This post was authored by Haley Spanier, Dunham's Marketing Communications Associate. If you have questions concerning today's topic, please call us at (858) 964 - 0500. Hold us to higher standards.

As a financial advisor, you’re no stranger to introducing your business to prospects. You’ve likely got your elevator pitch perfected, your services fine-tuned, and are always happily ready to answer the question, “what do you do?” However, introducing yourself and your services is just one crucial piece of the puzzle. Today, we’re looking at the final (and essential) puzzle piece – closing a sale with a potential prospect. We’re looking at five critical steps to take when you are ready to convert that prospect to a client.

Describe How Your Services Solve a Specific Pain Point

Establishing business with a new client is not unlike selling any other product or service. You need to make sure it’s the best option out there and that it will serve your prospects exactly as needed. You can ensure you are the right fit for your client by reminding them how you are the solution to a specific problem they are facing.

It’s important to remember that prospects are looking for something that quickly and easily solves a pain point in their life. Maybe their pain point is that they are worried about saving for retirement. Perhaps they are frustrated with the way their current financial advisor handles things. Whatever it may be, you want to reiterate how you solve their most pressing issue, therefore helping them sleep better at night.

Discuss the Benefits of Your Services, Not Just the Features

Addressing benefits rather than features of your business is an age-old but essential marketing technique. Rather than saying you utilize personalized financial software capable of accepting digital signatures (this is a feature), say that you save your clients time and the headache of long meetings (this is a benefit). Instead of discussing specific retirement plan options, discuss the peace of mind they will feel knowing they have comfortably saved for their future. Reminding your prospects of the personal benefits your services can bring them connects with their emotional side.

Discussing too many features right off the bat can often go over people’s heads. However, everyone will always remember how you made them feel. When it comes to closing a deal, you want to ensure you are emphasizing the specific benefits that they will get as a result of working with you.

Address Any of Their Objections Head-On

Although it can be intimidating to ask prospects directly if they have any objections to working with you (nobody likes being rejected), it is better to directly ask so that you can alleviate any hesitations instantly. You don’t want to later find out that the one thing stopping them from doing business with you could have been resolved with a simple discussion.

For example, you can ask, “Do you have any questions about the things we have discussed today?” or, “are there any concerns that I can address?” or, “does this sound like it could be a solution to the problem you are facing?” Giving the prospect space to voice any potential questions or concerns opens up the conversation and gives you another opportunity to explain how working with you will benefit them in a specific way and solve the problem they are trying to overcome.

Be Straightforward; Ask if They are Ready to Commit

When you feel that you’ve confidently expressed how you solve a problem, described the direct benefits of working with you, and addressed their questions and concerns, you’re ready to “pop the question.” It’s time to directly ask if they are ready to begin a business relationship.

Instead of beating around the bush or waiting for them to tell you they are ready, you can directly ask for their business. “It seems like we would work well together. Are you ready to move forward with the contracts?” or, “Has what I said been enough to earn your business today?” That way, if they are ready to move forward, you can get started. If you have shared everything you need with them, and they still say no, you can begin spending your energy on other prospects.

Always Follow-Up, Whether They Say Yes or No

There are a few different ways you can follow up with a prospect, from a phone call to a thank-you email. You always want to follow up because some prospects may need more time to make a decision. That time could transform a “no” to a “yes.” Following up additionally puts your name at the forefront of their mind once more.

If they have said no, it still can be beneficial to follow up with an email or phone call, thanking them for their time and consideration and wishing them all the best. Doing so leaves the relationship on a positive note. Additionally, you never know if you will be a better fit for one of the prospect’s friends or family members, and they may have some referrals for you.

If they have agreed to do business with you, congratulations! You’ll want to follow up with the next steps they need to take and get the ball rolling as soon as possible.

Finding Wealthy Prospects in Your Area

Before you can get started on closing sales, you need to build your list of prospects. If you are looking to get in front of high net worth individuals in your area but don’t know where to start, the Identifying the Invisible Rich series is here to help.

Identifying the Invisible Rich is a series developed by Bryce Sanders, President of Perceptive Business Solutions, Inc. together with Dunham. It teaches you to use information that is publicly available on the internet to help you identify the wealthiest 2 to 5% of your target market, including those who might not be over-prospected.

Each segment of the Identifying the Invisible Rich series provides information to assist you as you go about your research. You can also receive live support from the Regional Marketing Associates at Dunham by contacting us at (858) 964-0500. Click the button below to fill out or contact form. You’ll gain access to your state-specific Invisible Rich E-Folder as well as a suite of informational videos!

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