It’s crazy right? It couldn’t be clearer they need to take action but they just won’t do it. We sell the intangible, don’t we? If you want someone to move their money, you need to turn the intangible into the tangible. Here’s the little trick I used to get people moving instantly.
At the end of the presentation I would take out my yellow pad and right down the client’s savings if they moved ahead with my proposal. For example in big, bold writing I would put down:
Tax savings $3,400
Fee savings $2,700
$6,100 Total savings
I ask them, “Do you want to see how much this actually is?”
And they are always kind of puzzled and say, “Ok?”
And then I open a cigar box I have on a shelf in my desk. In that box is $3,000 in $100 and $50 dollar bills. I take the wad of cash out of the box and I start counting out slowly and deliberately… $100, $200, $300, $400, all the way up to $3,000 dollars.
Every time I do this… regardless of how much my client is worth… I have their undivided attention.
Then I push the pile of money toward them and say, “The savings I showed you today is like a guy walking up to your door… every 6 months… and handing you this cash.”
Again, they are usually a bit startled by this but take your time and put a good long pause in there and then say, “Now do you have to pay taxes on this money… NOPE. Do you have to go out and get a job for this money… NOPE. Do you have to do anything for this money… NOPE. Well, except to be just a bit smarter than the next guy.”
They usually say something smart ass like, “So I can have this money?”
And you say, “Of course you can get $3,000, just like you have in front of you, every 6 months like clock work… now of course, I’m not going to pay you the $3,000, but who will?”
They usually say the government and I reply, “Absolutely, the government and who else? Who is getting the fees right now?”
They say, “My broker.”
I say, “Exactly, so you can keep paying the government and your broker that $3,000 each and every 6 months… I mean if you don’t want the extra $3,000 or you can do what?”
This has closed more deals than I can count for me and the many advisors I’ve coached. Why? Because you’ve turned the intangible… INTO THE TANGIBLE.