How To Master The Art Of Selling Financial Services (2024)

Your entire professional journey or financial services business, whether rife with triumph or teetering on the precipice of failure, hinges upon your unwavering mastery of the craft of selling i.e. sales. But,  let us not shy away from the truth - this path you've chosen is anything but a cakewalk.

And here is what you may be blissfully unaware of:

Failure looms ominously for professionals in this industry. The statistics paint a grim picture: a mere 50% of financial salespeople expect to meet their targets. Plus, as high as 90% of financial advisors are destined to bite the dust, relinquish their dreams and close the doors of their enterprises. 

Your work is cut out for you.

Thanks to digital disruption, your potential customers will approach you equipped with a wealth of information and an abundance of choices, creating a multifaceted buying process that will place a significant burden on you (Gartner). 

Thats not all:

Prospective buyers harbor a pervasive sentiment of skepticism, driven by the prevailing notion that those selling financial services are motivated solely by self-interest. 

What's more: these doubters assert that many sellers lack the acumen necessary to grasp the intricacies involved in comprehending and satisfying their unique needs. The outcome? Apathy - a populace who have built impenetrable fortresses around their hearts, barricading themselves from the relentless onslaught of sales pitches. 

So, what's the way out? 

A deep dive into the heart of human desires and the enigmatic pathways of decision-making, anchored on principles that resonate seamlessly with what people yearn for. In doing so, we shall unlock the power to influence and sway hearts,  unlocking the gateway to unfathomable success.

First things first:

Understanding The Nuances of Selling Financial Services

To master the art of selling financial services, one must first grasp the intricate context in which these services exist. Financial decisions are not made in a vacuum; they are deeply intertwined with people's dreams, aspirations, and fears. Each potential client carries a unique narrative, a tapestry of experiences that shape their relationship with money. It is here, within the depths of these stories, that the true art of selling financial services begins.

11 Strategies Underpinning Prosperous Sales Of Financial Services

Empathy Is The Currency Of Connection

Want to connect on a deeper level with clients? Empathy does the trick! It is the golden thread that weaves together the tapestry of client relationships. Basically, step into the shoes of customers, and feel the weight of their challenges and their wants. Why is this so important? It unlocks a myriad of benefits, and these two top the list:

• Enhanced Understanding: By immersing themselves in the clients' perspective, they acquire invaluable insights that pave the way for tailored solutions.

• Trust and Rapport: When clients feel genuinely understood and supported, a foundation of trust and rapport naturally develops, thereby fortifying the bonds of loyalty and long-term engagement.

Educate, Illuminate, And Empower

It's all too easy to wave off a lost deal with a dismissive "Well, the economy is in the dumps right now," or to nonchalantly blame external factors beyond your control. But a master of selling financial services knows better than to rely on excuses - the power of knowledge and understanding is critically important. As a specialist in the financial services industry, strive to shine a beacon of knowledge and understanding - demystify complex financial concepts, illuminate potential risks and rewards, and guide clients through the labyrinth of choices. When you empower clients with knowledge, it is akin to giving them a compass - it allows them to find their true north, aligning their financial decisions with their values and aspirations.

One more thing: your role does not only stop at imparting knowledge but also to provide context and wisdom. Help clients connect the dots, understanding how different financial pieces fit together to create a comprehensive picture.

Takeaway: Rise above the temptation of empty excuses and instead empower your clients with the wisdom they deserve.

Building Bridges Of Trust 

Probably the most effective tool to dispel doubt and uncertainty. You see, it's the bridge that spans the gap between skepticism and belief, between hesitation and action. But here is what you should know: Trust is not earned overnight; it's cultivated over time, through deliberate effort and genuine authenticity. It starts with showing up as your true self, with transparency and integrity. Just as a master architect carefully selects the materials that form the foundation of a sturdy bridge, you must choose your words and actions thoughtfully, ensuring they align with your clients' best interests. In practical terms, honor confidentiality, deliver on promises, and place the needs of your clients above all else.

Radical Personalization

According to McKinsey, 71% of consumers crave a personal touch, an experience tailored specifically to their needs and desires. And when this expectation is left unfulfilled, frustration sets in like a simmering volcano ready to erupt.

To put it simply:

Personalization paves the way for remarkable customer outcomes. In fact, you can drive a staggering 40% more revenue from personalized interactions.

So, forget about generic pitches and one-size-fits-all approaches.

Get curious. Unearth the dreams, fears, and idiosyncrasies of your clients. When you do this, you can truly grasp what makes them tick, and create a connection that transcends the ordinary.

Additionally, tailor your message and offerings to their desires and needs. Mold your words and services to fit them perfectly, like a bespoke suit that hugs every curve and accentuates their unique style. When your prospects realize your ability to resonate with their deepest longings and aspirations, they'll feel seen, understood, and a surge of desire will wash over them that propels your sales to new heights.

Balance, Persistence And Patience

Skilled financial salespersons know when to lead and when to follow. They persistently pursue opportunities, reaching out, and making themselves available. But they also understand the importance of patience, recognizing that timing is crucial in the world of finance. They provide guidance and support, understanding that money decisions require careful consideration. By balancing persistence and patience, they create an environment where clients feel supported and encouraged, ultimately leading to successful outcomes.

Simplify To Ward Off Indecision 

40% and 60% of deals can vanish into thin air due to “no decision.” In a world saturated with choices, simplicity becomes the secret weapon against indecision. Here is the thing: 

When faced with a multitude of options, clients can become overwhelmed, paralyzed by the fear of making the wrong choice.

To ward off indecision:

• Simplify the decision-making process. 

• Think of yourself as a translator, taking the convoluted language of finance and transforming it into plain English that anyone can understand. 

• Strip away the fluff and focus on the core benefits your services provide. When you do, you amplify your message and make it impossible for prospects to resist.

Position Yourself As The Maverick Authority

Personal branding has become a vital aspect of selling in today's world. It is no longer enough to simply offer a product or service; customers now crave a personal connection and want to engage with the faces behind the business.

A quick hack is to be the one who challenges the status quo, defies conventional wisdom, and offers a fresh perspective. Of course, it should be within the ambit of compliance. The bottom line is when you position yourself as the go-to authority, clients will flock to you, hungry for your unique insights and fearless guidance.

Crush Objections With Proof

Instead of cowering in the face of objections, embrace them with open arms. Arm yourself with an arsenal of irresistible proof that demolishes any objections your prospects might throw at you. Testimonials, case studies, and real-life success stories are your weapons of choice. Show your prospects that your services have transformed lives and brought untold wealth and security. In the end, when objections crumble under the weight of proof, your sales will skyrocket.

Nurture An Unbreakable Bond With Your Tribe

Selling financial services is not a one-and-done transaction - it's more about building a tribe of loyal clients because it is cheaper than customer acquisition, and yields amazing returns. 

Here's the secret: be there for your clients, not just in times of financial triumph but also in moments of crisis. Also, offer unwavering value, guidance, steadfast support, and a listening ear that's truly tuned in.

When you create a tribe that feels like family, they won't merely remain steadfast as lifelong patrons; oh no, they will transform into fervent advocates, trumpeting your virtues from the highest peaks.

Be A "First Mover" In A Changing Landscape

Gone are the days when the traditional approaches sufficed. The rapid evolution of technology, shifting demographics, and emerging trends have disrupted industries and reshaped consumer behavior. To remain relevant and successful, you must be willing to adapt, innovate, and be the first to embrace these changes.

For example, companies that were quick to recognize the shift toward digital platforms were the ones that embraced e-commerce, mobile applications, and online marketplaces before others. Because of this, they captured significant market share and established themselves as leaders in their respective industries.

One more important point:

Being a "First Mover" also enables you to shape the narrative and set the standards. By introducing innovative products, services, or business models, you establish yourself as an authority and influencer - you become the benchmark against which others are measured, giving you a unique position of leadership and credibility.

Pro Tips: think outside the box, explore new ideas, and take calculated risks. Plus, iterate quickly based on feedback and market response.

A word of caution though: 

Being a "First Mover" is not just about being the fastest or the earliest; it is about being strategic, adaptable, and customer-centric. So understanding the changing needs and preferences of your target audience and proactively offering innovative solutions that meet those needs is non-negotiable.

Fail Forward, Learn Fast

When setbacks occur, don't wallow in self-pity; instead, extract the lessons, learn from them, and pivot. And it must be emphasized that mastering the art of selling financial services is a journey of continuous learning and refinement. 

In light of this… 

The Taylor Method provides you with the tools, strategies, and mindset shifts you need to build a financial services business that possesses the remarkable capacity to generate untold riches. It's a game-changer - an objection-free sales system that has been attested to by over 1000 financial professionals worldwide who have achieved remarkable results. Access additional information about this amazing sales training opportunity for insurance and financial services professionals here.

What next?

Having firmly established these principles, up next, apply the following transformative revelations to your sales system - and channel an unceasing torrent of sales to your financial practice.

Navigating The Financial Services Sales Cycle: Key Lessons For Overcoming The Hurdles

Look, we get it - drowning in a sea of information, and not knowing where to start, is a common plight when it comes to understanding the sales cycle. So, let's cut to the chase. Step one, the foundation you need to lay, is this:

Prospecting Strategies Vary In Equality: Favor Those That Attract High Net Worth Clients

The primary objective of this phase is to conquer the daunting obstacle that haunts every financial salesperson's nightmares - name flow: the dreaded situation of running out of potential client names and contacts. 

But why chase after high net worth clients, you ask? 

Here's a crucial truth: Your level of prosperity is intrinsically tied to the success and wealth of your clients. So when you direct your efforts toward this coveted group, you position yourself for greater success and potentially larger returns.

Here are a few powerful approaches to prioritize:

 

 

Referral Magic 

Turn your existing clients into your biggest cheerleaders. Provide top-notch service that leaves them ecstatic, and they'll gladly spread the word about how you've transformed their financial lives. However, here is the kicker: you just don't assume, always ask! What is the best time to ask? At the onset - there is no gold medal for waiting until you've” wrapped things up.” No. Be upfront and ask them to refer you to someone they know who might benefit from the services you offer.

While the traditional method of asking for referrals is great, it might need more time to reel in customers with deep pockets as fast as you want. This little twist does:

Prospect Up!

When next you have a client before you pose a thought-provoking question: "Who do you look up to for their financial accomplishments?" The names they come up with should be the source of your referral request.

Build Strategic Alliances 

Seek out partners who already have access to those high rollers. Connect with estate attorneys, accountants, or other professionals who serve the affluent crowd. By teaming up and sharing resources, you can create a win-win situation where everyone benefits, and that includes leads to high-net-worth prospects.

Unleash The Power Of Personal Observation

It's not about mindlessly going through the motions, but about being fully present in every interaction, every conversation, every experience. Whether you are in the mall, a park, or dining out, personal observation is about opening our eyes, our ears, and our hearts to the subtle cues that surround us.

Use this insight to guide you when prospecting:

Connect the dots: Piece together the fragments of information that come your way. It may be the school a person's kids attend, the type of car they drive, or their occupation. Notice the correlations between seemingly unrelated events to gain a deeper understanding of the bigger picture and make predictions regarding a prospect's tax bracket and most importantly how you can best meet their needs.

Cultivate Meaningful Connections Through Value-Driven Networking

When it comes to networking, forget about the fluff and the fancy schmancy tactics. Let's get down to the nitty-gritty of cultivating meaningful connections through value-driven networking.

Here's the deal:

• Give First, Receive Later: Approach networking with a mindset of giving, because “givers get!”. Instead of focusing solely on what you can gain, seek opportunities to provide value to others. Offer your expertise, share relevant resources, or make introductions that can benefit their endeavors. By leading with generosity, you lay the foundation for genuine and reciprocal connections.

• Listen with Intent: When engaging in conversations, be fully present and listen with intent. Show genuine interest in the other person's story, goals, and challenges. Ask thoughtful questions that allow them to share their insights. By actively listening, you demonstrate respect and build a deeper connection based on understanding.

• Be Yourself, Unapologetically: No need to put on a fake persona or pretend to be someone you're not. Embrace your quirks, your unique personality, and let your true self shine. Share your experiences, successes, and even failures with honesty and transparency. This sort of authenticity fosters connections built on trust and mutual respect.

• Keep the Flame Alive: Building connections isn't a one-time thing but an ongoing process. Stay in touch with your network. Reach out, and offer support. When you nurture those relationships, you'll stack the odds in your favor to open doors to unforeseen opportunities.
  

A Thorough Fact Find Trumps Salesmanship

With leads secured, and meeting appointments booked, what comes next?

Anything short of possessing a profound comprehension of your prospective clients needs would prove woefully inadequate. Therefore, striving for a scenario wherein your prospects themselves take the initiative to communicate existing challenges becomes the ultimate aspiration.

To solve the puzzle, you must delve deep into their world. 

Ask probing questions that unravel hidden insights, accompanied by an unwavering commitment to truly listen, and absorb every word with undivided attention. 

Additionally, keenly observe their intricacies, including the complexities of their challenges and aspirations, to gain invaluable insights. It is these subtle nuances that hold the key to understanding their desires and fears, allowing you to tailor your offerings with precision.

Takeaway: When you prioritize understanding over persuasion, you become the trusted advisor they open up to, and success will follow naturally.

The Role Of A Solutions Facilitator Is The Secret To An Effortless Close

Having established a comprehensive understanding of your prospects' situation, collaborate with them to co-create the ideal solution. 

Adopt the mindset of a facilitator whose sole purpose is to guide your prospects toward the ideal solution. This way, you can create an environment where the close becomes a natural progression, rather than a forced endeavor.

Action: Shift your focus from a transactional mindset to a consultative one.

Why? 

This collaborative approach ensures that your prospects feel actively engaged and deeply invested in the decision-making process, fostering a heightened commitment to the outcome. Consequently, the process of closing the deal becomes a seamless and organic progression, propelled by the shared sense of ownership and trust established throughout the consultative journey.

For instance:

Imagine a client seeking insurance, unaware that their current tax arrangement means they are leaving money on the table. As a solutions facilitator, you tap into your network and refer them to a tax professional who then helps them get some of their hard-earned money back. 

What do you reckon will unfold in the aftermath?

Trust between you and your client deepens, creating a solid foundation for a long-lasting and fulfilling relationship. Your ability to bridge the gap between what your client currently perceives as their reality and the untapped potential within their grasp transforms their perspective and they witness firsthand the impact of your position as a proactive and resourceful solutions facilitator.

And what happens next? 

Sealing the deal becomes a matter of when!

Alignment Of Solutions And Personalization Is Crucial To Prompt Client Action

Are you eager to close the deal, so are we! Listen:

To unlock the power of prompt client action, this vital ingredient must come into play: the alignment of solutions and personalization. Here is what we mean:

Ensure that the solution(s) you present are precisely tailored to address your client's unique needs, challenges, and aspirations. And this level of customization is easily possible if you did not flounder any of the lessons we have covered thus far. So, let's recap:

• Lesson 1: Use the right prospecting strategies to acquire leads that can quickly make you 6 -figures and more.

• Lesson 2: It's not enough to acquire quality leads, use effective fact find to get them to share their deepest desire which will allow you to offer them tailored experiences going forward.

• Lesson 3: Become a solutions facilitator and closing the deal becomes a matter of when not if.

At this point:

Present the best-suited solution to your customer. One that hits the bullseye, solves their problems and gets them the results they desire.

DO NOT present a horde of solutions, thinking that it will automatically lead to more money in your pocket. 

Do you want to know why?

When faced with a plethora of options, clients can feel overwhelmed and uncertain and they may become hesitant and indecisive - a decision paralysis that can result in a missed opportunity for both you and your client.

Here's the deal: quality trumps quantity when it comes to driving client action and achieving successful outcomes.

Looking ahead, here's a dose of inspiration that's going to light a fire under your feet…

Winning The Game Of Selling Financial Services - Astonishing Tales Of Successes 

When you find yourself struggling with self-doubt and feeling overwhelmed, take heart in these inspiring success stories from the frontlines of financial sales:

• Meet David Hausdorff. He went from being in the Top 500 at his company to the Top 11 in just 90 days. Talk about a jaw-dropping transformation that left everyone in awe.

• Then we've got Johnathan Burgess, who experienced an unbelievable 13x improvement in his life insurance production in less than 2 months. That's the kind of growth that'll make your head spin and your bank account smile.

• Andrew Mortenson made a 6x increase in overall production in less than 6 months. But that's not all - he also achieved something truly remarkable - he reached the prestigious Top of the Table for the first time in his 9-year career. Now, that's what you can agree is a major breakthrough.

• And last but certainly not least, we have Anthony Navarro, who quadrupled his average case size and tripled his year 1 production in just 3 months. That's the kind of rapid growth you can do with.

These success stories are not just fairy tales. They're living proof of what's possible when you get the right help and follow a proven field-tested objection-free sales formula.

Now over to you:

Exciting Sales Possibilities You Can Look Forward To As A Financial Services Professional

When you join the Taylor Method, you can:

• Supercharge your productivity, skyrocket your case rate, and amplify your average case size to new heights.

• Learn little-known prospecting strategies that will reel in individuals who are already raking in the kind of money you're dreaming of.

• Enjoy coaching from a top-tier, active producer who's rocking it at the prestigious MDRT Top of the Table level.

• Eventually, kick money worries to the curb! 

Now, it's time to take action - enroll in the Taylor Method.