Some Financial Advisors find converting prospects to clients challenging. This paper will discuss a great way to close a prospect and make them a client.
Converting Prospects to Clients
You have planted seeds and a qualified and quality “suspect” has agreed to meet with you. They are now prospects. We start the 3-Part Meeting Process:
From the data and information gathered in meetings one and two, I recommend putting together what I call “Our Initial Wealth Management Recommendations.” You will use this “report” or presentation as talking points to gain the final acceptance of your “specific and personalized plan” for the prospect’s future financial and life situation.
Obviously, a key to the “report” is having gathered all the data and information in your discovery meetings. At each point in the “report” discussion, you should seek understanding and agreement from your prospects, e.g., Does this make sense to you both? Do you agree with what we are saying? Do not proceed until you get two yeses. First, if the point doesn’t make sense, understand why and clear up any confusion or disagreement. If the prospect doesn’t agree with the point you need to find out why, overcome any objections and gain agreement. Without agreement, the client may be saying this point is not important to us. For example, say the prospect doesn’t agree with the point “the best results are achieved by carefully constructing a plan and then following that plan consistently over time.” If you can’t “sell” the value of a plan and a plan is central to your value and differentiation, you may not have a good fit. If you get disagreement on enough of your key recommendations, you may not have a good prospect for your business model.
Following is the outline of the plan. The level of detail in each section may vary with how much detail you want to share prior to the prospect committing to become a client. There is little risk in feeding back information you were told, e.g., detail about individual family members and their situations and goals. Detailed portfolio recommendations are not necessary at this point, though asset allocation recommendations based on your discovery process are recommended. The question is what will it take to show your in-depth of understanding of the prospect’s wants and needs. Clearly, you are giving something of value in a detailed report because it shows a holistic perspective of what the prospect needs to implement that your competitors may not have considered at least in as structured a way.
The “report” can be a detailed Word document, a PowerPoint, a flip chart stand up discussion or any or all of these three modes. This can be done live (best choice) or via video conference. I highly interactive conversation is strongly recommended. You can provide a “takeaway” or not. If you prefer not to provide a “takeaway”, a flip chart stand up discussion works great and it’s the most interactive.
Therefore, based on what our discussions showed, our first step will be to further detail your Wealth Management plan that we are summarizing today.
Have we captured your thinking correctly? Does this make sense to you both? Do you agree with what we are saying? On a scale of 1 to 10 (10 high), how important is this to each of you?
(Ed: An idea is to record on a “flip chart” the rating of each point in your plan. It will help when you summarize and shows how important your plan is to the prospects.)
This Initial Wealth Management plan is about developing a realistic and informed perspective
and approach on how together we can put all of your financial resources to their best use by:
If you have received positive feedback during the presentation/discussion of the “Initial Wealth Management Recommendations” as well as during the review and you have addressed all concerns and objections, you can now ask the prospect if they are ready to become clients.
David I. Leo
David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure & grow their businesses by attracting, servicing, and retaining affluent clients.
If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com