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You know the drill. When competing for corporate accounts, they have a structure. They might bring you back for a second round, like making it into the semifinals on The Great British Banking Show. But when selling to individuals, the rules are different. They won't say: "Stop talking. You've convinced me! Where do I sign?" We've all heard of people who "talked themselves out of a sale." When do you stop presenting and start closing?
Sometimes you don't need to! As a financial advisor, I once had an experience when a client referred me to a friend. When we met, she handed me a stack of papers and said: "You are my new financial advisor." It's rarely that easy.
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Signs before arrival
Some "we are close" signals happen before you even meet!
Referrals are interested. Your client did the heavy lifting for you. They delivered an interested prospect.
They are prepared. Before meeting, you told them what to bring. They arrive saying "It took me forever, but I managed to find everything you wanted."
They have a need. We often go to the doctor for periodic checkups. Sometimes we ask for an immediate appointment because we've got a pain or see a disturbing symptom. If your prospect is meeting because they have voiced a specific need, they are motivated to address the need.
Signs while you are presenting
You learned about them. You put together a financial plan that led to a proposal. You are delivering the proposal now. Of course you will review Compliance items and costs during the presentation, but when do you know they are ready to commit?
Trial closes get "Yes" answers. You've asked questions along the way. They've agreed on every one. That sounds like "buy in."
Interaction. They are asking questions. Often it sounds like they think they already own the products. "What if I don't want the income for the first six months? Can I reinvest it?" "Those monthly premiums you mentioned…Can I pay them through an automatic debit to my checking account?" They are eager.
Body language. Rocking back on the chair legs with crossed arms and a sour grimace means "You haven't convinced me." Leaning forward, smiling and asking questions communicates "I'm on board."
They are unlikely to say "What happens next?" You will need to give them Action Steps.
Your close might start with "The next step is funding the account…" It might be bringing out the paperwork, explaining it and showing them where to sign.
You will be asking for the order. Here's where you can use your own style, what works best for you.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
