Communications & Marketing

Five strategies to increase the closing ratio for financial advisers

BY   |  WEDNESDAY, 19 JUN 2024    8:03AM

As a financial adviser, building trust and credibility with potential clients is paramount to increasing your closing ratio and growing your wealth management practice.

Nowadays, it is crucial to make an excellent first impression, whether through a user-friendly website, engaging digital content, or a warm in-person interaction.

To truly excel, you need to master strategies like omnipresence prospecting, solutions-focused fact finding, and delivering compelling presentations that visualise the benefits of your solutions versus the alternatives.

Implementing these proven techniques makes you well-equipped to streamline the discovery process, enhance financial literacy, and convert more prospects into long-term clients.

1. First impressions last

First impressions hold immense power in shaping the trajectory of a sales interaction. In fact, research shows that first impressions account for a staggering 80% of the importance of an entire sales call.

The initial moments of an encounter can make or break the potential for conversion, as within those first few seconds, we subconsciously decide whether we like someone, and that initial impression often persists.

The impact of first impressions is profound, with judgments being formed in as little as 0.1 seconds. This underscores the critical need for financial advisers to meticulously plan and execute those initial moments, ensuring they make an amazing first impression. The reasons why first impressions are so crucial are multifaceted:

Limited time window: You only have moments to make a first impression, and that brief window can significantly influence the outcome of the entire interaction.

Halo effect: A positive first impression can create a halo effect, building goodwill and predisposing the prospect to view subsequent information more favourably.

Attribution error: The fundamental attribution error makes it challenging to overcome a negative first impression, as people tend to attribute initial judgments to inherent traits rather than situational factors.

Practice required: Making a consistently good first impression requires practice and intentionality, as it involves mastering various elements like body language, tone, and rapport-building.

Brand ambassadors: Positive first impressions can create brand ambassadors, as satisfied prospects are more likely to recommend your services to others.