Financial planners & Financial advisors depend on prospecting sales scripts because they are designed to help you talk to a new prospect and get new business.
(page 10)
"Getting new business for the Financial advisor and the Financial planner usually depends on getting their foot in the door for the initial first step of the business process which is getting an appointment to present their service."
The PAGE HEADINGS of the FINANCIAL SERVICES PROSPECTING SCRIPTS are as follows:
GREEN pages means you are Talking & requesting an appointment. 12 pages:
To Discuss Needs - Appointment
Do They Want My Services - Appointment
Money - Your Satisfaction - Appointment
Discuss Money - Appointment
Time - For Reviewing Financial Services
Best Time to Meet - Appointment
Decision
Potential - Desire For Financial Services?
Close On Services & Best Values
Close On Services & Best Values
Commitment to buy Financial Product or Services
Get An Agreement
Overcome Reluctance
RED pages contain Questions that must be answered & Objections that must be responded to. 24 pages.
I don’t need financial advisor
I don’t want financial services
I’m not interested
I’m not interested .. unless the price / fee is right
I don’t want whatever you’re selling
I don’t trust financial advisors
I can get lower fees on financial services
Do you have the lowest fees / prices?
Others will cut their fees & prices
Will you cut your fees & prices?
Not a good time to invest - I want to wait
Wait for something to change
Not now - Maybe in the future
Too busy - No time to see you
Call me some other time
Send me some information
I’ll think about it - Non-committal
Won’t make a commitment - Stalling
Friend in the business - sells similar services
Why should I choose your financial services?
Why should I change financial advisors?
Why are you calling?
I get a lot of calls
I Had A Bad experience
YELLOW pages. The traditional Selling language and the reasons to do business. 12 pages.
30 Second Commercial
Financial Services Profile
3 Reasons to Choose Our Financial Services
Guarantees - References - Affiliations
Why Meet With Me - Meeting Outline
Reasons to Choose Our Financial Services
Benefits of Choosing Our Financial Service
I specialize in ….
Advantages of my / our financial services
Things I (our company) can do better
Company Highlights - History - Facts
Presentation of Financial Services (by phone)
"It’s been proven throughout the history of financial services, when you have the ability to capture
additional prospects, then you are in a position to “sell your way to prosperity.”
1. For a Financial planner and a Financial Advisor to generate more profits from the sale of financial
services, it is said that ... "unless they are talking to a prospective invester, they are unemployed."
2. A Financial advisors profits depends on revenue from the sale financial services. The value of
a Financial planners prospecting script cannot be overstated.
3. They need a prospecting script to know what to say to a prospect.
4. A Financial Planners sales script and Financial Advisors prospecting script depends on making
pivots on their ability to make prospecting calls to a wide range of people with disposable income.
Highly motivated financial planners and financial advisors can produce the
Skilled financial advisors consistantly prospecting will lead to increased revenues due to the fact that they generate their own business.
• New financial services business is critical for the professional fincial advisor to maintain
market share and be successful.
• When the fincial planner loses their prospecting intensity, there is a tendency for the financial
services income to diminish accordingly.
• The falloff will occur when the pipeline dries up. Getting back up to speed may require a monumental effort.
How much is a new incremental financial services customer worth to the individual financial planner? If prospecting for business for the Financial Planner stops, then their revenue stream will start to dry up ... no matter how good their present customer presentation is.
It will be hard will it be to restart the prospecting for financial planner phase. That doesn’t account for the amount of money, time, and effort it takes to make up for lost time.
Questions to ask yourself are:
1. How much the bottem line affected if they do financial services business with you more then once?
2. What is financial services business worth in total if they become a steady customer?
3. Competition can come from any number of financial services sources.
4. Customers may leave you because of real or imagined dissatisfaction.
"Simply put, everyone needs new sources of new financial services business revenues to survive.
Things can change very quickly in the financial services business."
• If it were true that financial planners could generate new revenue from more calling, it would be
simple enough to hire more salesman to make calls.
• If more new fincial services business were only that simple.
• Hiring more financial planners is difficult and expensive.
• Increasing the "effectiveness" of financial planner you have is far more desirable.
• Increase the effectiveness of financial planners is less expensive then hiring more salespeople.
You don’t need to hire twenty or thirty percent more financial planners when it's easier to increase their efficiency by a similar amount. You’ll wind up with the same proportion of your financial planners competency if you don’t increase their skill level.
Financial planners prospecting for financial services customers increases the bottom line exponentially. It’s possible to increase the financial planners income substantially if you can figure out how to get a fincial planner to make more calls.
"You could further increase profits if you can enable the financial planner to improve their hit rate
and increase their ability and get a higher percentage return on the calls they make."
The “Holy Grail” of business is to increase market share. Maintaining market share is a given but it is also passé.
The boss, his boss, and the boss's boss all share in the overwhelming need to increase financial services market share for obvious reasons.
The total amount of potential financial services customers is not likely to change and if it does, it change slowly. It's the only “zero-sum” game in town that says when one fincial planner wins, another loses.
• Another often overlooked factor in getting a new financial services business and subsequently
a new customer is how many new referrals are typically generated over a period of time.
• New financial services business or new referrals can lead to untold amounts of income for the
financial planner. The good part is that the cost incurred to get a financial services customer is nil.
• Prospecting results in denying financial services prospects and subsequently revenues from the competition.
The winner takes all. If you have a lock on the prospect/customer and they're on your side of the ledger, in effect, you are denying them from the competition. Any time you can do that, it one more new financial services customer that is in your domain and not in somebody else’s.
1. The cost of pursuing a fincial services prospect ceases, and instead, the revenues start coming in to
the fincial planner.
2. The cost of not pursuing a financial services prospect increases especially if market share is critical.
3. If you don't get a financial services prospect now, capturing them may cost the a lot more in the future.
4. As the cost of pursuing a financial services customer starts adding up, the cost of financial planners
business scripts will seem negligible.
How much of your profits are from new financial services customers and how much from old customers. If the ratio of new to old customers is high, your financial planners are glorified order takers.
It may mean your business is on a “slippery slope” and your financial planners are only capable of calling on "captured business," that is current customers.
_________ "Whom ever prospects, ... gets the prospect". ________
The financial planning world is more competitive than ever before. Financial planners can no longer do just the “fun stuff” and expect to have business fall into their laps.
Some fincial planners still think that just showing up the main ingredient for success. “Schmoozing” and “back slapping” fail to win over today’s savvy financial services prospects.
_____ At a meeting of women fincial planners, I heard of a startling statistic:
"70% of women change financial advisors within three months after their husbands death. _____
• Women financial planners have increased in recent years and generate a huge amount of business.
• Financial services companies have finally realized the value of women financial planners and women
women financial advisors.
• Women planners know the value of establishing a relationship with a new financial services customer.
• The new prospects name should be a top priority for immediate contact.
New financial services business prospects come into the market everyday, like clockwork. Time is not on the side of the financial planner trying to reach new markets. You may discover a new company with excellent potential who hasn’t yet established a relationship with anyone.
One new "unit of sale" results in a higher "profit-per-unit." The laws of economics tell us that adding business tools that increases incremental revenue results in an exponentially greater profit per-unit sale of financial services.
"What is the value of a phone contact to your staff of fincial planners? How much new business is worth should be looked at over the life span of the financial services prospect who in turn becomes a customer."
In the financial services business world, how long a customer stays with you is extremely important. In the financial services business world, half of your customers move out of town and the average financial services customer has a life expectancy that is measurable.
You can count on them for income for a certain period of time. It's a hard fact of life but once you accept it, you'll be in a better position to plan for it.
• Questions to ask yourself? ....
• What are the business referrals worth to you?
• Are you going to buy or sell them only once or many times?
• Their value as a steady customer is worth far more than the cost of generating them.
• The lifespan of average financial services client is a major factor.
The financial services business world is always in a state of flux. It seems that you have: 1 coming, 1 going, and 1 paying customer. If you have more coming then going, you’re growing. If you have more prospects going then coming; it’s inevitable you’re going out of business.
"It is a cold hard fact of life. I wish I could say it with more diplomacy, but you can’t stand still.".
The financial services customer coming on board may only be replacing the financial services customer who is on their way out. When business is going down, the staff of financial planners must prospect enough to generate at least the amount of business necessary to maintain status-quo.
Passive marketing methods and advertising are unpredictable. Marketing and marketing methods are passive to the extent that you never know exactly if they are working and how much financial services business they produce.
Lack of dicipline is not the real reason a financial planner will avoid prospecting. Lack of discipline is a common bit of stereotyping, but it's quite wrong. Discipline or lack thereof is not the real reason that financial planner will avoid prospecting.
• How many Financial Planners can truly say that'd just as soon avoid prospecting .... if given a choice?
• Everyone agrees that it should get done, ... but that it is someone else's responsibility.
• If you avoid prospecting for too long, .... you won't have anything to worry about any way. Enough said ...