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Most advisors’ sales processes are based on informing and educating prospects. You have a discovery meeting. You have a free financial plan. Then you have another meeting to present the plan and educate your prospect about why it’s important to implement it to solve their challenges.
However, even if they turn up to all these meetings and understand your plan, there’s no guarantee they’ll become a paying client. Often they say, “Let me think about it. I’ll get back to you.”
This experience is in stark contrast to other professionals like lawyers or doctors, who usually have a new client/patient pay at the end of the first consultation. Could it be that the entire free information/value selling model is fundamentally mismatched to what prospects are really looking for? The decreasing conversion rates from first meeting to new paying client suggest it is. If they wanted just information, they could search online to learn about their own issues. And keep in mind that lawyers and doctors don’t spend time educating potential clients and patients about the legal code or biochemistry.
The decreasing conversion rates from first meeting to new paying client suggest it is. If they wanted just information, they could search online to learn about their own issues. And keep in mind that lawyers and doctors don’t spend time educating potential clients and patients about the legal code or biochemistry. The more information you provide, the more questions are raised. This creates more reasons for your potential client to “think about it,” and that’s a form of indecision.
Your prospects may have you assuming they want information from you, but what they really want is to trust you to take their problem off their plate. As a result, information alone can’t satisfy their need to trust you.
Here are three universal, time-tested principles, that will protect you from“over-delivering” with information and value, and ultimately missing out on the opportunity to add a new, paying client:
1. Selling is not an intellectual exercise.
Your prospects aren’t seeking information. What they really want is clarity. They want the burden of deciding what to do about their money simplified and solved. They want an emotionally intelligent financial expert who gets them at a deep level — someone they can trust.
2. Your job is not to impress them with your knowledge.
Your job is to clarify their situation to the point where they ask, “Can you help me?” Your sales process needs to work more like an appointment with a doctor about a serious medical issue. From there, you can discover what the “cure” is through your financial “x-ray” process.
3. It’s not a discovery meeting, it’s a diagnostic meeting.
They don’t need to get to know you to trust you — contrary to the industry norms. In fact, they don’t even have to like you to trust you. Why does your doctor refrain from the “know, like and trust” model? Why do they diagnose with bedside manner and deep empathy, but don’t invite you for coffee? Because they know a social relationship “pre-sale” can degrade their position as a trusted authority.
To get some help on creating a doctor-patient sales process that matches what your prospects really want from you, order your complimentary book and consultation below.
Ari Galper is the world’s No. 1 authority on trust-based selling and is the most sought-after high net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” 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 “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the 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.
