Why Trying to Show Value Sabotages the Sale

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You’ve just had a promising initial meeting with a high net worth prospect, the chemistry between the both of you felt right, and they agree to the next step in your process.

It’s incredibly validating and a wonderful feeling to experience zero resistance so early in your sales cycle.

But then something viewed as trivial (to them) — though not to you — happens: They don’t provide their statements and documents as discussed, which is required for you to show them your value. Your low-friction initial experience quickly becomes a high-friction, painful experience. You now have little choice, but to “follow up” with them to try and get them to provide you with what you need. Or you might choose to let them go, because chasing prospects isn’t your thing. Either way, it’s a lost sale, that could have been worth $10K - $20K per year in fees – over 10 years – $100K - $200K (assuming zero growth in AUM). You’re now denied the opportunity to strike while the iron’s hot. And as each day passes, they go “cold” on you. It’s frustrating to say the least. What’s happening here?

Through no fault of your own, you’ve been led to believe that selling is a multistep process, that the sale consists of moving your prospect through a series of momentum-building steps. Behind this belief is the assumption that it’s your knowledge and expertise, or the sophistication of your solution, that differentiates you and ultimately drives your prospect’s choice of you, rather than other advisors on their shopping list.

That assumption is false and needs to be confronted, so you don’t continue losing any more new client opportunities.