Converting Contacts to Become Clients: What Most Financial Advisors Are Missing

Dear Adri,

I have made a ton of contacts and know a lot of people in my community, but I can’t seem to convert these contacts into clients. If I could convert just 25% of everyone I know my business would be booming. What am I doing wrong?

Signed,

Well Connected

Dear Well Connected,

Chances are, you are really good at learning about others which is essential to initiating a relationship but do they really know what you do? Do they know your value? Why people work with you? Do they even realize you manage millions of dollars? I bet even your friends and family don’t really know.

Many female Advisors are hesitant to talk about themselves for fear of appearing salesy, arrogant, or self promoting. As a result, they never really make an impression other than being really “nice” and nice doesn’t pay the bills ladies.

There are three essential components that will help you start converting your contacts into clients, both are essential to your success:

1. A Message that Intrigues People: You must have a very clear message that intrigues people to want to know more. We’re not talking about a dissertation, but a well thought out, authentic way of describing what you do, who you do it for, and what you do for them. It should be short, concise, and unique to you. It must be articulated in stages prompted by additional questions from the listener. If they don’t ask for more, either they weren’t interested to begin with or your message isn’t compelling. When they continue to ask questions about you and what you do, it’s time to move to step two.

2. Reverse Direction and Get Personal: After sharing enough information about you, it’s time to reverse direction and get more personal. Being that they have shown interest by asking you questions, it’s now your responsibility to draw them out further. By asking a series of open ended questions, you are moving them closer to taking action. The bolder your questions, the more they will perceive you as being very comfortable talking about money (as you should be as a Financial Advisor). This is a very important part of the process to gaining their confidence and commitment.

You can start by saying: “Well tell me a little bit about your situation….”

How engaged are you with your finances?

What is your biggest concern with your money?

What are you doing to address your concerns?

What have you been able to save? (This is essential to qualifying them)

What is the purpose for your money/ What do you hope to accomplish with your money?

3. Provide the Next Step: You now know whether or not you should invest more time in building a relationship with them, so it’s time to provide them with the next step. Don’t offer a portfolio review or a free consultation; keep it personal and package it. Offer a next step that feels comfortable, but also inspires them to take that step.

“I would love to learn more about you and tell you a little more about my practice. Why don’t we get together for a cup of coffee later this week and I can tell you whether or not I can add value to your current situation. Are Friday’s good for you?”

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After completing this 10-question survey, we will review your answers and provide you with recommended tools and strategies to meet your needs.

Do you have a story that tells women why you care about them?

Does your message about what you do appeal to women?

Is your message compelling enough to inspire further interest from both genders?

Have you carved out a place for women on your website?

Do you send regular emails that are of interest to women?

Do you post women friendly content on social media?

Do you host events and seminars for women only?

Is your office decorated in a way that women love?

Do you communicate in a way that women understand?

Are you getting enough referrals from women in your database?

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I want to strengthen my relationship with my female clients in order to prevent future attrition.

I want to actively attract more women in a way that inspires more referrals to my practice.

I currently focus on women and want a source of ideas, strategies and a supportive network to enhance my efforts.

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