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8 Lessons About Selling Financial Advice


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Source: David O’Leary, CFA from Kind Wealth

Here are eight lessons I’ve learned about selling financial advice:

1. Stop selling advice and start solving problems.

Your job is to figure out the prospective client’s pain points and describe how you can help address them. Your services will sell themselves if you’re able to do that effectively.

2. Talk less & listen more.

Get them talking to figure out their pain points. Ask big open-ended questions like. What’s on your mind? What made you reach out for help, and why now? Tell me about yourself.

3. Model openness and vulnerability.

The fastest way to get someone to open up is to do so yourself first. Start the conversation by telling them about you/your business; include personal details. Talk about your family, how you got started, your own money challenges, etc.)

4. Suggest they do some comparison shopping.

It will help them make a better decision. It also earns you credibility and will make them more sticky if they do become a client because they will be less likely to wonder if the grass is greener somewhere else.

5. Trust your gut.

Figuring out if a prospect is a good fit can be tough. Ask yourself, are you well positioned to serve them? Do they require a skill set/experience you don’t have? Will you enjoy working with them? If your gut says you aren’t clicking/connecting, listen to it.

6. Even if they aren’t the right fit, help them anyway.

Take time to help them find a planner who is a better fit. You got into this business to help people, right? Referring them to another planner is as valuable as solving the problem yourself. And it takes way less time.

7. No high-pressure sales tactics.

Don’t use gimmicks to pressure them into making a decision. You’re not selling a set of knives on late-night TV; you’re guiding them on their financial journey. Buyer’s remorse increases your client turnover and client turnover is expensive.

8. But do keep the momentum.

Many people reach out for help only when the pain of ignoring their problem is > the pain of addressing it. But that feeling can wax and wane. So strike while the iron is hot. Have your follow-up meeting and get them to a decision ASAP.


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