Monday, February 22, 2010

Putting "Context" into the Wealth Management Sales Engagement Process

Thus far in our new blog’s short life, we’ve been addressing the wealth management sales engagement process – how to plan what happens once you’re in front of the prospect. We started with the most important - overcoming objections before they are brought up (those five questions to answer in any consumer’s mind), and the differences between soft-close questions and hard-close questions.

In a few weeks, we’ll have completed the sales process and will start looking at segmentation, targeting, positioning (though the sales process is, indeed, part of positioning) – other components of the marketing mix. For clarification, the “marketing mix” are those things which you can control in acquiring and keeping clients.

Sales Engagement Process

Now, it’s time to put this all into context with the outline of the sales engagement process, then a step-by-step primer to maximize effect. Meanwhile, don't forget to use the "five questions," and the "soft" and "hard" close techniques discussed earlier.

PRIOR: Research, research, research your prospect. There is a wealth of preparatory data available for you. More on that next post.

Here’s the actual process with a couple points on each of those items which we haven’t yet discussed:

1. “Greet and Meet” Introducing yourself, building a cursory relationship, sharing your personal branding statement, fact-finding.

2. “Building Desire” Pre-empting those “five questions,” asking need-discovering/probing questions, confirming the need for problem-solving.

3. “Overcoming Objections” Specific ways to overcome verbalized roadblocks.

4. “Closing the Sale” Making the deal, setting the plan of action. Use those “hard close” techniques.

Starting next blog, we’ll dissect each step and help you get to what most financial advisors enjoy and benefit from most: gathering assets and client relations.

Next blog: Researching your prospect. A dozen ways to help craft your pitch.


  1. Looking forward to the next few blogs. In particular, the details of the "Greet and Meet," because as they say - you only have one chance for a first impression. It is not only what you say, but how you say it and the collateral materials that you have used to not only help make the first impression - but this is the material the prospect will refer to once you have left.

  2. Andy,
    First, sorry on the long-time to reply. Being new to this (blogging), I couldn't figure why the blog was getting no comments. Then, I found that I had some settings wrong. Sorry.
    I've been around all sides of trying to perfect the outcomes of that initial new business engagement, including the collateral production. I wish there was a way to quantify, bottle and sell "chemistry," but the best we can do is work on a great sales process.
    Later, I'll be talking about combining that already discussed pre-appointment research with the first few seconds in a prospects' office to come-up with meaningful and really important "chit-chat." I was taught that if I could get someone talking about himself, he'd leave the meeting think that I was a great conversationalist. This is what I'm going to try and impart soon.
    Thanks for the comments.