12 Client-Focused Sales Approaches For Financial Advisors To Drive Success

Did you know that 8 to 9 out of 10 financial advisors will fail and see their firms disappear into the ether? The 10-20% who emerge victorious have something special.  What exactly is it, and more crucially, how can you apply it to avoid failure as an advisor is at the heart of our discussion today.

Spoiler Alert:

These advisors are experiencing a remarkable reversal of fortune. We're talking about unbelievable turnarounds: multiplying life insurance production by thirteen in under two months, increasing overall production by six times in less than six months, and tripling one-year production in just three months. 

Now here is the juicy part: You can replicate their success, achieve your full potential, and ultimately (with almost 100% certainty) build your million-dollar advisory practices too - head over here and discover how.

Sales Success 101 - Prioritizing People

There is no better way to say this - unlike before, people are becoming increasingly self-sufficient and have plenty of options to choose from when it comes to selecting their advisors. And going by Gartner's findings your prospects already have preset ideas about what they want, including their desired features and acceptable price ranges. This shifting landscape means that advisors who only focus on pitching their products and services, without building a meaningful connection with their clients, will quickly find themselves out of luck. And this is where the following 12 approaches that make clients the centerpiece of your sales strategy come into play.

Powerful Client-Centered Sales Techniques For Financial Advisors 

Identifying The Gap Approach

“Oh I am good” or “I am satisfied with my current advisor” are objections you've heard so many times that if you had a dollar for each instance, you'd be rich by now.

But do you know the interesting thing?

These objections often mask a gap between what the client is currently experiencing and what they could be experiencing. Your role is to help people bridge the gap between where they are now and where they want to be or ought to be. But how do you do that?

• Assure them you won't undo whatever good work that has been done.

• Promise them you just want to provide valuable information that will help them make informed decisions, no strings attached.

• Lastly, come to a consensus that if after going over their present arrangement and it is discovered there is a gap(s) that will expose them to risks or undo their efforts, you will step in and help them cover those gaps. 

By prioritizing the individual's needs and interests above all else, you increase the likelihood of them being receptive to your proposal and potentially becoming a new client.

The “Observe, Process Then Pounce” Approach

This approach is all about taking advantage of opportunities off the cuff and making connections in a more relaxed and natural setting. In other words, you can talk up business dressed in casual attire, on a Saturday morning, while at the park. 

To start, it's important to observe a person (or a group) and their behavior, paying attention to anything that can provide a clue to your prospect's needs or how you can help them. For example, while at the mall let's say you notice a family with several young children - this could provide a clue that they may require financial planning for their future education expenses.

Next, it's time to process this information, taking into account any potential objections, or concerns the client may have or potential conversation starters you can capitalize on. For example, if you find out that your potential client's children attend the same school as yours, you can use this information to deduce their tax bracket from the tuition fees they're paying. Alternatively, you could use this common ground to start a conversation.

Finally, it's time to be bold and take action. But this time around you want to be helpful - be a valuable resource rather than just trying to sell them something. Your goal is to establish a connection that can lead to a long-term relationship.

Prospecting Up

It's a strategy that can take your business to the next level by targeting higher-level prospects with bigger budgets. This is how it works: You ask your clients to mention individuals they look up to financially and when they do, you ask to be referred to them. Why is this so important? The saying, “You are as rich as your clients” holds in the financial advisory industry. By targeting clients with bigger budgets, financial advisors can increase their earning potential and expand their business.

The Approach When Selling To Decision Makers

Sometimes, the decision to sign on with a financial advisor is not made by one individual. For example, a couple that makes decisions together, or one where the wife or husband has the final say.  What do you do in such a scenario?

DONT be eager to pitch your services in the absence of the decision maker. It can harm your chances. Think of the effort you put into mastering your pitch. Do you trust a novice to convey your message effectively to their partner on your behalf? 

Instead…

DO take the time to investigate and learn how decisions are made, so that you can ensure all important stakeholders are present during your pitch. If you discover the decision maker is absent, request a reschedule where all the important stakeholders will be present. By doing so, you'll increase your chances of success and avoid wasted time and effort. Remember, the power to deliver your pitch effectively lies in your own hands.

The Solution-Oriented Approach

Let us ask you this - do you know what your clients want?

Hint: It's not about you, your company, or your products.

It's about the solution.

That's right, when it comes down to it, your clients only care about one thing - how you can solve their problems.

See, this approach is all about working collaboratively with your client to understand their unique needs and offering tailored solutions to meet those needs.

When you focus on providing solutions instead of just pushing products, you become a trusted advisor to your clients. You become the person they turn to when they have a problem to solve, and that leads to long-term, profitable relationships.

The Education-Based Approach

Let's face it, many people are clueless about the ways you can help them save time, money, and achieve their financial goals. So, when you take the time to educate, you not only enlighten and provide valuable information but also build trust and credibility.

And when you win their trust, they're more likely to become clients.

Think about it - if a person doesn't know how you can help them, they're not going to seek out your services. But if you show them the benefits of working with a financial advisor, and how you can help them achieve their financial goals, they will realize what they are missing out on and readily take the plunge to work with you.

Your next step:

It's hard to believe, but utilizing this approach with family and friends can yield tremendous results. Many advisors assume that their close circle of friends and family already know what they do, but the truth is they often don't fully understand the extent of your expertise. With that said, at the end of this article, take out time to educate and inform those closest to you about your practice, and you may be surprised by the number of deals directly or referrals that come your way. 

The Referral-Based Approach

Many financial advisors shy away from asking for referrals because they don't want to appear pushy or desperate. That is unfortunate because irrespective of the services you offer, word of mouth is one of the most powerful marketing tools out there. 

And that's exactly what this approach emphasizes - leverage your existing client base to get new clients.

So, how do you create a network of loyal clients who will refer new business to you? It's simple, provide exceptional service to your clients.

When you go above and beyond for your clients, they'll remember it. And when they remember it, they're more likely to refer their friends and family to you.

But there is one vital piece of the puzzle - you need to ask for referrals. Remember, “closed mouths don't get fed.”

The Relationship-Based Approach

Picture this: You're meeting with a potential client for the first time. They're hesitant, guarded, and unsure about working with a financial advisor. How do you build trust and establish a long-term partnership with them? 

The answer is simple: strive to prove to your client that you have their best interests at heart and will work tirelessly to help them achieve their goals. It requires a deep level of transparency, empathy (validate their emotions and show that you understand where they're coming from), and a good measure of people skills.

The benefit of this approach is not limited to just sealing the deal, but it extends to ensure loyalty. And when you consider that it's generally easier to win over someone who has already conducted business with you in the past, the value of building relationships with your clients becomes even more apparent.

However, it is worthy of note that building a strong relationship doesn't happen overnight - you need to be consistent with your effort. But it doesn't stop there. You also need to be proactive in your communication. Regular check-ins, progress reports, and personalized advice can go a long way in establishing a long-term partnership.

The Consultative Approach

Are you tired of feeling like a salesperson when working with your clients? Do you want to establish yourself as a valuable resource? If so, then it's time to embrace the consultative approach.

As a financial advisor, you have the expertise and knowledge to help your clients make informed decisions about their finances. But if you approach your clients as a salesperson, you risk coming across as pushy or insincere.

On the other hand, if you approach your clients as an ally or an adviser, you can build trust and establish yourself as a valuable resource. This strategy requires you to be an active listener, asking questions and seeking to understand your client's financial situation before making recommendations. It also requires you to be proactive in providing advice and guidance, rather than waiting for your client to come to you.

The Authority Approach 

Establishing a robust brand as an authority in the industry can make customers more likely to increase their purchasing frequency and pay a premium for your offerings, plus they'll also make faster buying decisions and eagerly spread positive word-of-mouth about your products or services.

You need to go out of your way to demonstrate your knowledge and expertise through thought leadership, like writing articles or giving presentations. That's how you show the world that you know your stuff.

That's not all. You also need to leverage your credentials and experience to establish credibility with potential clients. You want them to know that you're not some fly-by-night operation, but a seasoned pro who's been around the block. Don't hesitate to flaunt your awards, accolades, and certifications if you have them. While humility is a virtue, it's equally important to let people know about your achievements.

The Unique Selling Proposition (USP) Approach

In a world where everyone is vying for attention, the USP Approach is like a breath of fresh air. It allows you to cut through the noise and connect with clients who are specifically looking for what you offer. 

USP: “a feature or characteristic of a product, service, etc. that distinguishes it from others of a similar nature and makes it more appealing.”

Statistics show that there are over 330,000 financial advisors in the United States alone. That's a lot of competition vying for the same clients. But with a strong USP, you can attract clients who are specifically looking for the services and expertise you offer.

For example, if you specialize in retirement planning for small business owners, your USP could be "Expert Retirement Planning for Small Business Owners."  This immediately sets you apart from generalist financial advisors which can make it easier for potential clients to find you and ultimately choose to work with you over others in the crowded marketplace

Target Selling

With “Target Selling,” you're not just casting a wide net and hoping for the best. Instead, you're laser-focused and honing in on your ideal customers based on factors like demographics, interests, business, employment, etc. This will allow you to create a message that speaks directly to them and their needs, and increase your chances of making a sale.

The first step is to identify your ideal customer. Who are they? What are their pain points? What do they need? Once you have a clear picture of who you're targeting, you can start crafting a message that speaks directly to them and their needs.

Secondly, you also need to be strategic in how you reach your target customers - meaning leveraging channels like social media, email marketing, paid advertising, and content marketing to reach them where they are.

So why use this approach? Because it can help you achieve more sales with less effort. When you focus on your ideal customers and craft a message that speaks directly to them, you can increase your chances of making a sale and ultimately, grow your business.

Looking To Elevate Your Sales Game? Turn To The Taylor Method For The Solution

The Taylor Method is the objection-free sales system that aims to shift the focus from product selling to addressing the customer's needs and concerns leading to fewer objections from potential clients.

And guess what? This proven system has helped thousands of financial advisors worldwide to not only survive but thrive in their businesses. It's field-tested and battle-ready for maximum effectiveness. And if that's not enough, you'll have access to a deep library of content to help you address every single pillar of the sales cycle with confidence and success.

So if you're looking for training that works - one that can help you unlock your full potential and break through any barriers on your way to building a million-dollar practice, the Taylor Method is your best bet yet. With its focus on understanding your customer's needs and providing them with personalized solutions, you're sure to see an improvement in your sales performance.