A great idea alone is rarely enough to inspire action. The ability to communicate its value clearly and persuasively often determines whether clients move forward with confidence. In today’s FA Alpha Daily, we share practical strategies to help financial advisors turn recommendations into decisions.
FA Alpha Daily:
Practice Management Insights
Powered by Valens Research
Picture this:
You’ve put in the hard work, thoroughly researched every pain point you want to address, walked your prospect through every detail of your pitch… only to end up getting this unenthusiastic response: “Let me think about it.”
You ask yourself what went wrong and even overthink.
It turns out, the problem wasn’t your pitch nor your unique value proposition…
… it’s that all you did was present your pitch, instead of selling it to your prospect.
You can build the most brilliant financial strategy in the world, but if you don’t actively sell the ideas behind it, your prospects will never take action.
That’s because presenting information and selling an idea are not the same thing. Prospects don’t act because a plan is technically sound; they act because they’re persuaded.
Photo from Unsplash
This is a problem frequently faced by financial advisors. So if you want to avoid that common pitfall, keep these core principles in mind when talking to clients:-
) Passion and logic should go together.
When pitching to prospects, you need to employ both logic and passion behind your facts. This way, you aren’t just presenting a wall of information, you’re convincing prospects why you deserve their attention and why they need to buy into what you’re offering.
Subsequently, anticipate and overcome your would-be clients’ reservations, so you can instill confidence that you have thought long and hard about the case you’re trying to make.
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) Provide your listeners with relevant information.
Some advisors spend hours crafting pitch decks they think their prospects want to read… only for them to stop listening midway.
One of the primary reasons as to why this happens is because some pitch decks are filled with information that’s irrelevant to a prospect.
Information can persuade… only if it’s relevant.
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) Propose solutions relevant to your prospect’s pain point.
Specifics persuade, but only if these are relevant to someone else’s pain point (or pain points).
That’s why when creating your pitch, make sure you’re stating a problem you’re presenting a solution for.
However, simply stating a problem isn’t enough. Through your words, you have to “agitate” the situation and let your prospects know how painful it is to leave a struggle unresolved.
Once you’ve done that, tell them how they can solve their problem by offering your recommendation or product as a solution to their pain points.
Make sure to highlight the benefits of engaging your services. Explain to your prospects what they can expect to get and feel once their problem is solved.
By incorporating these principles into your practice, you’ll be able to successfully persuade your prospects (even clients) to act on your recommendation or call-to-action!
Remember: Sell, don’t just present.
Best regards,
Joel Litman & Rob Spivey
Chief Investment Officer &
Director of Research
at Valens Research
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