We've been lucky enough over the last few weeks to sit down with - financial advisers, leaders of advice groups, industry fund executives and insurance and financial services investment and insurance providers.
The themes that emerge have been consistent.
1) A lack of the number and quality of referrals coming into a financial planning and insurance business from both within the existing client base and from centres of influence.
2) An unhealthy focus on FOFA reforms in regard to the negative perceptions of an onerous imposition in process and in economic terms on financial advisers, dealer groups and planning practices.
3) An admission that industry funds spend very very little - in fact no time - on worring about what retail funds and retail advisers, IFA's are doing.
4) That capturing hearts and minds of clients and engaging with them with that as the focus is the key to success.
IFA's for the most part are (and this is a broad generalisation but one based on 24 years of observation) are asking the wrong questions and focussing on the wrong skills.
We hear comments like:
- we ask for referrals but we don't get any
- i've asked my clients to call me once a year for a review to check in but no-one ever calls
- clients are not interested in what we deliver - they do not see it as part of their lives
- the problem is the clients not us
Does anyone need a mirror here to stand in front of??????
If you want to capture hearts and minds and have a committed growing appreciative client base that provides countless referrals then you need to educate clients, provide them options and connect your solutions to their lives.
And yes PCE have created a range of engagement tools and processes to enable you to do this.
But at the risk of just making things simple for you, here's all you need to do.
The Question
Mr and Mrs Client......what does living well and looking after your family mean to you?
....tell me more.....
....go on....
....how would that make you feel.....
....how would that change things....
...if that happened then what.....
Do you get the picture?
And then......that's what we do here Mr and Mrs Client, our entire business is built on the promise that we create solutions to maximise the possibility that our clients can live well and look after their families.
We have seen this simple question and simple pitch transform businesses into ones that have engaged, attracted and retained clients that are appreciative and willing to pay for services that they see and understand are connected to the way they want to live their lives.
Showing posts with label Sales Questions. Show all posts
Showing posts with label Sales Questions. Show all posts
Friday, 16 March 2012
Wednesday, 25 January 2012
Closing Sales Questions That Matter - Managing Client Sales Psychology
It's time now to take your closing skills to the next level.
You can only use the techniques we'll talk about today in engaging your clients in the sales process to provide fantastic client outcomes if you have successfully and expertly identified:
- the areas of the clients financial and insurance solution that are lacking, and these have been clearly identified to the client and importantly to the referral source that ideally these clients have come from due to the success of the use of the wealth management index questions (as dicussed in our early posts)
AND
- you have engaged the client on a psycho-emotional level and discovered invaluable information about how they feel about specific areas of their lives, how they rate those aspects now and what they would like to see in the future around those specific areas
AND
- you have explored what success looks, feels, sounds like to the client and what are the regrets the client would have should time escape them and they do not fulfil their dreams
By doing this you would have positively engaged your clients in a manner and depth that few sales professionals in financial services do.
You would have clearly differentiated yourself from competitors and you would have developed an incredible level of rapport as a consequence of taking the time to understand your clients values and showing respect towards those values.
THIS DOES NOT MEAN THAT YOUR PROSPECT / CLIENT WILL BUY FROM YOU.
You now need to make a great attempt at pre-closing.
After you have followed all the above you have earned the right to ask questions about the clients final decision making process.
The range of questions you need to ask will cover:
- the types of financial and insurance decisions they have made in the past
- how and from whom that advice was delivered
- the experience the recollect in the delivery of that advice - their perception
- what stage they are at in the buying process
- what stops them making decisions
- who do they involve in the buying process decision - which voices do they listen to including the ones in their head
- what they expect from you
All of this combined with what you have learnt, from using the techniques we've discussed previously, about how they process information, will enable you to make the pitch of your life and win the deal.
And if you don't view every client presentation of the solution that you have invested so much time, education, professionalism and emotion is as the pitch of your life......the client/prospective client will know that.
After all what you do on a daily basis is make the lives of your clients better ....that's worth getting passionate about.
Follow Positive Client Engagement over the next few months and we'll show you how to deliver the best pitches possible.
Till next time
You can only use the techniques we'll talk about today in engaging your clients in the sales process to provide fantastic client outcomes if you have successfully and expertly identified:
- the areas of the clients financial and insurance solution that are lacking, and these have been clearly identified to the client and importantly to the referral source that ideally these clients have come from due to the success of the use of the wealth management index questions (as dicussed in our early posts)
AND
- you have engaged the client on a psycho-emotional level and discovered invaluable information about how they feel about specific areas of their lives, how they rate those aspects now and what they would like to see in the future around those specific areas
AND
- you have explored what success looks, feels, sounds like to the client and what are the regrets the client would have should time escape them and they do not fulfil their dreams
By doing this you would have positively engaged your clients in a manner and depth that few sales professionals in financial services do.
You would have clearly differentiated yourself from competitors and you would have developed an incredible level of rapport as a consequence of taking the time to understand your clients values and showing respect towards those values.
THIS DOES NOT MEAN THAT YOUR PROSPECT / CLIENT WILL BUY FROM YOU.
You now need to make a great attempt at pre-closing.
After you have followed all the above you have earned the right to ask questions about the clients final decision making process.
The range of questions you need to ask will cover:
- the types of financial and insurance decisions they have made in the past
- how and from whom that advice was delivered
- the experience the recollect in the delivery of that advice - their perception
- what stage they are at in the buying process
- what stops them making decisions
- who do they involve in the buying process decision - which voices do they listen to including the ones in their head
- what they expect from you
All of this combined with what you have learnt, from using the techniques we've discussed previously, about how they process information, will enable you to make the pitch of your life and win the deal.
And if you don't view every client presentation of the solution that you have invested so much time, education, professionalism and emotion is as the pitch of your life......the client/prospective client will know that.
After all what you do on a daily basis is make the lives of your clients better ....that's worth getting passionate about.
Follow Positive Client Engagement over the next few months and we'll show you how to deliver the best pitches possible.
Till next time
Wednesday, 18 January 2012
Selling with assurance - letting your clients know they've made the right decision
We've spoken previously about generating referrals from yoru ideal clients and giving your newly engaged clients great comfort that they have made the right buying decision.
A client engagement letter is an ideal technique to increase your sales conversions and enhance the referrals you get from client advocates.
Here's a quick example that you can use as a base.
Enjoy the sales uplift!
1 January 2012
Mr X and Mrs Y Client
1 Smith Street
Smithsville VIC 3000
Dear X and Y,
Congratulations, you’ve made the right choice
Thank you X and Y for entrusting ABC Financial Services, with the development of your financial planning / insurance solution that serves to enhance/protect your lifestyle and the people and dreams that are important to you.
We are responsible for the service you receive
I as the principal adviser of ABC Financial Services am solely responsible for the service you receive during this process from my team. This means that any matter you need clarified or wish to ask questions about can be directed to me personally.
We are here for you
Accordingly please find enclosed our corporate brochure/my business cards/ our contact sheet for our office/ a handy fridge magnet so you have at your disposal the appropriate contact details for the office.
We value your feedback
As our business is a referral only business/ is built on referrals our existing clients are our biggest advocates. The constant source of referrals from our clients means we can spend less time on activities to find new clients and more time developing and servicing the solutions for the clients that find and stay with us.
Any feedback during and after the development of your solution will be greatly appreciated so that we can strive to have you as another client advocate and have a positive influence on not only your situation but for the people you value in your social and family circle.
Next Steps
Attached is our service schedule tailored to your situation that documents the process involved, time line for delivery and our service package/fees/charges/costs solution that you have chosen.
Please take the time to ensure that this reflects your understanding of our discussions and complete the section that requires your signature, and return in the envelope/by email and our work with you will commence.
Yours Sincerely
ABC Financial Planning
A client engagement letter is an ideal technique to increase your sales conversions and enhance the referrals you get from client advocates.
Here's a quick example that you can use as a base.
Enjoy the sales uplift!
1 January 2012
Mr X and Mrs Y Client
1 Smith Street
Smithsville VIC 3000
Dear X and Y,
Congratulations, you’ve made the right choice
Thank you X and Y for entrusting ABC Financial Services, with the development of your financial planning / insurance solution that serves to enhance/protect your lifestyle and the people and dreams that are important to you.
We are responsible for the service you receive
I as the principal adviser of ABC Financial Services am solely responsible for the service you receive during this process from my team. This means that any matter you need clarified or wish to ask questions about can be directed to me personally.
We are here for you
Accordingly please find enclosed our corporate brochure/my business cards/ our contact sheet for our office/ a handy fridge magnet so you have at your disposal the appropriate contact details for the office.
We value your feedback
As our business is a referral only business/ is built on referrals our existing clients are our biggest advocates. The constant source of referrals from our clients means we can spend less time on activities to find new clients and more time developing and servicing the solutions for the clients that find and stay with us.
Any feedback during and after the development of your solution will be greatly appreciated so that we can strive to have you as another client advocate and have a positive influence on not only your situation but for the people you value in your social and family circle.
Next Steps
Attached is our service schedule tailored to your situation that documents the process involved, time line for delivery and our service package/fees/charges/costs solution that you have chosen.
Please take the time to ensure that this reflects your understanding of our discussions and complete the section that requires your signature, and return in the envelope/by email and our work with you will commence.
Yours Sincerely
ABC Financial Planning
Tuesday, 17 January 2012
Reasons to Buy Life Insurance, Selling the Benefits to Your Clients
In our recent edition about the four drive theory, we talked about the drive to defend, that is enacted in response to threat. Particularly the threat to acquisitions (the drive to acquire) and to a clients self and family.
In financial planning a common train of thought is that insurance is sold, not bought.
We disagree.
We believe that insurance is bought. That financial planning and insurance agent clients make conscious emotional and strategic decisions to buy insurance, BUT ONLY IF they have been made aware of the consequences of adhering to the status quo.
Rather than a hard sell, we believe that clients will purchase the right insurance cover at the right levels and satisfy the drive to defend if you as a professional adviser in your sales process:
- give them the statistics......do your research and find issues that you are passionate about...namely underinsurance...and how changing family demographics and social issues exacerbate the underinsurance risk
- make them aware of the risks they know they face but don't speak of
- show them how they can defend themselves
- be passionate about it
- share your claims stories
- get emotional and connect in a profound way with your clients
This means you need to do your research. Good resources are:
- lifewise.org at www.lifewise.org.au
- the family characteristics and transitions report or any such demographic report that looks at issues facing families and highlights the value of intergenerational advice
But the most important tools in your arsenal are:
- you
- your clients that have claimed
- the client sitting in front of you
By using appropriate questions about what is important to them in their social and family circle and by dispelling myths they may hold about their vulnerability and capacity to cope, they will with your professional guidance self select the appropriate levels of insurance cover.
Your role in this is a guide, a resource and an advocate.
In financial planning a common train of thought is that insurance is sold, not bought.
We disagree.
We believe that insurance is bought. That financial planning and insurance agent clients make conscious emotional and strategic decisions to buy insurance, BUT ONLY IF they have been made aware of the consequences of adhering to the status quo.
Rather than a hard sell, we believe that clients will purchase the right insurance cover at the right levels and satisfy the drive to defend if you as a professional adviser in your sales process:
- give them the statistics......do your research and find issues that you are passionate about...namely underinsurance...and how changing family demographics and social issues exacerbate the underinsurance risk
- make them aware of the risks they know they face but don't speak of
- show them how they can defend themselves
- be passionate about it
- share your claims stories
- get emotional and connect in a profound way with your clients
This means you need to do your research. Good resources are:
- lifewise.org at www.lifewise.org.au
- the family characteristics and transitions report or any such demographic report that looks at issues facing families and highlights the value of intergenerational advice
But the most important tools in your arsenal are:
- you
- your clients that have claimed
- the client sitting in front of you
By using appropriate questions about what is important to them in their social and family circle and by dispelling myths they may hold about their vulnerability and capacity to cope, they will with your professional guidance self select the appropriate levels of insurance cover.
Your role in this is a guide, a resource and an advocate.
Saturday, 14 January 2012
Sales Questions for Top Sales Results
Clients of financial planning advisers rarely use only logic and rational thinking to make decisions.
That assumption pre-supposes that clients when buying financial planning services have clear well-articulated goals when in reality clients often have as a consequence of how they percieve and process information, limited and imperfect data to allow them to make a choice that the financial planner sees as the most rational option for the client situation.
Financial planning clients often, because of the mis-match in the clients learning and information processing style and the financial planners style of communication, find the financial planning process confusing.
Because emotions play a major part in the sales process then it makes sense that to increase your sales results you need to ask better sales questions. By asking the best sales questions about a clients decision making process, you can dramtically enhance your sales results and in so doing positively engage your client and assist them in making choices that are in line with their financial and emotional needs.
Client emotions are critical aspects to manage in the sales process. Clients emotional processing determines initial preferences for solutions, moods and emotions influence the process of evaluating financial planning solutions and emotions provide guidance when making buying decisions.
Gut feel is a big factor.
Sales success is far greater when your financial planning client feels that you, as a financial planner, know them, the client, better than your competitors.
Client Lifestyle Questionnaires provide the knowledge for the financial planner to be able to break down the communication barrier and pitch the financial planning solution in a way that makes sense to the goals and dreams of the client.
To help your clients make more effective decisions and in so doing increase your financial planning sales success you need also to short circuit the limitations clients have when making decisions.
You need clients to imagine future scenario's and different emotions both positive and negative.
Another critical part of the sales questioning process are "what if" scenario planning.
Ask clients what if:
- they had all the money they could ever imagine?
- they had 10 years to live?
- they had one day to live?
Then explore all the emotions and plans that have either been accomplished or missed out on.
This provides the client with what they should do in a financial planning solution to ensure that the above scenarios are planned for.
This step is important particularly in the sales process involving insurance.
Clients unconsciously block negative scenarios, anything that challenges the status quo and in particular anything that challenges safety or the concept that they have not looked after their family.
It doesn't mean our clients don't love their family. They do, but these planning scenarios are not something they are rationally able to process - without your help.
Develop your client lifestyle questions and your what if scenario questions.
It's a proven way to dramatically increase your sales results and using your financial planning and insurance solution skills and love of your clients, you will change your clients lives for the better.
That assumption pre-supposes that clients when buying financial planning services have clear well-articulated goals when in reality clients often have as a consequence of how they percieve and process information, limited and imperfect data to allow them to make a choice that the financial planner sees as the most rational option for the client situation.
Financial planning clients often, because of the mis-match in the clients learning and information processing style and the financial planners style of communication, find the financial planning process confusing.
Because emotions play a major part in the sales process then it makes sense that to increase your sales results you need to ask better sales questions. By asking the best sales questions about a clients decision making process, you can dramtically enhance your sales results and in so doing positively engage your client and assist them in making choices that are in line with their financial and emotional needs.
Client emotions are critical aspects to manage in the sales process. Clients emotional processing determines initial preferences for solutions, moods and emotions influence the process of evaluating financial planning solutions and emotions provide guidance when making buying decisions.
Gut feel is a big factor.
Sales success is far greater when your financial planning client feels that you, as a financial planner, know them, the client, better than your competitors.
Client Lifestyle Questionnaires provide the knowledge for the financial planner to be able to break down the communication barrier and pitch the financial planning solution in a way that makes sense to the goals and dreams of the client.
To help your clients make more effective decisions and in so doing increase your financial planning sales success you need also to short circuit the limitations clients have when making decisions.
You need clients to imagine future scenario's and different emotions both positive and negative.
Another critical part of the sales questioning process are "what if" scenario planning.
Ask clients what if:
- they had all the money they could ever imagine?
- they had 10 years to live?
- they had one day to live?
Then explore all the emotions and plans that have either been accomplished or missed out on.
This provides the client with what they should do in a financial planning solution to ensure that the above scenarios are planned for.
This step is important particularly in the sales process involving insurance.
Clients unconsciously block negative scenarios, anything that challenges the status quo and in particular anything that challenges safety or the concept that they have not looked after their family.
It doesn't mean our clients don't love their family. They do, but these planning scenarios are not something they are rationally able to process - without your help.
Develop your client lifestyle questions and your what if scenario questions.
It's a proven way to dramatically increase your sales results and using your financial planning and insurance solution skills and love of your clients, you will change your clients lives for the better.
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