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Advisors often view sales incorrectly. Here is how to sell to clients without seeming sleazy.
For some people, “sales” is a dirty, four-letter word.
But there’s nothing to freak out about. In fact, “sales” isn’t a bad word at all. It means having effective communication with somebody.
You’re not selling used cars or going door to door selling pest control. We’re not discussing timeshares and locking people in a room until they agree to sign the contract.
You’re not extorting anyone.
Sales are all about discovering your client's desires and goals and how you, as the advisor, can help them reach those goals. But it goes deeper than that.
Sales are how we motivate clients to do the hard things to reach their goals that they couldn’t do on their own.
Our profession isn’t the only one that sells in this way – there are others, too:
Coaches sell people on performing at a higher level. They explain to their clients or athletes why improving is beneficial. The client grows, and the working relationship benefits the coach too.
Comedians sell you jokes. When you go watch a stand-up comedian, you’re getting sold. You get an entire lead into the punch line. Now, you could stay home and think funny thoughts, but where’s the fun in that?
All persuasive communication is selling. I’m selling you through this article right now.
Selling isn’t extortion if your heart is in the right place. Sometimes, this feels a little woo-woo or a bit lovey-dovey. But I want a client or prospective client to act in their best interest and achieve their goals.
And I believe they will get the closest to their desired results by working with my team, so I’m not selling in a sleazy way – I’m persuading.
I’m helping – I’m guiding – this person on this journey to achieve what they want to do financially. They need my advice because, due to human nature, they can’t make this trek on their own. They don’t know the way.
If you’re an advisor who doesn’t want to be salesy, manipulative, or slimy and skips out on reading business books and learning more about communication, marketing, and… sales, then it's no wonder you can’t win over prospects.
Why your communication skills matter
You may have the same conversation with 100 clients; sometimes, it can feel like you’re beating a dead horse.
But for every client you have, their meeting is likely the first time they’ve heard that advice.
I can’t emphasize this enough:
For every single client, this meeting is their only meeting. You have to get it right.
So, for each meeting, I tell the same jokes and stories. I’ve scripted my entire meeting and practiced it until I can say it in my sleep.
If you find yourself thinking:
Dave doesn’t understand this.
Bob just isn’t that smart.
These guys are tire kickers.
I need to find better clients.
Or any other form of victim language, you need to take a hard pause. Your clients aren’t dumb; you’re just bad at communicating.
Your job is to communicate effectively. If your client doesn’t understand what you’re presenting, you’ve failed at your job.
Sometimes, you drop the ball – I know I’m guilty of this. But you must take ownership and fix it if you want to grow.
How to improve your communication (sales) skills
Frankly, I don’t like going through sales stuff either. I don’t always want to put the energy into fixing things because it's hard. But to reach the level of success I aspire to, I must work to get there.
Here are a couple of techniques you can use to drastically improve your communication:
Call your clients by name.
Ask open-ended questions.
Roleplay your client meetings.
Use their name
Everyone’s favorite word to hear is their name, so look for ways to use it as often as possible – but don’t make it awkward.
Instead of asking, “How are you today?” ask, “Bob, how are you doing today?”
I know it seems like a little thing that doesn’t matter, but it does. It makes your client feel valued as a person and builds rapport.
What’s salesy about making a client feel better in a meeting? You should be the person your clients enjoy meeting with the most. You should be the person most interested in their life. You show that by using their name and watching their body language.
Always ask questions
When clients come to me with ideas, like paying off their mortgage early, buying a timeshare in Hawaii, or even giving money to their grandkids, my response is always, “Oh, that’s interesting. Will you tell me more?”
You’re not being fake; you should be genuinely interested in their thought process and know where this idea comes from so you don’t hastily jump to the wrong conclusion.
Asking for more details will allow your brain to shift gears and gain more context for the question so you can provide better advice.
Roleplay
Recently, a young advisor came to me and said that he didn’t explain Buckets as well as he would have liked.
I asked how many times this advisor had practiced. It turns out he hadn’t practiced at all.
When I practice for client meetings, I run through everything like I would if I were meeting a client. I get dressed up in a suit and tie.
I rehearse everything I plan to do. I pretend to meet my clients in the lobby. I walk my pretend clients to the conference room and sit at the table.
I practice word for word and think about what I would say if a client were really sitting in front of me.
I pull up the blue folder; I know I look like an idiot, but I pull out the page I want, and I present it to the clients just like I would in an actual meeting. And I pretend to ask my imaginary clients questions and pretend to get their answers.
I look like a friggin’ lunatic – and I’m sure I sound like my young daughter at a tea party for her stuffed animals.
But this is so important! I’m getting comfortable with delivering this in the same environment where the conversation will take place.
My client folders are all arranged the same way, so I know where the value adds and homework pages are and don’t have to dig for them.
You should rehearse for client meetings this way, too. Practice turning in your chair. Does it squeak? Does it not?
How are you watching the clock? What if the client blocks the clock? What do you do?
You’ll gain real-world experience with much less pressure.
Rehearse and roleplay your presentations until they’re automatic. As everything comes together, you’ll see your close rates and client retention improve.
Action item
During a non-surge week, block out at least two hours a week when you’re away from your desk, ideally in your conference room, and train your communications.
This could involve role-playing, reading books on business and communication, or listening to old sales tapes by Zig Ziglar.
Micah Shilanski, CFP®, is a financial planner who achieves the impossible. Micah is recognized as a leader in the concept of lifestyle design for financial planners and has spoken at conferences across the country. Micah is an advisor with Shilanski and Associates, a founder of Plan Your Federal Retirement, and a co-founder of The Perfect RIA.
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