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I recently spoke with an advisor who told me about a call he had with a potential client that was bothering him.
He said he was very relaxed and calm at the start of the conversation, but after the initial rapport building, his prospect tried to re-direct the conversation to get him to “sell” himself – saying something like: “Here’s my question, what can you do for me?”.
Startled by the directness of the question, he felt no other choice but to fall back into the traditional sales mindset of selling himself and his value, so he wouldn’t lose momentum.
Not surprisingly, the opposite happened, not only did his decision to “sell” himself him not convert his prospect into a paying client, but it left him feeling powerless and shook his confidence.
For many advisors, potential clients looking to get an “upper hand” can present a real problem if they don’t have a way of handling it in a trust-based way.
In the new economy, as advisory becomes more commoditized, selling has become a battle of control. Either you’re in control of the process, or they are.
When you believe there is a grey area and start adapting to exactly what your prospects want from you, without you building trust with them first, you lose your positioning as the authority.
What’s important to understand is that most advisors have been conditioned to do only the traditional “know, like, then trust” sales model from the 80’s.
That’s been the industry norm thinking for decades.
Norm equals average.
Norm creates average results.
To be a top producer, you can’t be average.
The traditional sales model also creates a very long sales cycle and usually ends up in you “chasing” them.
It’s not your job to prove yourself, but to properly assess their situation to determine if you can help them or not.
Just like a doctor, who finds himself in an unethical situation by prescribing medicine, before a thorough diagnosis.
The next time you have a first meeting with a new prospect, especially a high net-worth one, instead of trying to build rapport (which is based on trying to get them to like you, making you both peers) say this instead:
“If it’s okay with you, can we take a step back for a moment, and can you walk me through your background, your situation, and up to your current financial concerns, and we’ll go from there…would that be ok with you?”
By asking permission and setting the tone from the start, you gently put the ball in their court and let them know the meeting will be all about them and their issues, not about you.
Your goal is to build trust from the beginning by taking them “down the iceberg” of their problems so you can fully assess the gravity of their situation.
This trust-based model, if done right, should be converting 80-90% of your ideal clients with ease and on a consistent basis.
If you’re not converting at those percentages, order your complimentary book and consultation below.
Related: How to Re-Think and Optimize Your Multi-Step Sales Process
Get your Free copy of Ari’s best-selling book "Trust In A Split Second!" here and you’ll also receive a Complimentary Sales and Lead Generation Consultation (value $995.00). Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net-worth new client acquisition expert for financial advisors. His latest book, “Trust In A Split Second!” has become an instant best-seller among financial advisors worldwide.