In prospect conversations as well as conversations with professional referral sources, many financial services professionals focus on all they have to offer to their potential clients. The flip side of knowing your full, expanded value, however — knowing what your ideal client stands to lose by not hiring you — can be just as important. This will be extremely helpful for any prospect conversations, and I’ll walk you through several questions to guide the process (get a refresher on how to have a more effective prospect conversation here).
During this conversation, it should be your goal to learn what they need to live the life they want, whatever it includes. The answers to each of the questions below depend on the individual, and it is up to you to tease out an ideal client’s goals (and the flipside of not achieving them) during a potential sales conversation.
#1: What is the financial impact to your ideal client of not engaging your services?
One reason many people look to a financial advisor for support is for clarity on their entire financial situation and future. They often want guidance with services like a financial plan, a retirement plan, a 529 plan, etc. If they don’t move forward with you, there’s a good likelihood they won’t move forward with clarity around how to achieve these goals.
#2: What is the impact on their health and wellbeing if they do not hire you?
If they do not hire you and do not put their financial plan in place, your ideal client will not achieve a sense of relief or feel clear and confident that they are on their desired path. The impact to their health and wellbeing could be enhanced levels of stress and worry over their financial future.
#3: How might your ideal clients’ relationships be negatively affected by not hiring you?
This question might be answered in a variety of ways. A potential ideal client who does not hire you may need to retire later than they might otherwise, take fewer vacations, not buy a vacation house, or be contributing enough to their 529 plan because they lack a certain level of financial security they would like. Feeling a sense of stress over these factors could lead to relationships feeling more intense, less connected, and clearly less enjoyable!
#4: What is the cost to their overall potential of not hiring you?
The overall potential of not hiring you combines all of the above answers, plus there is a great likelihood that if they do not engage your services, their current reality will not change at all. This is a simple yet profound truth, and introducing it (tactfully, of course!) can be a gamechanger in a prospect conversation.
Are you ready to enhance your results in prospect conversations? I would love to talk with you. Email me today: firstname.lastname@example.org