Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
My late partner, Emery Kertesz, used to refer to the “sales-prevention team” when describing his interactions with potential vendors. He wanted to give them business, but their processes were so complex and off-putting that he would eventually give up and move on.
I had two similar experiences just this week.
A clueless agent
I contacted a literary agent who represents book designers and illustrators. I need specialized services for a book I’m writing for millennials on investing.
Without knowing anything about me, he explained how expensive this type of talent is and how challenging it is to find the right person. In a subsequent call, he lectured me about the need for project managers, editors, indexes, and proofreaders, in addition to my stated requirements.
This is my tenth book and will be my third self-published book. I have a very sophisticated team in place. Explaining these fundamentals to me is akin to asking him if he knew the difference between an interior book designer and an illustrator.
I told him I did not need his services.
A burdensome process
I made a similar inquiry to another agency.
It responded with a form e-mail asking me to complete an extensive questionnaire. The questionnaire seemed focused on children’s books. It also asked the one question I always refuse to answer: “What is your budget?”
Why is it my role to provide a budget? Shouldn’t the provider understand the scope of work and then set forth their fees?
I didn’t pursue this relationship either.
Excessive screening
When I ask clients how many prospect inquiries they receive in the average week, the typical response is “one or two.”
I don’t understand why it’s necessary to have an elaborate screening process to deal with this modest number of inquiries.
Prospects have a lot on their plates. They don't have time to waste on inefficient or frustrating processes. That's why it's essential to eliminate as much friction as possible from your initial communications.
Excessive screening makes prospects feel they're being treated like a number. When you ask prospects to go through a complicated procedure before they can even speak to an advisor, it sends the message that their time isn't valuable – and certainly not as valuable as yours.
(Mis)using assistants
Using assistants as the initial point of contact reinforces this negative message. They are not always the best people to qualify leads or build relationships.
They typically don't have the same expertise about your services as an advisor. They may also not be as skilled at building rapport or overcoming objections.
Questionnaires
Questionnaires can be off-putting to prospects because they can feel like a burden and a waste of their time.
Prospects don't want to feel like they're being interrogated and required to reveal sensitive financial information before they learn more about you and the services you offer.
A better way
Use advisors as the first point of contact. They are better equipped to overcome objections and build relationships.
Announcing Our New AI Consulting Service
Integrating artificial intelligence into your financial advisory practice can significantly enhance your services and boost your growth. However, successful AI implementation relies heavily on your AI consultant's understanding of your business.
We understand your business.
Our team of highly qualified consultants understands AI.
It’s a powerful combination.
https://danielsolin.com/ai-consulting
Focus on briefly conversing with prospects to learn more about their needs and challenges.
Address prospects by name and tailor your communication to their needs and interests.
Avoid using jargon or technical language. Provide prospects with the information they need to make a decision.
Respond to their inquiries promptly and follow up regularly.
Be genuine and authentic.
Be respectful of their time. Unless they ask, don't waste their time by talking about yourself or your firm. Learn about their needs and share how you can help achieve their goals.
Pay attention to what prospects are saying and ask clarifying questions.
Ask open-ended questions like:
- Tell me more about yourself.
- What would you like to discuss?
- Did we cover everything on your agenda?
Be patient. Building relationships with prospects and converting prospects into clients takes time.
Above all, don’t set yourself up to be the “sales-prevention team.”
Dan trains executives and employees in the lessons based on the research in his latest book, Ask: How to Relate to Anyone. His digital marketing firm makes extensive use of artificial intelligence to help advisors increase their SEO rankings and improve their marketing and helps advisors integrate AI into their practices.
A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out our most recent white papers.
Read more articles by Dan Solin