In an industry where sales, marketing, and branding matter, crafting elevator pitches is believed to be important
In an industry where sales, marketing, and branding matter, crafting elevator pitches is believed to be something an up-and-coming advisor should master.
Whilst the idea of saying the magic words that will make your prospects want your business card may sound challenging, the key to engaging people actually lies in asking great questions.
In a blog he wrote for Advisor Practice Management, Bachrach & Associates chairman and CEO Bill Bachrach said people would rather talk about themselves than hear other people doing the sales talk.
He noted that the advisor must be able to turn the situation around and ask their prospects questions that would open opportunities for them to talk about their financial needs.
"People don’t become bored talking with you when they are talking. People don’t perceive you as just another typical FA while they are talking. People don’t conclude that they already have all of their financial affairs taken care of while they are talking," Bachrach said, noting that few advisors have developed this knack.
The questions should not be simple-minded conversation starters like asking about current events, sports, or weather. They also should not necessarily be about economics, markets, or financial goals.
"The goal of asking questions like these is to move people a step closer to possibly becoming your client without feeling like you are selling, convincing or persuading. It’s all about them," he said.
He enumerated some questions which he got from other established financial advisors. Some are listed below:
For more of Wealth Professional's latest industry news, click here.
Related stories:
How advisors should be helping investors
Why are advisors ignoring client demand?
Whilst the idea of saying the magic words that will make your prospects want your business card may sound challenging, the key to engaging people actually lies in asking great questions.
In a blog he wrote for Advisor Practice Management, Bachrach & Associates chairman and CEO Bill Bachrach said people would rather talk about themselves than hear other people doing the sales talk.
He noted that the advisor must be able to turn the situation around and ask their prospects questions that would open opportunities for them to talk about their financial needs.
"People don’t become bored talking with you when they are talking. People don’t perceive you as just another typical FA while they are talking. People don’t conclude that they already have all of their financial affairs taken care of while they are talking," Bachrach said, noting that few advisors have developed this knack.
The questions should not be simple-minded conversation starters like asking about current events, sports, or weather. They also should not necessarily be about economics, markets, or financial goals.
"The goal of asking questions like these is to move people a step closer to possibly becoming your client without feeling like you are selling, convincing or persuading. It’s all about them," he said.
He enumerated some questions which he got from other established financial advisors. Some are listed below:
- What’s the one thing you learned growing up that still impacts you today?
- As a child, what did you want to grow up to be, and why?
- What keeps you up at night?
- What kinds of activities do you like to do outside of work?
- What are the top three business concerns you’re facing today?
For more of Wealth Professional's latest industry news, click here.
Related stories:
How advisors should be helping investors
Why are advisors ignoring client demand?
