How To Re-Connect and Book Appointments with Past Prospects

According to the University of Connecticut, 89% of financial planning clients care more about the relationship with their advisor than the fees they pay. According to Forrester Research, clients want three things:

1. Understand their financial plan;
2. Faith their advisor is watching out for them all the time; and
3. Frequent contact.

The problem is that most advisors rarely do all three. Clients who don’t get those three benefits will leave their current providers if asked. More simply put, prospects you have contacted in the past didn’t go to another advisor. They just did nothing.

If you follow this script and call your past prospects, your business will grow at least 38% in the next 30 days.

Most advisors will never call a past prospect thinking it a waste of time. Some will buck up and call past prospects. But their mistake is to ask past prospects directly if they want to book another appointment. Rarely do advisors present a compelling reason to meet again.

The following step-by-step process will book 38% of your past prospects into an appointment.

1. Catch up

Let’s break this down. Call all your qualified past prospects and catch up on their family. Ask about the kids, spouse, and loved ones. Search your CRM notes and read your past conversations. You might even catch up on any events since you last spoke.

2. Update

This is the fun part. Update your prospect on what the markets have done and what they may do. The most important thing is to only discuss three talking points. Any more than three will confuse the prospect. Any fewer than three becomes unimportant. Even though you may have volumes of economic data, limit your update to three talking points.

Update them on the economy and any trends you see happening in the next few months. Talk about inflation, the chances of a coming recession, and the future impact on equities. You may even talk about tax law changes. While this is not happy talk, it will make past prospects think about what could happen if they don’t engage you to protect their retirement savings.

3. The five-step bridge

Transition to the five-step bridge. This is a way to listen to past prospects’ concerns an needs.

1. Transition – introductory sentence

“How do you feel about all this?”

Listen to their concerns. Ask questions. Pay attention. Don’t sell. Probe for needs. Use these words:

“The last time we spoke, you were concerned about

1.

2.

3.

What have you don’t so far to find solutions to these concerns?”

2. Restate their needs

I have written in this publication about the importance of gaining three needs.

1. need creates a 36% probability of a sale.

2. needs create a 52% probability of a sale

3. needs create a 92% probability of a sale.

If you wrote about the past prospect’s needs in your CRM, you are way ahead. If you didn’t, pick three of the five most important needs to any prospect over the age of 55.

1. Running out of money during retirement

2. Taxes

3. Inflation

4. Volatility

5. Family legacy

The most concerning needs are Inflation, volatility and longevity risk.

After the update, state three needs you may have heard on your last appointment. Ask what they have done so far to find solutions.

The prospect likely did nothing. Then ask them if they are concerned. At this point just listen. Ask if they are concerned. They will be.

3. Recap

Every psychotherapist worth their salt knows to focus on the client’s goals. Make them feel understood instead of making them understand. According to one study, 86% buy because they feel understood. Only 6% buy because they are made to understand. This is not the time to sell an appointment. Check your product knowledge at the door. It is the time to listen to them into an appointment. Recap their goals by reciting back the way they stated them to you. For example:

“If I heard you correctly, you mentioned that your accounts are down 30% so far this year. Did I get that right?”

Either the client will correct you or agree. Either one is good. You just clarified their emotions and focused on their needs. Here’s how to commit them to a solution.

4. Trial close

“Listen them” into the next step. You can do this using these words:

If I heard you correctly, you said that you lost 30% of your portfolio this year and have no plans to prevent any more losses. You are also worried about running out of money in retirement and inflation If we can take a look at minimizing any more losses in that account, making sure your money lasts and decreasing the impact of inflation, would that be helpful?”

Using a trial close will prevent any future stalls. All you have to do now is listen to needs, and then gain commitment to a solution. Don’t pitch anything. Don’t sell.

You need to close without closing. Sell without selling. You need to listen past prospects into making a good decision and booking an appointment with you. Listen them into doing what you would like them to do.

5. Book an appointment

Normally, a face-to-face appointment in the office will suffice. But today, you should be flexible enough to do a virtual video appointment.

If you are like most advisors, you’ve been stalled in the past. Now is the time to re-engage. Nobody else is calling them. Your past prospects are worried during any crisis and need your help. This is the time to contact them. You are the only one reaching out. You have no competition. Use the same script as above. But remind past prospects of their three goals from the last conversation. Ask what they have done so far to reach solutions to those goals. I am confident 95% will not have done anything. Ask if they are concerned. Then go through the five-step bridge and book an appointment.

There is no reason why a crisis should paralyze you. Call your clients every three months. But also call past prospects every three months as well. If you do this effectively, your business will increase by 38% in the next 30 days.

I would love to send you a free video of “The 3 Month Call” Write me at [email protected] or call 714-368-3650. We will spend a few minutes talking about your goals for increasing your business this year.

Dr. Kerry Johnson is “America’s Business Psychologist.” He is the best-selling author of 17 books including the recently released, How to Recruit, Hire and Retain Great People. He is also a frequent speaker at financial conferences around the world. Peak Performance Coaching, his one-on-one coaching program, promises to increase your business by 80% in 8 weeks. To see if you are a candidate for this fast-track system, click on www.KerryJohnson.com/coaching and take a free evaluation test. You will learn about your strengths and what is holding you back. Or call, 714-368-3650 for more information.

Read more articles by Kerry Johnson