by Suzanne Muusers
Regardless of our profession, we are all selling something. Not
knowing how to sell and how to ask for the business can prevent us
from getting to the next level of success.
Asking for the business can mean many things. It can mean asking for a referral from a current client. It can mean closing the sale during a presentation. It can mean asking for additional client assets. It can also mean asking a CPA to send business your way.
In my many years working with financial advisers, I have seen the vast majority neglect to ask for the business. I've seen this with many types of advisers, whether new or seasoned, with $20 million under management to $200 million under management. Experience is no barometer-the fear of rejection creates a common psychological block that causes advisers to fail to seal the deal and assertively get new clients.
Build Confidence
The No. 1 reason advisers don't ask for the business is lack of confidence. Due to market conditions and other factors beyond their control, advisers may feel they haven't done a good job managing their client relationships. To be more confident, take full control of your situation, and:
- Identify your abilities and what you do well. Recognize your accomplishments.
- Identify where you need to improve and make a plan to change. This includes delegating what you don't like doing.
- Take care of your physical body. When you feel well, you are more confident.
- Join Toastmasters and improve your communication skills.
- "Fake it till you make it" and be confident in everything you do.
Establish Rapport
Many advisers fail to establish rapport with prospects and clients. If you lack frequent contact with clients and prospects, you will be less likely to effortlessly close business. The key to establishing rapport is to show sincerity and authenticity. To establish rapport:
- Learn to listen well (this is more difficult than you think).
- Ask open-ended questions. Be warm and friendly.
- Be genuinely interested in people. Ask about their goals and values.
- Implement a client service matrix and touch your clients at regular intervals to make yourself more referable.
- Hold client appreciation events quarterly.
- Develop a marketing plan that touches prospects on a regular basis.
The Sales Process
It may feel uncomfortable at first, but once you get the hang of it, asking for the business is a natural progression in the sales process.
Think about your own presentations. How are they structured? Think about how you can test-close regularly throughout your presentation. Ask questions that elicit a "yes" answer to move a prospect along the sales process. As you try obtaining smaller agreements you will be assisting the prospect with making the larger decision to eventually hire you.
A mistake many advisers make in the sales process is giving away their expertise before getting the client to say "yes." During the presentation, you don't need to solve their problems by giving them a proposed asset allocation, you just need to show them that you understand who they are and the challenges they face.
Always conclude the presentation by summarizing the client's position, values and goals. By reviewing the vision of what they want, you will have the prospect thinking emotionally, thus increasing the likelihood that they will hire you and reducing possible objections.
To ask for the business:
- Get their agreement while they are in front of you. "Now that we both have a better idea for how we will work together, shall we get started?"
- Attempt an understated approach. "Why don't we take a minute and get you started with the paperwork?"
- Move them forward. "When would be a good time to schedule our next meeting?"
- Express your desire to have them as a client. "I would love to work with you on this matter. What do you need to get started?"
- Show them that you are right for them. "Does this seem like the right solution for your needs? Are you ready to move forward?"
- Try a direct question. "Would you like to hire me as your financial planner?"
- Get them started quickly. "I recommend getting to work right away. How about next week?"
- Look the prospect in the eye with confidence. If your voice quivers, you won't be believable.
Make asking for the business a natural conclusion to your sales presentations and see your close ratio soar. All you have to do is ask.
Suzanne Muusers is an ICF-credentialed business coach, helping independent financial advisers plan their success by stepping out of their comfort zones. Contact her at www.prosperitycoaching.biz .