I’m often asked this question: What’s the best advice you can give advisors who want to increase their AUM?
That’s easy. Stop talking.
When you’re talking, you’re fully engaged. Unfortunately, the prospect isn’t. They are patiently waiting for you to stop talking so they can tell you what’s on their mind.
The more they talk, the more they will be engaged.
Put your ego aside
I get it. You’re the expert. The prospect has contacted you. I don’t blame you for assuming what you have to say is really important.
Compared to what?
For your prospect, what they have to say takes precedence. Of course, if you’re asked a question, the prospect has signaled an interest in your opinion. Until then, put your agenda away. Don’t assume anything.
Just ask questions intended to encourage your prospect to present their agenda.
When you’re asked a question, answer it briefly and pivot to this question: Did I answer your question or would you like more details?
Switch your orientation from conveying information to eliciting it. When you do, you’ll find you’re talking less and listening more.
You’ll also gather more AUM.
Isn’t that the goal?
Resource of the week:
I don’t often refer to blogs I authored, but this one explains why the agenda of the prospect is more important than yours.