Six Common Mistakes Financial Advisors Make That Can Lose The Sale

So you have the prospect or existing client in front of you. It has cost a lot of time and money to get this far, so don't blow it! These are a few of the most common mistakes sales people make at the sales interview.

First, you talk too much! How can you sell something if you don't know what the client's needs are? This can only come from listening - not talking. As the saying goes, you have two ears and one mouth so listen twice as much as talking. As an idea, try taping the next conversation and analyzing the resulting interview. You may be amazed at the result.

Second, avoiding the beginning of the sale. Many start a conversation by picking up on a point made the last time, such as a personal or family event. This is important in the relationship building aspects of the sales approach. But this then carries on and the salesperson can't think of an effective way to start the sales presentation - so either doesn't or goes through it really quickly as all the time has been used up!

If you have an hour, give yourself 10 minutes for pleasantries and have a pre-rehearsed linking technique to start the sales pitch.

Third, working without a script. 'I'll wing it' is a common salesperson expression that often leads the interview nowhere and doesn't end up achieving a sale. If you are guilty of this, try using your laptop or tablet with a PowerPoint presentation on it. This will still allow for lots of ad-libbing, but ensure that all main points are covered.

The action of committing the presentation to PowerPoint (even if you don't use it) is an excellent way of gaining an understanding of the selling pitch structure and highlighting the key points to discuss.

Fourth is not having a 'Maybe Strategy'. If you can leave the interview with an open door for the next time, such as a "Can I think about it?" you must have a predetermined strategy already in place to secure the sale. Many prospects genuinely want time to think it over as it could be many thousands a year in premiums. This strategy is the subject of a separate article, but it involves immediate contact and then being put on a high frequency contact plan.

Fifth is become a free consultant. Many first interviews end with "don't make your mind up until you see what I can come up with". The next step is to present a proposal with a full financial or insurance plan. If no form of commitment has been gained at the first interview, you are simply a free consultant, as there is no guarantee of the second interview resulting in a commitment to you. But you have now told them everything about what they need - for FREE!

The sixth is not knowing your competitive edge. If I asked you, "why should I deal with you?" (as opposed to one of your competitors), how would you answer that? You need a good answer to this question.

Are you making any of these mistakes?

Paul Watkins has helped financial advisors grow their businesses for nearly two decades. The secret to growth is not a single silver bullet but appreciating that the best techniques are simple, small, inexpensive activities that can mostly be put on auto-pilot. Paul has more details on his web site http://www.financialadvisormarketingtips.com

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