Cold Call Follow ups and Closing
How to prevent chasing:Why do you need their statement? Closing & "I want to think about it": Why are you doing an analysis and a proposal for a non-client?
Hank is priceless…I agree with anonymous also.. Clients don't know what the investments are and shouldn't be thinking about it.. They are never going to meet or talk to the fund managers, CEOs, money manger, you name it.. If they are in your office they have already thought about it which is why they are there. "I want to think about it" Most people don't need to think about it. They generally don't care/know enough about investing and investments to make that logical step. They want to think about you.. Try this, "Mr/Mrs Client... I understand this is a big decision, but you really don't want to think about it. You aren't going to go home and analyze the investments because if you wanted to do that, you would be here.. You need to ask yourself 3 difficult questions: Do you trust me? Do you like me? and most importantly Do you think what I am doing is in your best interest.. I am going to go check(voicemail, email, etc) and leave you alone for 5 minutes and then come back, if I get a unanimous Yes, then we can start the process, if not at least you know what is available." Truth is nobody wants to think about retiring(They definitely want to do that when they are able) They don't want to worry about their investments(Or they wouldn't be in your office) They have issues with their current advisor(service,trust, whatever)
tsaem-i would look at what anonymous and squash have said. i think you are basically selling the way EVERY other FA out there is selling, and the prospect has seen it before. you have to find a way to get to the point, so to speak.you should try to not ever sell an investment, so their statements should not really be necessary. sell the client on your model and process and get them to buy that, YOU, before anything else. if they do not have their statements, fine. i would tell them that is fine, "i really don't need them right now anyway, let's talk about you and your goals and let me tell you about my process here at ABC and we can see if there is a potential match." i know many advisors who do not spend a ton of time chasing down clients over and over. often a waste of time and prevents you from finding someone genuinely looking for help. every advisor has a different take on this piece of the puzzle.
When you get to the point where they are sitting in your office, and the statements are out, and they are still being wishy washy, you need to get into sh*t or get off the pot mode. Tell them it’s time to open up an account and ACAT some assets over. If they still are unsure about your plan you tell them there is no harm in setting up an account right now and even transferring assets and keeping everything in place. This forces them to decide if they are in a position to trust you. You tell them that if they don’t like your plan you will work day and night until you come up with a plan you are both comfortable with. If they still don’t want to be direct or make a move, MOVE ON. They don’t have faith in you or your ideas and they probably never will. 4 types of clients
1) Trust still - no matter what you do they trust you in everything
2) Trust till - They will only trust you until you screw up
3) Suspect till - They suspect you will screw up until you show them returns
4) Suspect still - No matter what you do they will always suspect you and fight you on everything (ditch these people immediately, whether prospect or client)
Listen more, talk less. Ask questions. Lead the conversation. Get their agreement on every little step. Make it THEIR idea. Give them choices. Today or tomorrow? 10:15 am or 6:30 pm? Blue or green? Paper or plastic? Spend more time asking questions and listening, and you’ll spend less time hearing, “I need to think about it…”You need to know when it's time to "sh*t or get off the pot" like Squash said. If you listen more, ask good questions, and get agreement along the way, chances are you'll gain trust. If you haven't, then cut bait.
Generally speaking, people often need to be told what to do. People are comfortable in the status quo but look where the status quo has landed them.
Dude - seriously, the thing you need to improve on is quit wasting your time. Of course, I’m posting drunk on the RR forums when I could be following up on my cold calling or chasing prospects down to get statements or possibly worry about objections.
Here is my advice for people who say they want to think about, “That’s okay. I don’t need to think about it. I appreciate your time, but I need to get to some clients’ business”.
Moraen, here’s a good response when a prospect wants to think about it.
You: "Tell me Mr. Prospect, have you thought about RUCND’s?"
Prospect: "What are RUCND’s?"
You: “Are you seeing deezzzz nuts (click)”