Once you have nurtured your qualified leads and converted them to prospects, you have a good chance of converting those prospects into clients.
“The fact that they have been receptive to your overtures over time is a positive indication that they have some interest in your services,” says Raymond Yates, financial advisor and senior partner with Save Right Financial Inc. in Brampton, Ont.
He suggests that you take a personal approach in staying touch with them. “Try to have a better understanding of their needs and expectations so that you can demonstrate how you can be of value,” he says. “The more you can learn about them, the greater your chances of converting them to clients.”
You may find that some prospects are anxious to meet with you, while others require a longer period of courtship, says Prem Malik, financial advisor with Queensbury Securities Inc.in Toronto. “You might have to keep plugging away for months before convincing them to pull the trigger,” he says.
Even if a prospect loses interest, you should maintain in contact unless they ask you to cease communicating with them, Malik says. He has had cases in which a prospect suddenly regains interest in what Malik offers after more than a year.
Here are some considerations for converting prospects to clients:
> Set up a meeting
Invite prospects to meet with you at a mutually convenient time and place. A one-on-on meeting gives you a chance to establish rapport and build credibility with prospects, Yates says.
“You should not do a ‘hard sell’ during your first meeting,” Yates says. Your goal is to learn more about your prospect’s expectations, let him or her know how you work and the values you uphold.”
Malik adds that you should have a free-flowing conversation. Share your experience working with clients in similar situations. Don’t hesitate to ask for another meeting if you believe the chances of converting the prospect are good.
> Highlight your process, not products
Prospects generally are more interested in advice than products, Malik says. In many instances, they may already have an advisor. Therefore, you should reinforce how you work with clients in a clear, understandable manner. Show them how you help your clients achieve their financial goals, emphasizing the importance of your relationship, without highlighting products or performance.
“Prospects want to know that you will always be looking out for their best interests,” Malik says.
> Present yourself as part of a team
Make your prospects aware that you do not work in isolation and that you are part of a team. Explain to them how your team works so that they can gain comfort and confidence that they can always reach someone if the need arises.
> Stay in touch
Keep the lines of communication open with prospects after your initial meeting.
“You might be lucky to convert a prospect after your initial meeting, but in many cases you wouldn’t,” Malik says. “Ask when you can follow up.”
If the prospect wants more time, Malik says, continue to communicate with him or her by mail, email or telephone. With the knowledge you have about them, you can offer ideas relevant to their needs and let them know you are available whenever they are ready to talk.
This is the second part in a two-part series on prospecting.
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