Sitting with a $50M prospect tomorrow and I’m so nervous. I’ve only been in the business for a year and I have no idea what I’m doing

Joint work is very valuable and is as phrased earlier, tuition. 50% of something is better than 100% of nothing. Many times we get on our "island" and miss the opportunity to learn from others.

i have been in the business for 29 years. I was faced with a similar situation early in my career. I linked up with a trusted Senior advisor that i respected and we closed the case. Take the lead but use the help and expwertise. 75/25 Part of something is better than none of 0.

Hey everyone chiming in with an update. Decided to partner with a senior advisor and we’re going to do a 75-25 split if we book it (me being the 75). He’s happy to help and has a couple billionaires in his book which will go along way since I don’t. Also being a woman I’m glad to bring some masculine energy in the room. Wish me luck. Still freaked out but I feel a lot better than before.

I’m sorry but the advice to NOT bring a more seasoned advisor out is ludicrous to me. You think someone with 50 million of investable assets expects one solo advisor to be able to handle his needs? This person doesn’t have 50mm in their savings account and just decided to meet with this new advisor because they are just now getting around to talking to someone. This prospect DESERVES, and probably EXPECTS, a team of people taking care of their wealth, and odds are, they already have a team handling some or all of it. If you walk in there alone, and try to bullshit your way through it, he’ll smell that so f’n fast. You’ll be wasting your opportunity and wasting the prospects time. Even if you aren’t bullshitting, and you answer with, “I’m not sure let me get back to you on that” too many times, you’re dead.
Also, what happens when you land the 50mm? Do you even have the service model and staffing in place to service and keep the account?
You need to LEVERAGE a senior advisor who has the knowledge and, most importantly, the service model to take on a client that size.
My advise, ignore the ego, do what’s right for the client, and in this case, it’s negotiating a fair split with a senior advisor that you trust and bring them in.
Congrats and good luck.

I don't think you should bring the senior advisor with you... they were referred to you... no way you don't look weak bringing a senior advisor. Better to be prepared to address the depth of the team you have at your disposal

Hey everyone thanks for the follow up, we went ahead and sent over the ACAT to get the account set up. Meeting went SO WELL 🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼

There’s nothing wrong with bringing a partner to help with the conversation and help with the relationship

Listen listen listen... answer their concerns... Focus on your value ... don't be greedy if they want to test the waters

That was a smart move OP, and a fantastic split Good luck and please update us!

I had a similar situation, but I am a seasoned vet with 20 years experience. I was asked to pitch for my clients physicians network 401k. Assets were $43 mil and 243 employees. Me being a female and understanding most of the doctors are old school men, I asked my male peer with a silver tongue and a heart of gold to partner with me.

Bring a senior with you. I lost out on some good opportunities with big whales when I was young thinking I knew enough

Smart move! Good luck!

It was a referral from a good friend of mine. I’m thinking of bringing a senior advisor with me

👆this. Refer to your senior advisor as your colleague or partner. Be on the same level as him, do not put yourself below

I never said it was $50mm net worth, it’s a $50mm account

My question would be... now that you have $50m with his account, it’s mostly taxable, how do you plan to transition it to a strategy you believe is better for him (hence why you moved it away most likely)? Familiarize yourself with a capital gains budget and tax harvesting. Great group out of LA called AIA that can do some incredible things on the harvesting side. Good luck and congratulations!

☝🏻I agree. If you don’t know just say, let me get back to you on that. Better to admit you don’t know than BS

Listen, take good notes and be relatable. Literally look at the first meeting as a data collection and don’t get too deep in the weeds on estate planning unless you’re comfortable doing so. Keep the first meeting high level, plenty of time to dive into the particulars in future meetings.

Good luck and let us know how it turns out.

Bringing a senior advisor in undermines you, do not do it. Just make sure that the prospext knows that you have an abundance of resources available to you. You will have an answer to every question, if not immediately, within 24 hours.

Do you know how he acquired this wealth? What about how your friend knows him? I would like to give you more than just generic advice but I need more details, or to know that you don’t have any. Cases like this are awesome and can be life changing. PM me if you would briefly like to discuss with someone thats been through this a few times. Good luck and let us know how it goes.

Update?

Judging from the lack of follow up, I’m gonna assume it didn’t.