When selling financial services, professionals often face three main challenges:
1. Starting conversations with new potential clients
2. Leading conversations and winning business in a competitive market
3. Expanding business with existing clients
The good news is that these challenges can be overcome. By focusing on specific strategies in each of these areas, you can improve your chances of success.
How to Start Conversations
Ask for Referrals: Many financial advisers and bankers assume that their clients, friends, and family will naturally refer them to others. While this may occasionally happen, it’s a missed opportunity if you’re not actively asking for referrals.
Start by asking for introductions. Many people don’t immediately think about their network. A simple question like, “Do you know anyone who might benefit from what I offer?” can open new doors.
Lead with Value: When approaching potential clients, don’t start with a sales pitch. Instead, offer something of value right away.
You could offer to review their current portfolio, share recent research, or discuss best practices in asset allocation based on your work with similar clients. Whatever you offer, make sure it provides value to the client right from the start. This will lead to more productive conversations.
Leverage LinkedIn: LinkedIn is a valuable tool for financial service providers. A recent study found that 82% of buyers look up providers on LinkedIn before responding to their outreach. Make sure your profile is complete, with a professional picture and client-focused messaging.
LinkedIn also helps you connect with potential clients. Use your network to find connections, join groups, and engage in discussions. Most importantly, always lead with value when reaching out. Offer something helpful or insightful in every message to build trust.
Leading Sales Conversations
Build Trust and Understand Client Needs: Before potential clients open up about their finances and goals, you must first build trust. Once trust is established, you can explore their full financial situation.
For example, if you’re a banker discussing a checking account, don’t just take their order. Ask about their broader financial goals. Are they moving? Do they need a mortgage? What is their investment portfolio like? Understanding the full picture allows you to offer the best solution.
Convince Buyers You’re the Best Option: In financial services, fear and risk are often major concerns. To convince clients that you’re the right choice, share success stories about how you’ve helped others reduce risks.
Discuss challenges your clients faced and how you helped them overcome those obstacles. By sharing real examples, you’ll build credibility and make it clear that you can deliver on your promises.
Offer New Insights: Successful salespeople often provide clients with fresh ideas and insights. This sets them apart from those who simply take orders.
Your clients come to you for your expertise. Share what you’ve learned from working with others in similar situations. Push back on their ideas when necessary, and offer new perspectives. This will not only add value but also differentiate you from competitors.
Maximizing Business with Existing Clients
Communicate Your Full Range of Services: Many clients are not fully aware of the services you offer. They may even be using a different provider for services you can offer. It’s important to communicate your full range of services.
You don’t have to be an expert in every area, but you should know enough to identify opportunities. Once you identify a need, you can connect your client with the right expert within your company. Ask for permission to provide an overview of your services, saying something like, “I realize we’ve never done a full review of what we offer. There are some areas where I think we could really make a difference for you.”
Understand Client Aspirations: To provide the best service, it’s important to understand not only your clients’ immediate needs but also their long-term goals. Do they dream of early retirement or starting their own business? Are they aiming to expand internationally?
These goals often come out in conversations when there is a strong relationship. Once you understand their aspirations, you can offer guidance on how to help them achieve those dreams. This builds a deeper, more meaningful connection with your clients.
Stay Proactive: Clients want to know that you’re thinking of them. Many financial advisors hesitate to reach out too often for fear of being seen as pushy, but clients appreciate proactive advice.
Share relevant articles or insights, especially if they apply to your client’s specific goals. If you come across a piece of information that might benefit one of your clients, share it with them and suggest a call to discuss. By staying in touch, you’ll strengthen your relationships, uncover new opportunities, and help shield your clients from competitors.
Conclusion
Selling financial services can be challenging, but by applying these nine strategies, you’ll find it easier to start conversations, win new clients, and grow your business with existing ones.
