Do Consultation Calls Make You Nervous? 5 Tips For Financial Advisors To Plan Consultations That Close
By Hillary Gale
The consultation call may be the most important step you take in closing a new client. Your website has done its job and engaged or reassured a prospect enough to take the leap and schedule a conversation. But they haven’t agreed to work with you yet – and what’s the point of having a great website if your consultation calls don’t end up closing clients?
Of course, you won’t be a good fit for everyone, just as not every potential client will be a good fit for your services and style. But hopefully your website is filtering out those not-so-great fits (and if it’s not, well, there’s a great opportunity to improve your site).
The consultation call is your client’s first impression of you as a real person and potential partner. You don’t get a second chance at first impressions, so you want to get it right.
Here are 5 tips for planning first-rate consultation calls so you can sign on more clients, grow your business, and make more money.
1. Get (Just A Little) Personal
You might feel like the consultation call should be all business. They’re typically short, sweet, and to the point. But the services you offer will require your clients to share really personal information, so it makes sense that you should start the relationship by getting personal.
A simple question that can lead to shared common ground is to ask where they’re from. If they’re local, you can bond by mentioning your favorite restaurant or local hang-out. Maybe it’s one of their favorites as well! If they’re not local, you may have visited their area and can tell a story about your experience, or ask them to share with you what they like about living there.
Either way, it’s a good idea to turn on your people skills and remind them you’re a kind, friendly person who they would feel comfortable doing business with.
2. Outline Your Plan For The Call
For new or nervous advisors, you can calm those nerves by creating a list of questions to ask potential clients during the consultation. After breaking the ice, you might start the conversation by asking “What made you want to set up an appointment with me today?” The answer to this question will start to reveal their problems, their goals, or both.
Once you have the answer to this question, explain your plan for the call. Your explanation will calm both your nerves and theirs. People feel more confident when they know what to expect. Your framing of the call might look something like this:
First, I’ll get to know a little more about your general financial situation and what you hope to gain from working with a financial advisor.
I’d also like to learn about what you’ve been doing so far; what’s worked well for you and what isn’t working so well.
Then, I’ll explain my process and how I can help you solve your problems.
At the end, you can ask me any questions you’d like about my process or services.
Some questions you may want to ask if they’re having a hard time telling you about their situation could include:
What are your biggest financial concerns?
What are your biggest financial goals?
How do you currently plan for and make important financial decisions?
What would you like to accomplish through financial planning?
Have you worked with a financial advisor before? What was that like?
These questions are great starting points, but remember to let the conversation flow naturally. Ask follow-up questions as they respond and skip any questions on your list they’ve already answered.
3. Listen More Than You Talk
Consultation calls inspire such nervousness because they seem like interviews, especially when you’re first starting out. If you’re a new independent advisor or have experienced poor consultation calls in the past, you may need a mindset makeover.
A consultation call should not feel like an interview in which you must prove your capability and qualifications to work with a client. Instead, you’re a business owner who gets just as much say in whether or not you want to work with with that client as well.
Take control of the conversation by asking the questions and really listening to the answers. The consultation call should be more about the client than about you. Don’t get hung up on over-explaining how your process works or how you’re qualified to help them, because they may not want to hear as much about you or your business as you think they do.
Instead, when it is your turn, talk about how your process will help solve their problems. Talk about how your experience has helped clients in the past. You don’t need to go on at length. If you explain how you can help them concisely and confidently, they’ll be more likely to trust that you know what you’re doing.
4. Prepare To Answer Tough Questions
But potential clients want to know they can trust you. Choosing a financial advisor is a big decision. If you can anticipate clients’ objections, hesitations, or tough questions beforehand, you won’t be caught off guard when they arise. And if you can draft hypothetical responses to these objections, you won’t be floundering to come up with a good answer on the fly.
When a client asks tough questions, responding with confidence is key. Some common tough questions clients might ask are:
How do you get paid?
What is your investment philosophy?
What are your qualifications?
How often will I have access to you?
What asset allocation will you use?
What investment benchmarks do you use?
You already know the answers to these questions. But being asked on the spot can be nerve-wracking. Having these answers written down and in front of you during the consultation call will provide a “cheat sheet” if your mind goes blank or you feel yourself starting to ramble.
5. Explain Next Steps
At the end of the call, resist the temptation to ask if they’d like to commit to working with you, even if the call goes well and it feels right in the moment. An ask like this can feel “sales-y” and pressure your prospect to answer affirmatively when they may need more time to make a decision.
Instead, let them know that they should take time to think about their decision. Some advisors I’ve worked with use the term “sleep on it” to reassure their clients there’s no rush. Explain that in the meantime, you’ll send a follow-up email recapping what you’ve discussed with recommendations for next steps if they decide to move forward.
You should also describe what the process will look like if they decide to work with you. Providing a plan with next steps reassures clients that you’ll be easy to work with and will simplify their financial life, not complicate it. This explanation also increases your professionalism and shows that you know exactly what you’re doing.
Above All, Communicate With Confidence
If you’re just starting out at your own firm, or you’re an introverted advisor stretching your communication comfort zone, remember that consultation calls get easier with practice. And your website should be doing the heavy lifting of filtering out who’s a good fit for you and who isn’t.
If your website isn’t clearly communicating the following things to your potential clients, you may be due for a website refresh:
Who You Serve
Your Services
Your Fees
How You Can Help
If you need a website refresh but don’t feel confident in your ability to clearly communicate each of the above items with engaging, client-focused copy, it may be time to partner with a personal finance copywriter.
At Gale Creative Agency, we specialize in creating client-focused, search engine optimized website copy that speaks to your ideal clients and communicates the value you bring to their lives. If you’re interested in learning more about how we can help you streamline your inbound marketing strategy and get scheduled calls with the clients you want to serve, give me a call at (480)-353-1608, email me at hillary@galecreativeagency.com, or visit our website for more information.