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Losing more prospects than when you started your practice is the problem that keeps even the most experienced advisors up at night.
Many advisors say to me, “Ari, I’m worried. The market is changing, potential clients who I would’ve easily signed in the past just don’t seem interested lately. It’s not that they’re going with another advisor, it’s that they’re not going with an advisor at all – they just keep shopping around. What’s going on and what can I change in my sales process to reverse this trend?”.
Here’s what I tell them.
The first and most important thing you need to figure out is what a potential high-net worth client is looking for when they come to see you.
What is the number one thing on their mind that compelled them to seek advice from a new advisor?
Most likely, the number one thing they're looking for during their initial consultation with you is this:
Is there something new or different that this advisor can tell me about what to do with my money that I haven't heard from any other advisor?
The natural response to address a question like that is to try an impress them with how your different or try and show them something they haven’t seen before.
After all, you're a financial advisor. Isn’t it your job to show them solutions upfront, so they’ll be impressed enough to start the financial planning process with you?
That can be a repetitive closed loop, because every other advisor they speak with will attempt to do the same.
Your job is to zero in on their motivations and unpack the total view and impact of their situation before you suggest anything else.
They might feel secure on paper or on a purely analytical level. But something’s bothering them on a deeper emotional level, or they wouldn’t have reached out to you.
They’re subconsciously hoping you can tell them what that is.
With that in mind, consider the language you could use to pinpoint that unidentified deep-seated need driving them.
Is it managing their money more efficiently? I doubt that would keep them up at night.
Is it the fear of losing what they have? That's closer but a little vague.
What if it's ensuring that their financial legacy gets safely passed on to their children or their grandchildren by having an entrusted protector who can safeguard it from the growing systemic threats that will get worse in the future?
Whatever the underlying motivation might be, the point is to help them get to their own “aha” moment.
Rather than defaulting to delivering value, focus on delivery deep clarity on their own issues. That will differentiate you from the other advisors they contact.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after sales conversion expert for financial advisors. His newest book, “Unlock The Sales Game” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary client growth consultation with Ari or one of his trust-based consultants. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Australian Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
