Monday, February 8, 2010

Putting "Soft" and "Hard" Closes Into Your Wealth Management Sales Engagement: Using the "Soft Close" to propel you along in the closing process

So, you've done a good job at overcoming objections before they are made. You've answered the "five questions/objections" before they were articulated. You can now build a series of "soft closes" into your discussion.

The purpose of a "soft" close (or "trial close") is, while building desire to engage you, get the prospect's reaction to your benefits. Using a soft close while handling objections is to determine that those objections have been overcome. Don't continue on in your sales process until you know that there are not lingering objections - they'll ruin the deal and waste an opportunity.

Soft close questions in the sales engagement process for wealth management can include such as:
"So, does that clearly explain why a fee-based advisor is best for your needs?"
Or, "Could you please be more specific about your current costs, like the commissions you're paying?"
Or, you can directly, in the soft close process, address objections and move toward a close. Use "soft" questions like:
"Knowing who else I serve, does that address your concern?
Or, "Have I resolved that concern about the real benefits of a fiduciary?"
Or, "Does this performance review approach make good sense?"

Notice, you have not asked for the business - the hard close - rather you're making sure that you've overcome objections and opened the door for the prospect to ask you to engage.

(Next issue: "Hard Close" techniques)

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