Back to basics: Sales framework for financial planners

The success and failure of a financial services firm depends on one key factor: The ability to attract and engage new customers. A basic sales framework is the key tool that will help you funnel customers toward engaging your services.

You may have top quality services and excellent results, but if nobody knows you exist then nobody is going to engage you. Although you may currently have a strong client base, however as those clients move on you will be left with a shrinking pool without a clear sales & marketing strategy. Customer loyalty is no longer a factor that can be relied upon in the financial services industry, so it’s important that you stay up to date with marketing trends for both your existing portfolio and new clients.

Here are our five tips to help sell your financial planning services.

1. Identify the Needs of your Target Market

Before conducting any sales or marketing, do some research to determine the pain points of your target market. Why are they seeking financial planning services and how specifically can you help them achieve their goals? To reduce the amount spent on marketing costs, it’s best to identify a narrow target audience and market your services to a specific buyer persona. Whilst this may seem limiting, it actually increases your ability to speak directly to a portion of your audience and pin down their precise pain points, which is likely to increase conversions.

2. Build Relationships

As a financial planner, you know doubt know that a good business is all about building relationships. However, it can be very difficult to build a relationship with prospects that you haven’t yet met.

This is where social media comes in to play – platforms such as Facebook and LinkedIn can be used to establish authority in your field and build relationships with potential clients. Social media allows you to promote the human side of your business. As well as sharing industry related content, you can also share personal wins and stories about your staff and clients (with their permission of course). This helps prospects to connect with the humans behind your business name.

3. Show Value

Simply telling customers that you have achieved results for other clients does not really hold much sway. You can’t share portfolio details or specific client references due to privacy regulations, so how can you demonstrate that you know your stuff?

The answer lies in content marketing. Using LinkedIn, Quora, Facebook or other online platforms to share detailed articles and tips and tricks with your audience helps you build authority in your industry and demonstrates that you know what you’re talking about. Even better, sharing case studies shows how you have helped other clients to build their wealth and allows your readers to relate to your existing clients.

4. Communication

Buyers are wary of straight sales pitches, so good communication is key to winning a sale. There are no quick fixes to good communication, it really just involves listening to your clients’ needs and tailoring your response to match. A one-size-fits-all pitch is unlikely to win any new clients, however a few set points that can be tailored to each client is the perfect way to systemise your sales communications.

5. Ask for The Sale

The number one tip for any sales person: ask for the sale. People enjoy being lead, so once you have taken them through the pipeline you need to complete the journey by telling them what to do next.

Face to face, you can ask for the sale by arranging your next meeting before the client leaves, or having a preliminary contract ready to sign. Online or by emails, a simple call to action that tells customers how to take the next step (eg. a button saying “Book your call here”) is enough to guide the customer. To increase conversions, use copy that encourages the viewer to imagine their position after they have completed the call to action, eg. “Click here to book your call and get the investment plan that’s right for you”.

At Complyx, we specialise in helping financial planners spend more time building relationships with our paraplanning and compliance services. Contact us today to discuss how we can help you gain back time to build your business.