Selling Skills for Financial Advisors

By GERARD ASSEY

Selling Skills for Financial Advisors: Master the Unique and Powerful 10 Step Sales Model: 'C.O.N.S.U.L.T.A.N.T..' is a comprehensive and invaluable guide designed to equip financial advisors with the essential skills to succeed in the competitive world of financial services.

Through the 10 Step CONSULTANT Sales Model, this book presents a step-by-step approach to the selling process, from effective prospecting and lead generation to closing deals and ensuring post-sales customer satisfaction. Each chapter focuses on vital aspects of selling, including building meaningful connections with clients, understanding their unique needs, and delivering value-driven solutions.

Packed with real-life examples, case studies, and interactive exercises, this book provides practical strategies to navigate objections, differentiate from competitors, and nurture long-term relationships with clients. Whether you are a seasoned professional or a newcomer to the field, "Selling Skills for Financial Advisors" empowers you to master the art of selling and achieve remarkable success in your financial advising career.

Discover the secrets to becoming a trusted and respected financial advisor, and let the CONSULTANT Sales Model be your roadmap to excellence.

• Language: English
• Publisher: GERARD ASSEY
• Release date: Sep 1, 2023
• ISBN: 9798223657194

Book preview

Gerard Assey

Selling Skills for Financial Advisors

By

Gerard Assey

© Copyright 2023 by Author

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Published by:

Gerard Assey

19/18, Palli Arasan Street

Anna Nagar East

Chennai - 600 102

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All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means- electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior written permission from the author.

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(Image courtesy: kstudio on Freepik

‘https://www.freepik.com’ Thank You)

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A Special Thanks to our Financial Advisor:

Prasath M of Global Investments

for all the valuable insights & inputs.

Table of Contents

Preface

Part: 1-You! The Financial Sales CONSULTANT

✓  The Role of a Financial Advisor

✓  Why Must Customers Use YOU as their Financial Advisor?

✓  Key Attributes and Qualities of Successful Financial Sales Advisors

✓  Why the Right Attitude and Mindset is Most Important!

✓  Building Trust and Confidence in the Mind of Customers

✓  Sell Yourself Before You Sell Anything Else!

Part: 2-The Customer!

✓  The Ideal Profile of a Customer

✓  Common Challenges and Frustrations Customers and Sales Advisors Face

✓  The Psychology of the Buying Process

✓  Steps in Dealing with the Psychology of the Financial Services Buyer

Part: 3-The Unique 10 Step C.O.N.S.U.L.T.A.N.T. Sales Model

✓  The Unique 10 Step Sales Model: C.O.N.S.U.L.T.A.N.T. will set You up as a Specialist!

✓  C-Connecting through Effective Prospecting and Lead Generation

✓  O-Organizing by Preparing and Planning

6 Key Areas of Preparation

✓  N-Navigating your Approach with the Customer

(Phone and Face-to-Face)

✓  S-Seeking to Uncover Goals, Needs, Desires and Pains

Current, Desired, Barriers and C.O.R.K. 

Questioning Models

Keys to Listening

Notes Capturing

✓  U- Ultimately it’s the Value and Differentiation of Your Products and Service

Converting your Features to Advantages and Benefits/ Value

Differentiate yourself from the Competition

✓  L-Leading into Recommending and Presenting your Plan

Recommending Solutions

Creating Compelling Sales Presentations

✓  T-Tackling and Handling Objections, Doubts, Concerns

Understanding the Various Objections

Handling the Price Objection

Handling Key Financial Objections

✓  A-Assessing for Additional Items: Up-selling/Cross-selling

Generating Additional Sales: Up-Selling/  

Cross-Selling

✓  N-Negotiating, Closing and Follow-up

Important Closing Techniques

Importance of Follow-up

✓  T-Tracking to Ensure Customer Service and Retention

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Part: 4-Other Topics to Make you a Specialist!

✓  Post- Mortem: Evaluating and Role-Playing your Call

✓  Handling Turn-downs/ Rejections and Keeping Yourself Motivated!

✓  Promoting Your Products and Services

✓  Staying Ahead! Continuous Learning and Professional Development

✓  Taking this Forward!

About the Author

Preface

Welcome to ‘Selling Skills for Financial Advisors: Master the Unique and Powerful 10 Step Sales Model: CONSULTANT.’

As a financial advisor, your ability to connect with clients, understand their unique needs, and offer tailored solutions plays a pivotal role in your success.

In this book, we present a comprehensive guide to help you master the art of selling financial services. The Powerful and Unique10 Step CONSULTANT Sales Model is a proven and powerful framework designed to equip you with the essential skills and techniques needed to excel in the competitive world of financial advising.

Each step of the CONSULTANT Sales Model is carefully crafted to guide you through the selling process, from effective prospecting and lead generation to successful closing and post-sales customer service. Through real-life examples, case studies, and interactive exercises, you'll gain valuable insights and practical strategies to build strong connections with clients, uncover their goals and pains, and deliver value-driven solutions.

We will begin Part 1 with YOU: The Financial Sales Specialist, by understanding the Role of a Financial Advisor, to Why Must Customers Use YOU as their Financial Advisor? Then we move to the Key Attributes and Qualities of Successful Financial Sales Advisors and Why the Right Attitude and Mindset is Most Important! We continue with Building Trust and Confidence in the Mind of Customers and finally with how to Sell Yourself Before You Sell Anything Else!

Then in Part 2, we will move to The Customer by understanding the Ideal Profile of a Customer, to the Common Challenges and Frustrations Customers and Sales Advisors Face. We then get into the Psychology of the Buying Process and cover the Steps in Dealing with the Psychology of the Financial Services Buyer

Part 3, will commence with the Key Steps to Selling with a Detailed Understanding of The Powerful and Unique 10 Step Sales Model beginning from Preparing for a Call/ Account and its Importance, to Approaching the Customer to Uncovering Customer’s Goals, Needs and Pains, through Effective Questioning and Listening Skills, and How to Offer Value and Position your Differentiators to suit those specific Needs. We will then cover an important aspect which is the Removing of Doubts, Concerns and Objections with a thorough Understanding of the Various Objections first and how to handle the Most Common One on Price. We then move to Closing Effectively, including how to Generate Additional Sales through Up-Selling and Cross-Selling and Preparing Compelling and Powerful Presentations to Wow your customers. The last chapter of this part will conclude with a very important aspect of Financial Selling: The After-Sales-Service, which will feature Powerful Strategies to Retain Customers for Life

The final Part 4 will delve on Other Topics to make you a Specialist, such as the importance of carrying out a Post- Mortem of every call by Evaluating and Role-Playing your Call. As a Sales Professional, you are bound to face a lot of stress, so we will deal with the Handling Turn-downs/ Rejections and Keeping Yourself Motivated at all times, including covering suggestions for Continuous Learning and Professional Development. Finally...we conclude with some Key Steps and an Action Plan on Taking this Forward! Ultimately, all of this will enhance your ability to build trust, win business, and achieve sales success as a Specialist.

Throughout this book, you will find practical examples, case studies, and actionable strategies that will help you apply the concepts and techniques discussed. Whether you are just starting your career as a financial advisor or looking to enhance your sales skills, this book will serve as a valuable resource and guide you towards sales excellence.

It is important to note that the financial services industry is constantly evolving, and regulations may change. Therefore, it is essential to stay updated with industry developments and comply with legal and ethical requirements in your jurisdiction.

We encourage you to approach this book with an open mind, embrace the challenges that come with sales, and commit to continuous learning and improvement. By mastering the art of selling financial services, you will not only achieve personal success but also have a positive impact on the financial well-being of your clients.

We sincerely hope that this book serves as a valuable resource on your journey to becoming a Successful and Specialist Financial Advisor. May it inspire you, provide you with practical insights, and empower you to achieve your sales goals while maintaining the highest ethical standards.

Best wishes on your sales training journey to becoming a Financial Sales Consultant and Specialist!

Part: 1

You!

The Financial Sales CONSULTANT

The Role of a Financial Advisor

Let us begin with YOU- The Financial Sales Advisor- by an understanding of who is a Financial Advisor?  A financial advisor is a professional who provides expert advice and guidance to individuals, families, and businesses regarding their financial goals and investments. They help clients make informed decisions about managing their money, planning for the future, and achieving their financial goals and objectives. Financial advisors may work independently or as part of a financial institution such as a bank, brokerage firm, or investment company.

Why Sales Skills for Financial Advisors?  While financial advisors are primarily responsible for providing financial advice, sales skills are crucial to their success. Selling in the context of financial advising involves effectively uncovering needs of customers, communicating the value of financial services and convincing clients to take action. Strong sales skills enable financial advisors to build trust, establish credibility, and guide clients towards making informed decisions that align with their financial goals. Financial advisors with excellent sales skills can:

✓  Articulate the benefits and features of various financial products and services.

✓  Listen attentively to clients' needs, concerns, and goals.

✓  Build rapport and establish a relationship of trust with clients.

✓  Overcome objections and address client hesitations.

✓  Tailor solutions to meet specific client requirements.

✓  Close sales effectively and ethically.

Ethical Considerations for Financial Advisors: Ethics play a crucial role in the financial advisory profession. Financial advisors have a fiduciary duty to act in the best interests of their clients. They must prioritize their clients' welfare above their own and disclose any conflicts of interest that may arise. Ethical considerations for financial advisors include:

✓  Full Disclosure: Financial advisors should provide complete and transparent information about the products and services they offer, including potential risks, fees, and commissions. Clients should have a clear understanding of what they are investing in and the associated costs. Example: When recommending an investment product to a client, a financial advisor should disclose any financial incentives or commissions they receive from the product provider. This ensures transparency and helps clients make informed decisions.

✓  Suitability: Financial advisors should recommend products and services that are suitable for their clients' individual circumstances and risk tolerance. They must assess the client's financial goals, investment horizon, and risk appetite before making recommendations. Example: If a client has a short-term investment horizon and low risk tolerance, it would be unethical for a financial advisor to recommend high-risk, long-term investments that may not align with the client's goals and risk profile.

✓  Confidentiality: Financial advisors must maintain the confidentiality of client information and ensure that sensitive data is handled securely. They should only share client information with the necessary parties with the client's consent or as required by law. Example: A financial advisor should not discuss a client's financial situation or investments with anyone else unless explicitly authorized by the client or compelled by legal requirements.

✓  Ongoing Monitoring: Financial advisors have a responsibility to regularly review and monitor their clients' investments and financial plans. They should provide updates and recommendations based on changing market conditions or the client's evolving needs. Example: If a financial advisor notices that a client's investment portfolio is not performing as expected, they should proactively reach out to the client, explain the situation, and suggest adjustments to the portfolio to better align with the client's goals.

By adhering to these key principles, financial advisors can build long-term trust with their clients and maintain a reputation for integrity and professionalism.

Why Must Customers Use YOU as their Financial Advisor?

Customers should choose you as their financial advisor because of the numerous benefits and value you can provide to them. Here are some key reasons why customers would benefit from working with a skilled financial advisor like you:

Expertise and Knowledge: As a financial advisor, you possess specialized knowledge and expertise in various areas of finance. You can provide valuable insights and guidance to help customers make informed decisions about their financial goals. For example, you can help them navigate complex investment options, retirement planning, tax strategies, and risk management.

Customized Financial Solutions: By understanding each customer's unique circumstances, goals, and risk tolerance, you can create personalized financial solutions tailored to their specific needs. Whether it's developing an investment portfolio, designing a retirement plan, or optimizing their tax strategy, your expertise enables you to customize recommendations to maximize their financial well-being.

Time and Effort Savings: Managing finances can be complex and time-consuming. By entrusting their financial matters to you, customers can save valuable time and effort. You handle the research, analysis, and implementation of financial strategies, allowing them to focus on their personal and professional lives. This convenience and peace of mind are significant advantages.

Objective and Unbiased Advice: As an independent financial advisor, you can offer objective and unbiased advice. You have a fiduciary duty to act in your clients' best interests, placing their financial well-being above all else. By avoiding conflicts of interest and offering transparent guidance, you build trust and ensure that your recommendations align with your clients' goals.

Long-Term Financial Planning: Financial advisors emphasize long-term financial planning and goal-setting. You help customers develop comprehensive strategies that consider their short-term needs as well as their long-term aspirations. By providing a roadmap for achieving their financial goals, you instill confidence and