Closing deals for a financial advisor can often be tricky and daunting. With clients and prospects not being able to physically see financial plans and without an advisor by their side to take them through it, there is no surprise that some may find the idea of securing sales stressful, especially when they must go out of their comfort zones to close the deal.  

However, this doesn’t always have to be the case. Take these sales tips from MDRT members Kelly Ho and Dianella Chiu, on how they think financial advisors can strategize and effectively close the best deals:  

Show them you are knowledgeable  

With all the different types of financial solutions in the market, it’s important that you demonstrate you know what you’re talking about. While this may seem like a relatively straightforward tip, it’s important to stay abreast of all the financial plans for clients to be assured and confident that you know what’s best for them.  

According to Chiu, “Clients like knowing that their financial advisors are competent people, and they need to know they can trust you when it comes to picking a financial plan for them. To do this, a step financial advisors can take is to know all the pros and cons different financial plans have to offer.” She shared how it’s crucial for financial advisors to be able to clearly explain how the plans can be benefit them. She also added that for financial advisors to demonstrate their knowledge, they need to ensure they are constantly learning about the industry, to broaden their horizons.  “We need to solidify our foundation. We need to practice and dig deeper if necessary. In other words, we need to master what we already know,” Ho said. 

Find common ground to relate to clients  

When trying to show clients why they should make you their trusted advisor, take into consideration to build rapport with them. Doing this assures them that genuine and long lasting relationships mean more to you, than hard selling financial plans. 

For example, if you’re a younger financial advisor with an older client or prospect, you need to see how you can find common ground to relate to them better. To do this, you can find out what kind of hobbies or passions the both of you share. “Personally, a method I found helpful in trying to relate to my clients and prospects was through joining their activities like birthdays and weddings. I actually sometimes still visit them in their office whenever I’m free, just to say hello. By doing this, I get to know them better and know what I have in common with them,” Chiu added. 

Pay more attention to social media strategy 

As technology continues to advance, financial planners need to keep in mind that social media will be an effective method to one’s marketing efforts as well as engage with clients and prospects. Social media will also be able to help financial advisors broaden their reach and get the best people to invest in them. “You need to know how to use technology. It may be challenging at first but once you get used to it, you will be able to benefit greatly,” Ho stated.  

“As financial advisors, we need to always be open and adaptable to new ideas and methods. The pandemic has shown how important social media is as an inevitable business tool, to engage with clients and prospects. Seeing this, we need to learn, adapt and change,” Ho said.  

A tip to start with is build your professional profile by posting relevant social media content on trending topics related to money management and protection. Soon enough, your followers will value the insights you share, making you stand out and being able to communicate with your audience actively.  

Listen to what your clients want   

It is no surprise that you may want to show them that you have all the knowledge needed for them to put their trust in you. However, in some cases, listening to clients and giving them full attention is more important than speaking. Chiu adds that for financial advisors to close deals, they need to anticipate what clients want and to do this, financial advisors need to listen to their needs and future plans. “Instead of immediately pushing financial plans, financial advisors need to understand the needs of those they’re dealing with. With this, they’ll be able to assist them with the right plans. When clients and prospects find what hits their button, they will most likely buy the financial plan,” she echoed.  

A tip in learning how to listen to clients to develop workable financial plans for them is by getting them to share their life experiences with you. Through this, you will be able to know their life values, making creating plans for them an easier task for you. “You have to know their opinions and beliefs in life. By listening to their stories and experience, you’ll get to know their wants and in turn, you’ll be able to create a plan that creates a sense of urgency for them,” Chiu mentioned.  

Be persistent of your long term  goals   

As a final point, the key to being a successful financial advisor is knowing that success doesn’t happen overnight. When trying to sell, keep in mind to not get too bogged down by just trying to sell policy after policy. It’s crucial to think of your long-term goals and to keep pushing forward to achieve the goal.  

Ho mentions that when a client says no to what a financial advisor has to offer, the financial advisor shouldn’t pressure the client to close the deal. Instead, the financial advisor should take a step back to plan better. She adds that financial advisors seldom go wrong when they look at things from a long term perspective. “It’s important to not be pressured about the current situation. Instead, think of how it will look like in the long run,” she added.  

When working towards long term success, keep in mind that although success may take a long time, it will be worth the hard work in the long run.  

Contact: MDRTeditorial@teamlewis.com