5 Types of Closing for Financial Advisors, Wealth Managers and Financial Professionals

Are you getting a lot of leads (or a healthy amount of them), but just not able to take people to the finish line?

Do you find that you are hearing a lot of excuses from people, such as bad timing, limited liquidity, or lack of motivation to start the relationship with your wealth management practice?

Do your prospects tell you they haven’t had time to review your account opening paperwork, need to consult your information with their spouse (who is disinterested in this topic), or are just plain busy with growing their business to want to consider your offering?

If so, you may benefit from some proven closing strategies that work in any type of sales, and can be effective sales strategies for your team.

In this blog, we’ll discuss five closing strategies for financial advisors.

Before we do, it’s important to note the five P’s of closing, which are general rules around closing.

If you don’t know what these 5 P’s are, please reach out to us!

So let’s get started!

Five Closing Strategies for Financial Advisors and Wealth Managers:

Concluding a successful deal is a crucial aspect of the financial advisory process.

As a financial advisor or RIA, mastering various closing techniques can enhance your effectiveness in converting leads into satisfied clients.

Here are five powerful closing tactics tailored for financial advisors based on a diverse array of strategies available:

1. Tailored Options Approach

Presenting prospects with three to five distinct choices can provide them with a sense of control and facilitate decision-making. By offering a variety of solutions tailored to their specific needs, you empower prospects to make informed choices, fostering engagement and commitment during prospect meetings.

For example: I know you’re busy; which of the following three areas is keeping you the most busy? Client service, hiring, budgeting?

2. Confident Affirmation Approach

Confident Affirmation involves seamlessly transitioning from discussing prospect needs to confidently assuming their acceptance of the proposed plan.

For instance, by stating, "Based on our discussion, I'll proceed to create your risk assessment test, and will begin the accounting opening process.

Is there anything else you would like to include?"

This proactive approach nudges prospects towards a positive decision, leveraging a sense of inevitability and commitment.

3. Parallel Progress Approach

Engaging prospects in a multitasking scenario while nudging them towards finalizing the deal characterizes the Parallel Progress Approach.

For example, encouraging prospects to complete a form or task while simultaneously taking proactive steps, such as creating their profile, not only streamlines the process but also increases efficiency.

Another example, "I know you wanted to review the terms; why don’t you do that right here as I fill out some of the notes we discussed today. This approach will save us valuable time."

This collaborative method fosters a sense of progress and momentum.

4. Proactive Plan Approach

Utilizing the Proactive Plan Approach positions advisors as proactive facilitators of a client's financial journey.

By summarizing discussed profiles and outlining the next steps, advisors instill confidence and clarity in prospects.

For instance, "After reviewing all the profiles, let's schedule a follow-up meeting in three hours at 6:00 PM to delve deeper into your concerns regarding A, B, and C."

This structured approach demonstrates attentiveness and commitment to the client's financial well-being.

5. Personal Connection Approach

Emphasizing a personal connection strategy involves establishing an emotional bond with prospects, shifting the decision-making focus from the product/service to the relationship between the client and the advisor.

By leveraging empathy and understanding, financial advisors can create a profound sense of trust and rapport. Encouraging clients to make decisions based on this emotional connection compels them to evaluate the personal value of the advisor-client relationship, thereby strengthening commitment and loyalty.

Not sure how to implement and execute these strategies in your asset management, wealth management and accounting practice? Reach out and we can customize the methods for your personality and your niche market!

Incorporating these diverse and impactful closing strategies into your financial advisory practice can elevate your effectiveness in converting prospects into long-term clients. By adapting these techniques to suit your unique communication style and client needs, you can cultivate lasting relationships built on trust, transparency, and mutual success.

Explore exclusive closing strategies tailored for financial advisors, designed to enhance client engagement and boost conversion rates. Elevate your financial advisory practice with these proven techniques and transform leads into loyal, satisfied clients.