Five Proven Tips to Close Larger Sales

When financial advisors look at their peers, it’s common for them to wonder why there can be such a large success gap between advisors who appear to have comparable skill levels. If you’ve wondered about this issue as well, the answer generally comes down to how good a financial advisor is at selling themselves. Because advisors all offer services that clients need, the big differentiator comes down to how individual advisors present themselves to potential clients.

If you’re at a point in your own business where you’re ready to move to the next level, here are five things you can do to increase the size of client sales that you’re able to close:

Explicitly Target Higher Level Clients

Many advisors get stuck in a rut of focusing on less than ideal clients because they know they can easily close them. While moving up the value chain may involve some rejection, your business will never get to where you want without taking this leap.

Focus on Selling Solutions

Although financial advisors offer services, the most successful ones are those who position what they do as solutions. While many people may not care about the technical details of managing a stock portfolio, they do care about knowing that their kids will be able to afford college or that they’ll be able to live comfortably during retirement.

Emphasize Objectives and Challenges

This is related to the previous point. By framing your offerings in a way that emphasizes what someone is trying to achieve and the challenges that need to be overcome in order to accomplish that objective, you can put your pitch into a language that’s really going to resonate.

Know How to Determine Budgets

You don’t want to simply charge more for what you do just because a specific client can afford it. However, what you do want to do for clients with a higher net worth is tailor solutions that will provide them with even more value. In return for this increased value, they’ll be happy to pay a higher price for your offering. But before you go down that road, you need to spend some time looking at your qualification process and ensuring you can correctly identify your most promising client leads.

Offer Three Options

When you give a client a proposal, it shouldn’t be limited to just one option. Instead, it should have three options. In most cases, the second option will be the one the prospect is most likely to take. The power of having three options together is it anchors the price and really drives home the value of what that client is going to receive from you.

Although it does take time and effort to implement the strategies we covered, doing so is one of the best investments you can make in the success of your business.