Are You ‘Interrogating’ Your Prospects?

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Most advisors still cling to the idea of the “perfect lead” who walks in is ready to say “yes.”

When prospects aren’t converting, it’s not you to blame – you just weren’t talking to the right person, you say to yourself. To protect your time and ego, you double down and spend extra money on “higher-quality” leads. You add to your list of qualifying questions, avoiding anyone who doesn’t fit your definition of ideal. You tell yourself that if you just find the right person who checks the right boxes at the right time, onboarding clients will be a breeze.

Advisors have gotten so good at this filtering process, the industry now averages an abysmal 20% conversion rate for every prospect they speak with – even after all the screening.

Does that sound like a highly efficient sales system, or a clear sign of an outdated approach?

The truth is, many advisors are long overdue for a revelation. In your search for the perfect prospect, you’ve likely let countless potential clients slip through your fingers.

For decades, you’ve been taught to qualify prospects in your initial meeting by gathering facts upfront, to determine whether they’re worth pursuing. It seems straightforward: Ask questions to determine if you’re a match, provide answers based on their replies, and let your expertise do the rest.

What’s wrong with that?

This approach only works in an environment that isn’t commoditized.

However, that world no longer exists.