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Everyone who has ever proposed marriage has been good at sales at least once in their life. You might have gotten down on one knee and proposed. When you look back on that moment, the person on the receiving end had an immediate answer. You see this on TV all the time. They had their answer ready before you popped the question.
Think about it. Have you ever seen a proposal of marriage where the other person said: “Let me think about it. I have a few more offers to consider. Let me do some more research. I’ll get back to you.” This doesn’t happen. Even if the person on the receiving end says “no” you get your answer immediately. The decision has been made in advance.
When someone plans on proposing, they are often trying to find the right moment. Perhaps it’s in a fancy restaurant. Maybe on a moonlit night. They want the moment to be just right.
When financial advisors consider asking a friend to do business, they also look for the perfect setting to pop the question. This setting might never present itself. The question never gets asked. I knew an advisor in New York’s Fashion District who played squash with a business owner a couple of times a week. I think they had this routine for a decade. He wanted to ask the guy for his account, but never did. I asked why. He explained: “The guy might think I only played squash with him to get his business.” He played regularly for ten years! The other guy probably made up his mind and was waiting to be asked! Why? Because if the advisor has been in the business for a decade, he is obviously a successful, experienced advisor! There might never be a perfect moment, so you should just ask.
Here is the logic: Your friends know what you do for a living. You know what other people do for work too. You know plumbers and electricians. You know their reputations. If you had a problem and needed a plumber, you know exactly who you would call! You need a problem before you call a plumber. Working with an advisor involves advance planning. You are acting, not reacting.
Your friends know you are an advisor. They have “tried you on for size” in their minds. Many have decided “Yes, if asked, I would work with her.” Unlike the plumber, there is no sense of urgency. They don’t call and say “I tried you on for size in my mind. I want you as my advisor. Here are my statements.” You need to ask.
If you approach your friends, the people you know quite well, you might be surprised at how easy it is to transform a friend into both a friend and a client. An advisor in Northern California approached a fellow who belonged to the same club. The guy said: “I was hoping you would ask me. The answer is yes.” Perplexed, the advisor said: “So why didn’t you approach me?” His answer was “I know you work with all the big names in the club. I assumed I was too small.” The fellow turned out to be a rather large account.
Don’t wait for the perfect moment to ask friends to become clients. Ask them at any moment when you have the time to talk. You should be pleasantly surprised at the outcome.
Related: Wear Humility as a Badge of Honor