Hi, Dan Sheehan from Social Merlin back again for another Marketing Minute. Today’s Topic: “Where are your Biggest Sales Opportunities as a Financial Advisor?”
I know it’s an interesting choice of words – “Sales Opportunities.” Most financial advisors are uncomfortable referring to their occupation as “selling.” Allow me to explain – you may be good at giving financial advice, but if you don’t have new people to advise, you’re in trouble. Bringing new clients on board is an essential part of what you do. Without referrals and prospecting, you cannot generate income. If you are uncomfortable with “selling,” then you won’t be very good at it either. So today, I want to take the sting out of selling for you.
The good news is that selling is a skill that can be learned and mastered over time. A crucial aspect of sales is that you must be authentic and sincere in the process. Traditional sales training was riddled with manipulation or, in some cases, bending the truth. Put those bad experiences behind you and focus on a way forward that does not involve silencing your conscience. You will gain people’s trust by being trustworthy, sincere, knowledgeable, and truthful. These are the critical characteristics of a great financial advisor.
By providing knowledgeable financial advice, sincerity and truthfulness, your service will trigger word-of-mouth referrals. Referrals from existing, satisfied clients are immensely powerful. People are more likely to trust rave reviews from other people whom they know. In turn, you’ll be able to fill up your appointment calendar with high-quality leads.
The only other way to get those high-quality leads is through targeted marketing campaigns tailor-made for your niche. You need to know who exactly you are selling to (age, gender, profession, and location). You also need to know what stage of life they’re in and how they think. The key here is to be very specific.
Here are the top three niches that you can target for more sales as a financial advisor:
- Target people within a specific vocation. Ideally, choose a profession you know a lot about or have experience in yourself. It will enable you to relate to them and understand their industry challenges. Your relatability is a powerful sales magnet. Alternatively, if there are many medical professionals or pilots in your area due to a nearby hospital or airport, you can target that vocation, for example. Consider the most significant companies or employers in your area and become an expert in the benefits they offer.
- Use specific financial products to carve out your niche. It’s only natural that you will have an affinity for certain financial products. You can become an expert in a particular product – whether it’s life insurance, retirement annuities, or mutual funds. Stay up to date with comparative studies on your products, so you’re always ready to answer questions with the latest information. It’s a great way to amplify your authority. Remember that one size does not fit all. There are no product categories that are inherently bad or good for everyone. The right product is always dependent on the needs and desires of the client, and that goes for the method of compensation too whether it be fee, commission or hourly that the client ultimately pays.
- Be on the lookout for important life events to target your niche, such as people getting married, divorced, having babies, or changing jobs. When people retire, sell businesses or property, they may have a new liquidity event. These are crucial opportunities for you to reach out to them with a matching appropriate investment strategy. By reaching out with the right message at the perfect time, you significantly increase the probability of attracting a new prospect and an ideal client.
Invest your focus and energy into a specific niche for the best sales results. Learn as much as you can about your target market, so you can remain relevant and begin to build trust. Once someone has identified you through a referral or advertising as an expert within their niche, your reputation will also increase, and so will your appointments!
What is your biggest marketing problem? If it is getting high-value leads let us help; that is what we do! Before you lose another ideal prospect get this and other issues resolved today by going to my website, socialmerlin.com, or click the link here now. You can also ask a question, make a comment, or just get more information, and I will personally respond to you super-fast. Thanks, stay safe, and see you next week.