SHOULD WE BUY GOLD?

Instead of trying to repeat someone else’s scripts, you need to make your own

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3 min read

Matthew Jarvis
Financial Planner, RFC®

One of the most valuable resources from the Nick Murray Newsletters (and his books if you can find them) are all the great scripts he provides from his real-world experience as an advisor. For years, the mistake I made was to try repeating his scripts word for word. This is a classic script mistake, as unless you ARE Nick Murray, his words will always sound like scripts when you say them as they won’t fit your natural form of speaking. 

Instead of trying to repeat someone else’s scripts, you need to make them your own by using your own words, your own mannerisms, and your own version of this philosophy.

Let’s use a current world example to see how this idea of converting a script into your own words can work.

The scenario: a client, husband, and wife, comes in to meet with you (during surge meetings, of course), and they begin expressing concerns about inflation, the strength/weakness of the dollar, and ultimately ask if they should be buying gold.

Should we buy gold?

Should we buy gold?

Now we could break this discussion into a million pieces, including digging deeper into their question, mirroring their body language, knowing their personality type, etc. But for this post, I want to look at just a single line of scripted responses that you can adapt to yourself.

My go-to response for any and all questions about buying gold is:

“I think you should buy you and your spouse all the gold jewelry you want to wear. This way, no matter what happens to the price of gold, you can still enjoy your purchase.”

It is essential that you deliver this line with a big smile and a small laugh. The goal is to add some levity to the discussion while also giving them a baby step of action to take VS., trying to argue about the long-term merits of buying gold. Plus, if the client isn’t serious enough about gold to start with this very simple purchase, there is no need to discuss gold ETFs, etc.

But I digress; let’s get back to the script. MAYBE you can read this script out loud, and it sounds perfectly natural coming out of your mouth, in which case, practice it a few times out loud in front of a mirror and run with it.

What if it doesn’t sound natural? What if you are totally opposed to the idea of gold jewelry, and/or you find the entire comment condescending? GOOD! Now you have the opportunity to try a dozen variations before ever trying it with a client.

For example, you might feel more comfortable saying:

“Let’s start by buying $1,000 of gold from your local jewelry store, deciding where to store it, and writing down at what price you’ll sell it.”

OR another favorite of mine, mainly for clients concerned about hyperinflation and/or total economic collapse:

“Let’s say we do buy much gold, and everything goes as crazy as you described. What will we do with the gold as the grocery store in my neighborhood doesn’t take gold, but even if they did, they’d be out of groceries in a day or two.”

The goal with these scripts, and really any script, is helping the client look at the simplest version of the issues versus the rookie advisor’s move of trying to argue or explain your way out of a bad idea.

So, whether clients ask to buy gold or timeshares in Hawaii, you need to have a list of go-to, easy-to-understand responses in your proverbial pocket.

But reading is nothing without taking action!
Here is what you should do in order to see results

Action item #01

Pick the three most common and/or most intimidating questions/concerns you get from clients and find TEN possible responses.

Action item #02

Can’t think up TEN responses? Post the question to your favorite industry forums to hear from other ADVISORS how they answer this question to clients.

Action item #03

IGNORE anyone offering you scripts that they haven’t personally used with clients!

Since we’re on the topic of gold, please leave your one or two-line (MAX) response when a client asks if they should buy gold. NOTICE: Any posts with links will be deleted to help prevent spam.

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