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For today's lesson, the first in a three-part series on selling financial services.
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A wise person once observed that sales isn't just about selling.
It's about building trust and educating.
Nowhere is this more true than in the world of professional services.
And one of the highest stakes professional services to sell are financial services.
Convincing someone to let you manage their money is no easy task.
Just think of your own savings, assets, and investments.
You probably wouldn't just entrust them to a faceless business entity.
You want to know who's managing your wealth and you want to know you can trust them to do a good job.
Indeed, it's all about trust.
So when you're meeting a potential client considering your financial services, it's important to start by building personal rapport and establishing credibility.
From there, you can begin asking questions about a person's priorities and level of wealth.
Discussing these topics will set you up for looking more deeply into the person's situation and demonstrating you're the right one to manage their wealth.
In today's dialogue, we'll listen to a conversation between Robert and Jessica.
Robert is a financial advisor with a company called Vickers Wealth Management.
Jessica is a working professional looking for financial help as she plans for her future.
Robert and Jessica have been introduced by a mutual friend.
Now they're sitting down for the first time in Robert's office.
As you listen to the dialogue, try to answer the following questions.
1.
Why does Robert mention when the company was founded and their advisor's qualifications?
Two, what does Robert want to ask about before discussing Jessica's current situation?
Three, what does Robert want to get a rough idea about?
Thanks so much for coming in, Jessica.
Anything I can get you to drink before we get started?
Good for now, thanks.
Well, just let me know.
So, yeah, Kevin gave me a brief overview.
Sounds like you have a lot on your plate.
Family, work, travel, plus your recent promotion.
So I do appreciate your time.
It's a juggle, to be sure.
But I've been meaning to connect for a while and just get some more info, I guess.
Of course, maybe I can give you a quick snapshot of our background to start.
We've been exclusively focused on wealth management at Vickers since our founding in 1982 and we're backed by one of the five biggest financial institutions in the country.
Not to mention that all advisors, myself included, are CTFA and CPWA qualified.
Just to give you a few of the highlights.
Yes, you certainly come highly recommended.
But just to be fully transparent, I'm keeping my options open at this stage.
Understandable.
And smart.
Important to do your due diligence and find the right fit.
Now, if it's okay with you, before getting into your current situation, can I ask about your overall goals?
What are your main priorities when it comes to wealth management?
Well, I've still got a bunch of years left of work, but it's never too soon to really plan for retirement.
My situation is comfortable right now, but I want to make sure I'm truly secure and can travel down the road.
Yes, never too soon is right.
That's what we keep telling people.
Glad to hear someone get that right off the bat.
And do you have family?
Three children, two married.
They don't have kids of their own yet, but certainly I'd like to leave a healthy inheritance.
And giving back is important as well.
I've done fairly well for myself and would love, if possible, to establish a trust or something like that.
Okay, great.
And if you don't mind, can I get a sense of your current financial situation, earnings and assets?
Just a rough idea.
Current salary is $180,000.
Real estate assets around $2 million.
A million or so in investments.
Adequate insurance, I think.
Good enough for a rough idea.
Absolutely.
That gives me a good idea of what you're working with.
And so, you mentioned retirement and your goals.
Now let's go through the dialogue again and look at the language and techniques Robert used as he talks with Jessica, a potential client.
Thanks so much for coming in, Jessica.
Anything I can get you to drink before we get started?
Good for now, thanks.
Well, just let me know.
So, yeah, Kevin gave me a brief overview.
Sounds like you have a lot on your plate.
Family, work, travel, plus your recent promotion.
So I do appreciate your time.
Robert mentions their mutual friend, Kevin, before explaining what he already knows about Jessica.
He acknowledges how busy she is, saying she has a lot on her plate, and refers to some of the things she's dealing with.
Mentioning a mutual friend and showing you know something about the client is part of building personal rapport.
Rapport is the personal connection and good communication needed to establish a relationship.
Since relationships are critical to all professional services, building rapport at the outset is important.
Let's practice some more ways of establishing personal rapport.
You're from Chicago?
That's always been a place I'd like to visit.
It's great to be able to meet face to face.
I hear things are starting to pick up in the construction business.
Is that right?
I have teenage kids too, so I know how that is.
As you can hear, building rapport often involves being pleasant and showing overlapping experiences or interests.
Let's hear how Jessica responds to Robert's attempts to build rapport.
It's a juggle, to be sure.
But I've been meaning to connect for a while and just get some more info, I guess.
Of course.
Maybe I can give you a quick snapshot of our background to start.
We've been exclusively focused on wealth management at Vickers since our founding in 1982.
Jessica describes her busy life as a juggle, before saying she's hoping to get some info or information from the conversation.
When a potential client wants to know more, it's a good idea to start with some background about your company and your experience.
Robert uses a special expression called a collocation as he explains what Vickers does.
A collocation is just a natural combination of words or a set expression.
Robert refers to wealth management, which is a key concept in financial services.
Wealth management includes not just investing, but also tax planning, estate planning and insurance.
Let's practice some more ways of using this collocation, wealth management.
With a personalized approach to wealth management, we find strategies that work for you.
Typically, a wealth management advisor serves clients with over a million dollars in assets.
Besides mentioning his company's history, what else does Robert tell Jessica about at this stage of the meeting?
And were backed by one of the five biggest financial institutions in the country.
Not to mention that all advisors, myself included, are CTFA and CPWA qualified.
Just to give you a few of the highlights.
Robert isn't talking about his services yet.
He's still talking about the company as a whole, its relationship with a big bank and their advisor's qualifications.
CTFA and CPWA are associations that accredit financial advisors.
Robert's purpose here is to establish credibility.
He needs Jessica to understand that his firm can be trusted.
They have a long history, they're connected to an established bank, and they're well trained.
Establishing credibility for your company is critical when selling your services.
So let's try some more examples.
We've been serving high net worth clients for the past 30 years.
All our associates are fully certified and several have won awards.
By successfully serving clients, we've grown our business to over $100 million in assets managed.
We are a full-service advisory with expertise in all areas.
At this point in the conversation, Jessica wants to make it clear that she hasn't made a decision about who to entrust with her finances yet.
Yes, you certainly come highly recommended.
But just to be fully transparent, I'm keeping my options open at this stage.
Understandable.
And smart.
Important to do your due diligence and find the right fit.
Notice that Robert supports the fact that Jessica hasn't made a decision yet.
He agrees with her approach by saying she has to find the right fit, or the right match.
And that's important for Robert too.
There's a certain type of client that is the right kind of client for Vickers, and Robert begins asking questions to understand more about Jessica's situation.
Now, if it's okay with you, before getting into your current situation, can I ask about your overall goals?
What are your main priorities when it comes to wealth management?
Asking about someone's priorities or what is most important to them helps with a couple of things.
Firstly, it shows you care about the person's goals and that shows that you can take an individual approach to managing the client.
It also helps you, as an advisor, to understand how you might serve the person and whether they're a good fit for you.
What are some other ways we can ask a potential client about their priorities?
Let's run through some more examples.
When you look to the future, what aspects of your finances are most important?
At this point, are you more focused on quick returns or steady growth?
Tell me, what's most important to you in terms of preparing for the future?
Now let's listen to Jessica begin to describe her goals when it comes to her finances.
Well, I've still got a bunch of years left of work, but it's never too soon to really plan for retirement.
My situation is comfortable right now, but I want to make sure I'm truly secure and can travel down the road.
The first thing Jessica wants to talk about is planning for retirement.
Retirement is the period of life after you stop working, and you don't need to be a financial advisor to know that it's important to plan for this.
To plan for retirement is another useful collocation when it comes to financial services.
Let's practice some more ways of using this expression.
You need to think of more than just your pension when you plan for retirement.
As we can hear, Robert once again supports Jessica's approach and he has another question about a common concern when it comes to money.
Yes, never too soon is right.
That's what we keep telling people.
Glad to hear someone get that right off the bat.
And do you have family?
Obviously, people's financial goals often include something related to family.
In particular, Jessica is like many others in her desire to leave an inheritance.
An inheritance is money or assets that you give to someone when you die.
We can say that person inherits the money or assets.
And the verb we use with inheritance is not give, but leave.
Let's run through some more ways of using this collocation to leave an inheritance.
I would like to leave part of my inheritance to some local charities.
Speaking of charities, Jessica also has some goals around giving back or donating money.
Let's listen.
And giving back is important as well.
I've done fairly well for myself and would love, if possible, to establish a trust or something like that.
Okay, great.
And if you don't mind, can I get a sense of your current financial situation, earnings and assets?
Just a rough idea.
After getting a sense of Jessica's goals, Robert is ready to move on to his next line of questioning.
He wants to assess Jessica's overall level of wealth.
He doesn't need too many specifics, but just a rough idea of how much she has to work with.
That includes earnings or how much she makes at her job and assets, or what she currently has in savings, investments and other holdings.
Assessing someone's level of wealth is important for a couple of reasons.
For one, it helps you know if this is the right kind of client for you.
Secondly, it helps you better understand the potential client's needs and priorities.
What are some other ways of assessing someone's overall level of wealth?
Let's practice some more examples.
What are we looking at in terms of regular income and savings?
Roughly, how much do you currently have in assets?
Can you give me an idea of how much you'd like to invest?
To finish off this part of the conversation, let's hear what Jessica has to say about her current financial situation.
Current salary is 180k.
Real estate assets around 2 million.
A million or so in investments.
Adequate insurance, I think.
Good enough for a rough idea.
Absolutely.
That gives me a good idea of what you're working with.
And so, you mentioned retirement and your goals.
Robert now has a rough idea of Jessica's wealth, as well as an idea of her priorities and what her goals are.
He's also established his firm's credibility and built a personal rapport with Jessica.
This is a great start to their discussion, and Robert should now be able to move on and ask more detailed questions.
Now let's practice some of the language we learned in today's lesson.
Imagine you work for a firm of financial advisors.
You are talking with a potential client and beginning to establish a relationship, you'll hear a cue by the client.
Then I'll give you a suggestion for what you can say in response.
We'll guide you through each step in the practice and provide an example answer for each response.
Ready?
Let's give it a go.
I'm glad we were able to meet today.
Begin by saying, it's always great to meet with people face-to-face.
Answer.
Yes, it's always great to meet with people face-to-face.
Indeed.
And I'd like to learn more about your firm and how you might help with my investments.
Now say the first thing she should know is that all your associates are fully certified.
Answer The first thing you should know is that all our associates are fully certified.
That's good to know.
I've heard great things about your company.
Next, say you're glad to hear it and ask what her main priorities are at this point.
Answer Glad to hear it.
Now, can I ask what are your main priorities at this point?
Finally, ask if she can give you an idea of how much she'd like to invest.
Answer Worthy goals.
And could you give me an idea of how much you'd like to invest?
Now let's practice some of the vocabulary we've covered in this lesson.
In a moment, you'll hear a series of sentences where the word replaced with a beep.
Repeat each sentence, including the missing word.
For example, if you hear It is important to do your due, You can say After each response we'll provide the correct answer.
Let's begin.
As you get older, it's even more important to plan for your Answer.
As you get older, it's even more important to plan for your retirement.
Answer.
When hiring new employees, you have to find the right fit.
I'd like to help you, but I just have a lot on my right now.
Answer.
I'd like to help you, but I just have a lot on my plate right now.
She has over $1 million in including cash and real estate.
Answer.
She has over $1 million in assets, including cash and real estate.
We've reached the end of this lesson on the beginning stages of selling financial services.
We've learned how to build rapport and establish credibility.
We've also covered how to ask about priorities and overall level of wealth, and we've learned a few useful collocations you can use when talking about financial services and personal investments.
For more practice.
Premium members can access the online quizzes and PDF transcripts for this and other lessons on the BEP website.
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Thanks for listening, and see you again soon.
