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Advisors are conditioned to believe that the more “runway” they have with a prospect, the more time they’ll have to show them enough value to make their hiring decision.
But is this true?
The average conversion rate of advisors proves otherwise.
The long and complex advisory sales process, in which educating your prospect is the centerpiece, convinces less than three out 10 qualified prospects on average to become clients.
If you’re investing your time and energy with multiple conversations, you’re only lowering the number of new paying clients you’ll be acquiring.
Why is that? Because the choice to hire you is a split-second decision, which the prospect makes silently in their mind during their initial conversation with you. It's internal, not external.
Most of your prospects are in shopping mode.
They’re out to gather information, speak to a few advisors, then go away to contemplate a decision later.
They’re completely unaware that their process can be convoluted (which is why they’re still shopping).
When they try to process the information you’ve shared with them on their own later, they can’t retain a sense of certainty and security about it.
It’s too complex and there are too many other concerns on their mind.
Here’s the key: If you get to the truth of their situation and help them trust you right in the first meeting, you’ll cut the “think about it” game right out of the equation.
The sale is made or lost in the first meeting, not after multiple meetings.
Consistently onboarding new paying clients requires a different mindset shift – from viewing the sale as a long series of steps – to realizing there is a single moment when they will agree to work with you.
That’s a big shift, especially if you are used to doing “free consulting” in your initial meetings.
You’re the only one who can bring them face to face with their deepest underlying issues (issues they themselves can’t see) so they feel they can trust you without hesitation.
With this new approach, there are no intermediate steps involving the delivery of free consulting, tailored plans, or detailed proposals.
Many advisors struggle with the notion of selling because they’ve been trained to present their value and expertise, which inevitably has become commoditized, creating an elongated and complex sales process.
Selling hinges on your prospect’s decision to place their trust in you -- and that happens in a split-second in the first conversation.
To learn more, order your complimentary book and schedule your free one-on-one consultation below.
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trusted Authority” 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 “get new clients” lead generation consultation. 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.
