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Advisors often focus on their ability to deliver tailored solutions, instead of focusing on their approach to how to sell those solutions.
The common perception is that you can differentiate, based on the solutions you offer a potential new client -- “we’re different”.
That might have been true pre-Covid, but not anymore, as the advisory profession has become commoditized.
Your products and solutions can no longer be relied on as your “differentiation” strategy.
The last “mile” in your differentiation is how you sell, not what you sell.
You might be thinking...
“Wait a minute, our XYZ solution is second to none... other advisors don’t have our experience and expertise... what do you mean that our sales approach is all we have left?”.
If you’re onboarding 100% of your qualified opportunities, then by all means, no need to read any further.
If you’re averaging below 60% conversion, from lead-to-new-client, you’re focusing in the wrong direction.
Having personally coached hundreds of advisors and listened to their stories and struggles, I can tell you this with certainty:
Your prospects are not impressed with what you do (especially those that are high net worth).
It’s not that they think your solutions aren’t valid... it’s that they’ve been through the same process with other advisors offering similar solutions.
It’s all very normal and routine for them.
It rises to the level of their expectations.
What do you need to change to be different in your approach:
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No solution-based offer
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No value proposition or proposal (or “client value promise”)
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No relationship-building (that happens after the sale, not before)
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No education/free consulting
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No chasing or follow-up
Radical?
You bet - and it’s a real head-scratcher for traditional advisors who grew up with only one sales model: “know, like, then trust”.
The irony is, omitting the above elements from your sales approach, is the only way to build trust with today’s skeptical prospect.
I call it trust-based selling.
Your prospects now come to you desensitized to the solution-based and persuasion-based sales approaches that worked so beautifully years ago, before they became common and predictable (and which most advisors still use).
Differentiating your sales approach is the only leverage left, that as a consultative-based expert, you can use in a commoditized industry.
To learn more about how to fundamentally change your sales approach to avoid being “shopped”, order your complimentary book and consultation below.
Related: The Paradox of the Sale
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation.