How to answer, “What’s your minimum?”

You’re chatting with someone at a networking event and he asks what your minimum is. Giving the wrong kind of answer can put your prospect off.

Read: Send prospects the right signals

Your firm may have a policy of focusing on larger relationships. If every office sales meeting reinforces “$250,000 or more,” you might be tempted to parrot this number.

But it creates exclusivity in a bad sense. You don’t want to draw this kind of line because it implies only asset size matters. If the prospect falls below the threshold you’ve essentially said he’s insignificant.

Here are some guidelines for answering this deceptively simple question:

1. The Threshold Number: “We find we can be of greatest value to people with $500,000 and above in investable assets for the following reasons….” Mention a few benefits like the smaller-than-average number of clients you work with and your higher level of personalized service.

Outcome: He asked for a number. You gave it along with your rationale. But you didn’t say you don’t take on clients below that number. You kept your options open.

2. Change the Rules: “We find we can be of greatest value to couples with a combined net worth of $3 million or more for the following reasons….”

Outcome: “Combined net worth” gets them thinking about retirement assets at work, the equity in their home, fully paid up life insurance policies and more. They start to feel wealthy as they add up the numbers. You’ve introduced non-traditional areas like insurance and lending, taking the conversation beyond stocks and bonds.

Read: Charm wealthy prospects

3. Be Inclusive: “I work with about 150 families who have $150 million in total with me. The smallest is $250,000, the largest is $10 million, and the average is $500,000.”

Outcome: By establishing a range they can see where they fit. You are now welcoming and inclusive, versus being a person who draws a line.

4. The Numberless Answer: “We focus on the person, not the portfolio.” Although the prospect specifically asked for a number, giving one might imply size is all that matters and the service you provide is impersonal. By changing the focus in your answer, you convey you work with people and each situation is unique.

Outcome: Although you risk cultivating a person below your desired threshold, it’s likely you have prequalified them otherwise. You might be attending the reception for major donors to your university when the question was asked. The prospect feels his situation is unique and you’ve acknowledged it.

Read: How to lose referrals