Convert Your Financial Advisor Prospects into Clients

financial advisorNothing is more disheartening than spending the time preparing for a meeting with a prospective client, only to have them walk away without closing. Not only is that prospect gone, but so is the time you could have spent courting someone else.

If you’re tired of too many prospects getting away, then continue reading for the top 5 ways financial advisors can convert prospects into clients:

Focus on solving their problems:

No one likes being sold to. If you take the “I have something to sell you” approach, chances are you’ll have a hard time finding an interested audience. Instead, be a problem solver. People get scared about their future and financial security, so if you engage with prospects as a resource to help them fix their problems, suddenly prospects are much more compelled to listen to what you have to say. You are first and foremost a consultant – not a salesperson.

Don’t lecture prospects:

People need financial advisors because they don’t know enough to best position themselves for financial security. If you talk down to prospects and lecture them on what they should or shouldn’t be doing, they’re going to tune you out. They won’t feel like they can confide in you, and will be less likely to heed your advice. Try being an active listener and work with the client for a reasonable solution to their problem. An FPA study has even shown that empathetic advisors have clients that are 3.7 times more likely to remain with their advisor, 9.7 times more likely to comply with the advisor’s recommendations, and 4.1 times more likely to refer that advisor to their colleagues.

Use success stories:

You have a greater chance of converting a prospect into a client if they can see how you’ve helped others who are just like them. With the permission of previous clients, create case studies that consist of a profile of the client, their situation, and how you were able to help them solve their problem. Case studies can also be anonymous if your clients have any concerns about their privacy.

If you want to take this personalization to the next level, segment your prospects into different persona profiles based on commonalities in demographics and any other data you have access to. By using buyer personas, you can figure out who your best buyers are and target individuals that match this profile most closely. A resource, such as ZoomInfo’s Growth Acceleration Platform can help with this process, as well.

Be 100% transparent:

A lot of apprehension in employing a financial advisor is the uncertainty in what fees they’re going to be charged. By laying out all of that information from the beginning, you can address the elephant in the room and move on to how you can help the prospect and what about your services make them worth it. Leading prospects on and them surprising them with a large fee is a great way to ensure you get no referrals or repeat business. In the Information Age, you’re just one bad review or FINRA complaint away from going out of business.

Learn your prospects’ preferred method of communication:

Different demographics prefer different methods of communication. In order to encourage prospects to pay attention to your message, communicate it through whichever medium they prefer. For example, according to a survey by Beddoes Institute, Millennials prefer communications from digital and social channels. These can include mobile apps, LinkedIn, blogs, Facebook, Twitter and more. Gen X and Baby Boomers, on the other hand, prefer receiving electronic newsletters.

Now that you know how to convert prospects into clients, make sure you pipeline never runs dry again. Contact us today to learn more about how ZoomInfo’s Growth Acceleration Platform can help.

This post was originally published on April 20th, 2016.

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