?”
- "If you just found out you had 30 days to live, what would you do with those last 30 days?”
- “What’s the one thing you learned growing up that still impacts you today?”
- “How did you meet and fall in love with your spouse?”