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Advisors are conditioned to believe that the more “runway” they have with a prospect, the more time they’ll have to show them enough value to make their hiring decision.
But is this true?
The average conversion rate of advisors suggests otherwise.
The long and complex advisory sales process, in which educating your prospect is the center piece, convinces less than 3 out of 10 qualified prospects on average to become clients.
The truth is, if you’re investing your time and energy with multiple conversations, you’re only lowering the number of new paying clients you’ll be acquiring.
Why is that?
Because the decision to hire you happens in a split-second decision, which the prospect makes silently in their mind during their initial conversation with you.
It's internal, not external.
You see, most of your prospects are in shopping mode.
They’re out to gather information, speak to a few advisors, then go away to contemplate a decision later.
They’re completely unaware that their process can be convoluted (which is why they’re still shopping).
When they try to process the information you’ve shared with them on their own later, they often can’t retain a sense of certainty and security about it.
It’s too complex and there are too many other concerns on their mind.
Here’s the key: If you get to the truth of their situation and help them trust you in the first meeting, you’ll cut the “think about it” game right out of the equation.
The sale is made or lost in the first meeting, not after multiple meetings.
Consistently onboarding new paying clients requires a different mindset shift – from viewing the sale as a long series of steps – to realizing there is a single moment you need to get to, for them to agree to work with you.
That’s a big shift, especially if you’re used to doing “free consulting” in your initial meetings.
You’re the only one who can bring them face to face with their deepest underlying issues (issues they themselves can’t see), so they feel they can trust you without hesitation.
With this new approach, there are no intermediate steps involving the delivery of free consulting, tailored plans, or detailed proposals.
Many advisors struggle with the notion of selling because they’ve been trained to sell their value and expertise, which inevitably has become commoditized, creating an elongated and complex sales process.
The truth is, selling hinges on your prospect’s decision to place their trust in you -- and that happens in a split-second in the first conversation.
If you’re tired of stalling your sales process and want to start building real trust with your clients, order your complimentary books and consultation below.
Related: Why Showcasing Your Value Could Be Sabotaging Your Sales
Get Ari’s 6 best-selling books for FREE 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 books "Are You Chasing Ghosts", "Trusted Authority" and "Trust In A Split Second" have become instant best-sellers among financial advisors worldwide, get your free books here.