5 Key Lessons for Financial Advisors on Closing Big Cases
If you're a financial advisor, you've likely thought about working with higher-net-worth clients or closing larger cases with business owners. While it seems like the dream, there are pros and cons that come with handling big cases. Based on my personal experience and advice from some fantastic mentors, I want to share five lessons I've learned about closing big cases. These might just change how you approach bigger clients and help you refine your strategy.
A Little Context
In case we haven’t met, I’m Anthony Anderson, co-founder of Elite Companies. About a decade ago, I began forming partnerships with CPAs and attorneys. It wasn’t long before I was handling bigger cases, and I remember thinking, "If all these close, I'll make $1.2 million!"
That year? I made $37,000.
I had found the pipeline, but I didn’t know how to capture what was pouring out. Fast forward to today, and I run a multidisciplinary firm with financial advisors, insurance agents, accountants, attorneys, and specialists under one roof. We help our community of advisors close bigger cases and navigate the complexities that come with them.
Here’s what I’ve learned.
1. Know the Odds
Bigger cases come with lower odds of closing. Even with a solid process and team, there are more moving parts—larger egos, heightened emotions, and more professionals wanting a say. The result? More variables you can’t control.
Be positive, but also be realistic: The larger the case, the more challenging it can be to close.
2. Desperation Destroys
When things start moving forward, it’s easy to get attached to the outcome. But desperation kills deals. You have to detach emotionally from the potential revenue or what you’re planning to do with that commission. A personal story: One of my business partners picked out a Cadillac for his wife before the deal even closed. When it went sideways, desperation took over, and it fell apart.
Control what you can control, and don't let the outcome consume you.
3. Know the Players
Identify both the professional players and the unknown players.
Professional players:
- CPA
- Attorney
- Financial advisor
- CFO or controller
Unknown players:
- Overbearing family members
- Friends who send them "advice" from an article
- Influential people who aren’t directly involved
Have direct communication with the professional players before making suggestions, so you know what you’re up against. Unknown players will appear, so be prepared for their involvement at some stage.
4. Put on Your Marathon Shoes
Big cases are marathons, not sprints. They don’t close quickly. Meetings get rescheduled, paperwork gets delayed, and just when you think you’re near the finish line, it moves. Are you prepared to spend 6, 9, or even 12 months on a case without losing patience? You need to be. These cases take time, and the process can feel endless, but you have to stay committed.
5. It’s Not About the Numbers
For high-net-worth clients, the decision isn’t always about the dollar amounts. It’s about other factors like:
- Complexity: Is it too hard to understand?
- Maintenance: How much time will it take to maintain?
- Risk of audit: Will this move trigger more scrutiny?
- Impact: What’s the bigger picture? Financial security, legacy, charity?
Make sure to ask the right questions and understand their priorities—don’t assume it’s all about maximizing wealth.
A Final Thought: Base Hits Win Games
One of my mentors shared this analogy with me: “A successful business is like a winning baseball team. You win the game with singles and doubles—not by relying on the occasional home run.”
Your business should be steady enough that the big cases are just a bonus. You shouldn’t depend on them for success. This way, when you do land one, it’s both exciting and fun, without the pressure of making or breaking your year.
In Summary
- Know the odds—big cases have a lower chance of closing.
- Don’t get desperate—stay detached from the outcome.
- Identify the players—understand who’s involved, both professionally and behind the scenes.
- Pace yourself—big cases take time, so be prepared for a long journey.
- Ask the right questions—it’s not always about the numbers for wealthy clients.
If this advice resonated with you, or if you're looking to build a more predictable and enjoyable business, feel free to reach out. I’ll also include a link for a free strategy session below.
