Thursday, January 21, 2010

Getting That Sale (Part 1)…

“Wealth Management Marketing and Sales” will address best practices in the marketing and sales processes. Simply, “how to get and keep clients.” It’s a big subject of potentially great value for wealth managers. All in due time

The single, most effective, piece of advice first: overcome objections before they surface

It takes a lot of work, a measure of luck and not just a little fortitude to get in front of qualified prospects. Not walking out with an agreement – either an engagement or to discuss it further – is both emotionally draining and a bad waste of a valuable opportunity. Such disappointments can make the advisor even more adverse to the “sales” process, it can create a long-term downward spiral that ultimately dooms the business.

The sales meeting follows significant efforts at segmenting, targeting, positioning, research and preparation. While the “best practice” process for an effective sales engagement (“the” meeting) is comprised of “intro, creating desire, overcoming objections, and closing the sale,” nothing is more disheartening for the advisor than a barrage of potentially deal-killing objections.

You can overcome sales objections before they happen by understanding the essential questions that your client prospect will have before they articulate them.

Five questions to answer before they are asked
All consumers ask themselves five questions that must be answered before they will buy. It matters not whether they are buying a pencil or engaging a wealth manager. When specifically focused on wealth management advisory, here’s what they look like:
Do I need an investment advisor?
Will fee-based advice benefit me?
Will this specific wealth manager meet my need or solve my problems?
Is the fee (price issue) right for my needs?
Why do I need advice/this advisor right now?

Answer those questions using the most appropriate combination of strategies and proofs and they won’t appear as stressful, likely opportunity-busting objections.

So what do you think?

Next blog: preparing strategies and proofs which answer those objections before they’re asked. In my next blog, we’ll address the exact strategies and proofs that answer those questions, eliminate (or prepare you for) objections, and help you get toward both “soft” and “hard” closes which will land you the new client.

1 comment:

  1. A lot of that is true, but you don't want to pre-empt all of the questions a person has. For one, it's impossible unless you do a 3 hour presentation. Secondly, you don't want to suggest problems the client hadn't thought of and lastly you don't want to seem like you're justifying it too much. Getting Wealth Management is about honesty and a proven track record. Show the clients what you've done and what you intend to do with their money.