Many financial advisors approach prospect meetings with a mindset of giving potential clients ample space to consider the relationship before making any commitments. Asking them to "think it over" after an initial meeting is a common strategy designed to help clients feel comfortable and avoid the perception of being pressured into engaging in the relationshipRead More... The post Kitces & Carl Ep 158: Should Prospects Be Allowed To Move Forward If They Don’t Want To Think It Over First? first appeared on Kitces.com.
Many financial advisors approach prospect meetings with a mindset of giving potential clients ample space to consider the relationship before making any commitments. Asking them to "think it over" after an initial meeting is a common strategy designed to help clients feel comfortable and avoid the perception of being pressured into engaging in the relationship right away. This approach allows prospects to consider if the relationship is the right fit for them while also mitigating the risk of the advisor coming across as too aggressive and ‘salesy'. As such, some advisors have formalized this step into their prospecting process.
However, what happens when an initial meeting goes exceptionally well, and the prospect is immediately ready to commit? In such cases, advisors may find themselves faced with a conundrum – should they keep their process and ask a prospect to "think it over", potentially stalling the momentum, or should they adapt to the prospect's readiness, which might introduce internal stress about compromising the process they've built and deviating from their usual routine?
In this 158th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards debate the pros and cons of maintaining a longer prospecting process – especially when a prospect is ready to commit early in an advisor's process.
While "think it over" is often framed as a benefit to prospects, there are also compelling reasons for advisors to take their time considering the relationship before agreeing to move forward. For example, advisors operating a lifestyle firm generally have limited client capacity and may need time to evaluate whether the prospect aligns with their values and service model. Similarly, advisors who provide comprehensive plans as part of their value proposition might need time to put together the necessary information – and asking prospects to "think it over" gives both parties time to ensure a good fit.
On the flip side, being told to "think it over" can also be frustrating for prospects who have already done their due diligence and are ready to move forward. While prospecting can be nerve-racking for the advisor, it can also be challenging for prospects who feel ready to commit – they may interpret delays as unnecessary obstacles. Advisors can strike a middle ground if they want (or need) a longer prospecting process without disempowering the ready-to-commit prospect. For example, the advisor may frame a second meeting as an opportunity to review documents while having paperwork ready for those who are still ready to proceed. This can help a prospect feel empowered and heard while still giving the advisor time for their own process and consideration.
Ultimately, the structure of a prospecting process often reflects the personal style and comfort level of the advisor – while some may prefer a deliberate, multi-meeting approach, others might embrace quicker commitments when the fit feels right. The key is finding a balance that respects both the advisor's process and the prospect's readiness, ensuring forward momentum without compromising the integrity of the relationship!
