6 Prospecting Tips to Find Clients in Search of Financial Advice

Have you sat down with an advisor to help you with your retirement or long term goals. Here Are Some Tips to Help you on LinkedIn. Although niche marketing is not a marketing channel, per se, it’s important to start the conversation about prospecting there. “To remain competitive, advisors need to offer more services but expect to charge the same fee,” Biagini says. Yet, many advisors continue to suffer from the “spinning your wheels” syndrome, feeling as if their efforts keep dredging up the same results—poor quality prospects or prospects who have neither the incentive nor financial capacity to take action. By: Frank DePino March 23, 2021. There are three key reasons for their success. If a depositor has accounts at separate banks, then each account, up to the limit, is covered. By clicking on this link you are leaving our website and entering a third party website over which we have no control. They use their knowledge and expertise in helping you come up with a financial plan that is fine tuned to your income, business and lifestyle. While there are potential leads to be found on any social network, LinkedIn offers unique opportunities to connect with relevant prospects. If you have any trouble, contact us or see our frequently asked questions. The FDIC’s income is derived from assessments on insured banks and from investments. The way the public sees a company or business is almost as important as the products/services they provide. If the FDIC cannot merge the bank with another, it will then have to pay depositors for their losses, using the payoff method, where the FDIC pays depositors up to a maximum amount. Please enable JavaScript on your browser and refresh the page. Author https://reitour.org/Asset-Building-Opportunities/Financial-Education-002D-Money-Smart.aspx Michael Goldberg is a networking specialist, speaker, trainer, author and boxer. Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of third party sites hyper linked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites. So, funds deposited in the sole proprietorship’s name are added to any other single accounts of the sole proprietor and the total is insured to a maximum of $250,000 in interest bearing accounts.

FDIC Insurance

If the FDIC cannot merge the bank with another, it will then have to pay depositors for their losses, using the payoff method, where the FDIC pays depositors up to a maximum amount. This represents an increase of 9 women in senior management positions since FY 2009 and an increase of 11 women since FY 2006. This not only relieves the FDIC of paying depositors, but the bank stays open under new management with the least disruption to the local economy. Specifically, define whom you want to serve and who needs your services. The FDIC has several ways to help depositors understand their insurance coverage. Hit enter to search or ESC to close. Already have an account. More than one third of banks failed in the years before the FDIC’s creation, and bank runs were common. Textual Records: Case files of banks brought before the Board ofDirectors pursuant to Section 8 of the Federal Deposit InsuranceAct of 1950 “Section Eight Files”, 1937 55. Your goal when prospecting with email marketing is to inform your readers and give them the assurance they need to make a purchase. Here are the best prospecting ideas for financial advisors to attract more leads and land more clients at your firm. There is no business without clients, and all financial advisors must be experts in the art of finding new clients and engaging existing ones. The $250,000 limit is permanent for certain retirement accounts including IRAs, but is scheduled to return to the former $100,000 limit for all other deposit accounts after December 31, 2013, unless the government enacts new legislation in the meantime. All individual accounts at the same insured bank are added together and the total is insured up to $250,000. The Federal Deposit Insurance Corporation FDIC is an independent agency of the United States federal government that preserves public confidence in the banking system by insuring deposits. To ensure funds are fully protected, depositors should understand their coverage limits. Bilateral arrangements signed between resolution authorities to underpin this cooperation are an important ingredient for building resolvability together and for advance planning for resolution. Your personal information is protected with Secure Socket Layer encryption technology. All deposits that an individual has in any of the types of retirement plans listed above at the same insured bank are added together and the total is insured up to $250,000. Let me first say that LinkedIn prospecting messages are often poorly delivered by financial advisors. Specifically, firms cannot misuse the name or logo of the FDIC or make deceptive representations about deposit insurance. FDIC deposit insurance is backed by the full faith and credit of the United States government. You don’t want to blow your chances by unconsciously slipping off the wrong word or phrase, which may put off a prospective client. Financial advisors can help you build up your savings, set up a budget, find insurance plans with competitive rates and work out tax strategies that work for your business. Podcasting is a new way of letting your audience experience your content differently. “Alright, where to focus. It should summarize what you do, who you do it for, and what your key differentiator is. 6622 or by clicking here to send us a secure email to answer your questions and provide additional information.

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR NON INTEREST BEARING TRANSACTION ACCOUNTS

If you have comments or suggestions on how to improve the website or have questions about using , please choose the ‘Website Feedback’ button below. The Independent Review is thoroughly researched, peer reviewed, and based on scholarship of the highest caliber. And, for those of you who want to explore any of the 5 prospecting methods along with us, we have included 3 “first steps” you would need to take for each one. Com, says traditional advisors are now in a race to zero fees with robo advisors. On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC. Savings, checking and other deposit accounts, when combined, are generally insured to $250,000 per depositor in each bank or thrift the FDIC insures. Sounds like an awful situation. Geographic location of the practice matters, as does the target audience’s ability to pay for the service. There are few if any comprehensive studies on the relative effectiveness of marketing methods. Gov provides information and assistance for customers of national banks and federal savings associations. View the most recent official publication. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met. Since its inception, the FDIC has responded to thousands of bank failures. Instead of posting about how the current market is like you do on LinkedIn, try creating an interesting video or fun picture to boost audience engagement. FDIC insurance is backed by the full faith and credit of the United States government. Plus, the amount of stress that you may experience can be extreme. Infrequently, the FDIC may make a loan to the bank to prevent its failure, or it may reorganize it. Although niche marketing is not a marketing channel, per se, it’s important to start the conversation about prospecting there. The Independent Review is the acclaimed interdisciplinary journal devoted to the study of political economy and the critical analysis of government policy. Check out tips and information about how you can protect your personal information online. Savings, checking and other deposit accounts, when combined, are generally insured to $250,000 per depositor in each bank or thrift the FDIC insures. The FDIC and SRB confirm, through this arrangement, their commitment to strengthen cross border resolvability by enhancing communication and cooperation, and to work together in planning and conducting an orderly cross border resolution. Share sensitive information only on official, secure websites. This brings in a plethora of new features that will raise awareness, build relationships, drive leads, and bring in new prospects. You may be able to deposit more than $250,000 at Bank of the West and still be fully insured by the FDIC. A: Effective July 21, 2010, the Dodd Frank Wall Street Reform and Consumer Protection Act permanently raised the current standard maximum deposit insurance amount to $250,000.

10 Get Involved In Your Community

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites. Thus a depositor with $250,000 in each of three ownership categories at each of two banks would have six different insurance limits of $250,000, for total insurance coverage of 6 × $250,000 = $1,500,000. On the contrary, the 1% top financial advisors, do prospecting every day. This insurance covers deposits in the event of a bank failure, but it does NOT cover losses due to fraud and. There are different prospecting methods depending on the type of business that you are promoting. And some of them could be interested in using your services prospects to be exact. This sum is adequate for the majority of depositors, though depositors with more than that sum should spread their assets among multiple banks. Doing business in South Dakota as Bank of the West California. Prospecting happens when a new lead enters the sales pipeline or business. The drop down menu provides the option to select more than one country or a U. If you want to be like them, do the following 3 things. March 15, 2021/ Don Connelly / Prospecting / 0 comments. If a couple has $500,000 in a joint account, as well as $250,000 in an eligible retirement account, the entire $750,000 would be covered by the FDIC, as each co owner’s share in the joint account is covered, and the retirement account is a different account category. Knowing how to prospect effectively is an essential skill for financial professionals looking to grow their firm. Federal Deposit Insurance Corporation FDIC is the U.

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Affluent clients want to meet their advisors through a trusted friend or another advisor. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices. We recommend you directly contact the agency responsible for the content in question. The FDIC’s income is derived from assessments on insured banks and from investments. If you’re a financial advisor who’s serious about generating new leads, take action today with these effective prospecting tips. These elements can help visitors self qualify through your site, making it easy to increase the quality of prospects. Non deposit investment products, insurance, and securities are NOT deposits or obligations of, insured or guaranteed by Associated Bank, N. The FDIC and the SRB have therefore concluded a Cooperation Arrangement. In this blog/podcast I am going to teach you how financial advisors can create super awesome LinkedIn or Facebook, or Instagram prospecting messaging and sequences to engage and get new leads. Fdic na fsaRead more →. Sign On to Mobile Banking. Non deposit investment products, insurance, and securities are NOT deposits or obligations of, insured or guaranteed by Associated Bank, N. Having begun in 1934 with deposit insurance of $5,000 per account, in 1980 the FDIC raised that amount to $100,000 for each deposit. Institution Groups and Institution Types. DisclaimerPrivacyTerms of UseCookie Policy. CRM allows you to track interactions with prospects this includes emails, phone calls, voice mails and face to face meetings. 9 billion active daily users. Similarly, some advisors can see amazing results with dinner seminars, while others might use the exact same materials and fail. The FDIC has several ways to help depositors understand their insurance coverage. The easiest way to search for a specific institution is to use the Institution Name or RSSD filter at the top of the page. DO NOT check this box if you are using a public computer. Independent Institute is a non profit, non partisan, public policy research and educational organization that shapes ideas into profound and lasting impact. Most experts recommend using hashtags in your posts to gain maximum exposure. The goal is to facilitate the resolution of banks present across the respective jurisdictions while maintaining financial stability in the United States and the European Union. Third party sites may have different Privacy and Security policies than TD Bank US Holding Company. At Roosevelt’s immediate right and left were Senator Carter Glass of Virginia and Representative Henry Steagall of Alabama, two of the most prominent figures in the bill’s development. Podcast: Play in new window Download. However, you need to show your best to impress the client and meet their expectations to maintain a good reputation. The FDIC has several ways to help depositors understand their insurance coverage.

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DO NOT check this box if you are using a public computer. Please consult with your tax, legal, and accounting advisors regarding your individual situation. Acting as a deposit broker, can place deposits at FDIC insured banks on your behalf. Spend, save and grow your money with Virtual Wallet®. Congress created the FDIC in 1933 during the Great Depression in response to widespread bank failures and massive losses to bank customers. Prospecting can make or break a company as finding clients is crucial to keeping a business afloat. However, if you truly understand the type of prospect you’re looking for, you may be able to drastically reduce the number of rocks you need to turnover. What commonalities do you see. Individual accounts are accounts owned by one person and titled in that person’s name only. This item is part of a JSTOR Collection. They go on LinkedIn because it’s a vast network of professionals looking to grow their business or otherwise advance in their careers. Phone number: +32 2 490 3530. You may also visit any MidFirst banking center or call 888. Let me first say that LinkedIn prospecting messages are often poorly delivered by financial advisors. Rather, they are insured as the single account funds of the person who is the sole proprietor. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. With a degree in Finance you will be an expert in financial management or investment analysis. If you’re hoping to break into a new market, you can create a fictional archetype of a target client to inform your outreach. Although it would not be much more expensive to insure all amounts held by a bank, the FDIC sets limits so that the bank will refrain from taking large risks so that they can attract business customers with large accounts. Now that we’re past the pleasantries, let’s get to the point of today’s piece.

Media

Bottom line, networking is the most effective way to attract more prospects, more referrals, and more business to your corner. Does not include pay banded employees. Gone are the days of cold calling and unsolicited phone calls that you hate making and that annoy your prospective clients. Turning to alternate communication methods, such as email, text or instant messaging, is another. « You need to keep your funnel full, » says Pachapurkar. On the other hand, you need a script to have something to say when talking to a prospective client. However, deposit insurance does not prevent bank failures due to mismanagement or because the bank managers took excessive risks. Join our newsletter to get useful tips and valuable resources delivered to your inbox monthly. Main Office 195 Washington Street, Weymouth, MA 02188. Fdic what is coveredRead more →. As of January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest bearing transaction accounts will be insured by the FDIC up to the standard maximum deposit insurance amount $250,000 for each deposit insurance ownership category. Usually, customer deposits and loans of the failed institution are sold to another institution. Get answers to banking questions. In other words, only 6% of advisors thought that niche marketing was NOT effective.

Feeder Workshops

Charles Schwab and Co. This not only relieves the FDIC of paying depositors, but the bank stays open under new management with the least disruption to the local economy. The FDIC is managed by a board of five directors who are appointed by the U. It involves various decisions to take and strategies to implement. He’s also currently learning how to play guitar and piano. “Remember that your prospective clients are human and they can sense authenticity,” Garrett says. It does not insure securities, mutual funds or similar types of investments that banks and thrift institutions may offer. Rather than burning a hole in your pocket for leads that don’t go anywhere, spend time doing something you enjoy. The goal of webinars is to help the audience understand the problem and arrive at a solution that allows them to take action. The FDIC collects premiums from member banks to fund an account, the Deposit Insurance Fund DIF, which covers depositors for any losses resulting from bank failure. Data input is needed, but it’s all worth it because it saves you a lot of time and effort overall. Calculating deposit insurance can be complex, especially if you have multiple accounts registered in the same ownership capacity. Hit enter to search or ESC to close. Subject Access Terms: Temporary Federal Deposit Insurance Fund. Regulates banking industry. Generally, there is no limit on deposits. As of September 2019, the FDIC provided deposit insurance at 5,256 institutions. This sum is adequate for the majority of depositors, though depositors with more than that sum should spread their assets among multiple banks. The FDIC is backed by the full faith and credit of the United States government. Associated Bank has hundreds of locations throughout Illinois, Minnesota and Wisconsin.

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If the financial advisor knows who they are looking for and where to find them, then the prospecting tactics can be more targeted. The advantage of deposit insurance is clear: it did stop bank runs with the resulting bank failures, and gave people a greater confidence in the financial system. The FDIC and its reserves are not funded by public funds; member banks’ insurance dues are the FDIC’s primary source of funding. Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites. All individual accounts at the same insured bank are added together and the total is insured up to $250,000. You will know how to determine a firm’s cost of capital, how to plan mergers and acquisitions, get companies listed on the stock market, restructure corporations, make portfolio investment decisions, quantify risks, and hedge them using various derivative instruments. Might this sound like you. Here is how the FDIC defines coverage for different account holders by some common “ownership” types. Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites. If a couple has $500,000 in a joint account, as well as $250,000 in an eligible retirement account, the entire $750,000 would be covered by the FDIC, as each co owner’s share in the joint account is covered, and the retirement account is a different account category. The results of this work are published as books, our quarterly journal, The Independent Review, and other publications and form the basis for numerous conference and media programs. The FDIC has a five member board that includes the Chairman of the FDIC, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, and two public members appointed by the President and confirmed by the Senate. You may be able to deposit more than $250,000 at Bank of the West and still be fully insured by the FDIC. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to US$250,000 per ownership category.

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Sounds like an awful situation. To facilitate a merger, the FDIC buys the bad assets of the failing bank to make it more attractive for the acquiring bank. More prospects, more referrals, and more business. Financial system by insuring deposits in banks and thrift institutions for up to $250,000, by identifying, monitoring and addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system when a bank or thrift institution fails. Third party sites may have different Privacy and Security policies than TD Bank US Holding Company. The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. The FDIC Standard Maximum Deposit Insurance Amount SMDIA for deposits is $250,000 per depositor per insured financial institution, for each ownership category. Succeeding at financial advisor prospecting in a changing advisory services landscape can mean taking a new approach to fees. An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. And, for those of you who want to explore any of the 5 prospecting methods along with us, we have included 3 “first steps” you would need to take for each one. Warm introductions and referrals are generally the most effective lead gen strategies for financial professionals, insurance agents, and financial coaches. ©Bank of the West NMLS 19116 Member FDIC Equal Housing Lender EEO/AA Employer. To get a reaction from the prospects, you have to do the action. 2 Records of the Division of Research and Strategic Planning. These links go to the official, published CFR, which is updated annually. Official website of the OCC. The issue has taken on renewed importance with the emergence of financial technologies – such as crypto assets, including stablecoins – and the risks posed to consumers if they are lured to these or other financial products or services through misrepresentations or false advertising. Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of third party sites hyper linked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites. FDIC insurance is backed by the full faith and credit of the United States government. Sure, prospecting is and always has been driven by the “law of numbers,” but who says you can’t tilt the numbers in your favor. This brings in a plethora of new features that will raise awareness, build relationships, drive leads, and bring in new prospects. You can learn more about the process here. Before implementing any prospecting technique, you must know your ideal client and what they want. Example 2: If you have a Schwab Bank High Yield Investor Checking account, in just your name, with $200,000 and a Schwab brokerage non retirement account with Bank Sweep Feature, in just your name, that has swept cash balances of $75,000 into deposits at Schwab Bank, then FDIC insurance would cover a total of $250,000 leaving $25,000 of these deposits uninsured by the FDIC. Calculating deposit insurance can be complex, especially if you have multiple accounts registered in the same ownership capacity. If you are working with a CPA, lawyer, taxman, and other professionals, the financial advisor will coordinate with them on your behalf, saving you time and effort. Explore Our Categories. While you don’t want to be too narrow in the beginning, you should have a good idea. The ideas and approaches in Knock Out Networking for Financial Advisors can be applied immediately to virtual meetings, online networking groups, social media, podcasts, and of course, phone calls. Acting as a deposit broker, can place deposits at FDIC insured banks on your behalf.

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The FDIC also examines and supervises certain financial institutions for safety and soundness, performs certain consumer protection functions, and manages receiverships of failed banks. The PayoffFinancial FootballPeter Pig’s Money CounterCash PuzzlerGames In the Classroom. This depends on your field of business and in this case, it’s financial advising. The FDIC’s Electronic Deposit Insurance Estimator can help you determine if you have adequate deposit insurance for your accounts. The funds for the agency are provided in the same way as the funds for a private insurance company but on a larger scale. QandAApril 15, 2020 at 10:42 AMShare and Print. FDIC insurance covers all deposit accounts, including. Having a professional website that cohesively tells your story and how you can help prospects is one place to start. Indeed, for most of the 20th century, banking regulations, especially interest rate caps on deposits and restrictions on branching, were designed to reduce competition to reduce both moral hazard and bank failures. If you continue without changing your settings, we’ll assume that you are happy to receive all cookies on the Robert Walters website. You can also bank with us 24/7 through digital and automated telephone banking and ATMs. EBook Planning with Purpose: Finding Fulfillment and Authenticity Through Financial Planning. Your deposits are insured only if your bank has Federal Deposit Insurance Corporation FDIC deposit insurance. Consider each of these must haves before starting the work of prospecting for new clients.

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In that way, you can also assess and analyze the situation firsthand. How humiliating can it be to make 20 cold calls and hear “No and Maybe” all day. If you’re a financial advisor who’s serious about generating new leads, take action today with these effective prospecting tips. Before implementing any prospecting technique, you must know your ideal client and what they want. This document is available in the following developer friendly formats. Knockout Networking for Financial Advisors covers everything you need to know about going to the right places virtual or not. There are different prospecting methods depending on the type of business that you are promoting. Do you want to be the Top Financial Advisor and rank among the top 1% of financial advisors. The FDIC insures deposits in all member banks in the United States. Insights and best practices for successful financial planning engagementLearn more. Over the 5 year period FDIC had a net decrease of 0. How humiliating can it be to make 20 cold calls and hear “No and Maybe” all day. Your Money, Your FutureEducational StandardsInnovative EducatorTeaching Your Children at HomeLesson Plans. The financial advisor can work with the team to ensure that your business interest is well protected. Word of mouth is powerful, and our digital first world means that one person’s opinion can reach an incredibly large audience. Have you sat down with an advisor to help you with your retirement or long term goals.

History

You are using an unsupported browser. Third party sites may have different Privacy and Security policies than TD Bank US Holding Company. Established: As an independent agency by the Federal Reserve Act48 Stat. Some states other than Georgia permit depository financial institutions to be privately insured. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices. FDIC insurance covers all deposit accounts, including. Ownership categories insured. My goal is to answer the following question: how does a financial advisor create LinkedIn messages and sequences that generate leads for his or her firm. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC insured funds. Log in through your institution. Specifically, define whom you want to serve and who needs your services. The most depressing thing that can happen to an advisor is getting stuck in a cycle of ‘NO, NO, and NO’. As of September 2019, the FDIC provided deposit insurance at 5,256 institutions. At the Model FA, we have an advantage of having a team that has seen hundreds of advisors. If you continue without changing your settings, we’ll assume that you are happy to receive all cookies on the Robert Walters website. DO NOT check this box if you are using a public computer. Sign On to Mobile Banking. Open bank assistance is sometimes provided to keep banks open in communities that the FDIC deems was providing essential services to the community. The Consumer Financial Protection Circular was issued in connection with the FDIC’s adoption of a regulation implementing a statutory provision that prohibits any person or organization from engaging in false advertising or misusing the name or logo of the FDIC and from making knowing misrepresentations about the extent or manner of FDIC deposit insurance. Individual accounts include. Requires the Secretary of the Treasury to submit a copy of such schedule to certain congressional committees and to consult with them regarding repayment terms. Check your eligibility and the deadlines for application. There is no need for depositors to apply for or request FDIC insurance.

How To Overcome Compliance And Invest in Marketing Solutions as An Advisor?

Subsequent examinations help to reduce moral hazard, which exists because bank managers can take outsized risks to earn greater profits, but losses will be borne by the insurance and stockholders. And that’s worth paying attention to. At some point, though, it is time for new advisors to leave the nest and build their own prospect pipelines. It is easy to get recommendations from existing clients who see your value when you have done an exceptional job. You will be notified when your Central Card is available for pickup on campus. The Federal Deposit Insurance Corporation FDIC is an independent federal agency insuring deposits in U. Although niche marketing is not a marketing channel, per se, it’s important to start the conversation about prospecting there. The two most common insolvency resolution methods the FDIC employs are. The CFPB will exercise its authorities to ensure the public is protected from risks and harms that arise when firms deceptively use the FDIC logo or name or make deceptive misrepresentations about deposit insurance, regardless of whether those misrepresentations are made knowingly. By clicking on this link you are leaving our website and entering a third party website over which we have no control. Finding and developing leads that may turn into prospects can be time consuming, however. Explore solutions for your cash, including FDIC insured options. The FDIC also has a US$100 billion line of credit with the United States Department of the Treasury. Records relating to the construction of the FDICbuilding, 1939 62. Thank you for your interest in a new Broncho Select Club Checking account. « Some people say they already have , » Goolcharan continues, « and others ask if the real estate agent can recommend someone.