Cold calls only have an average conversion rate of 4.8%. Yet despite that, they are one of the best ways for financial advisors to reach their prospects.
However, agents need to be properly prepared to capitalize on the opportunity cold calls offer. And cold calling scripts for financial advisors are the key to getting your prospect to say “yes”. In this article, we’ll cover everything you need to know about them.
Key Takeaways:
- Cold calling remains a vital tool for financial advisor prospecting since many people don’t even know they need the service, so they pay no attention to ads.
- A good financial advisor cold calling script should consist of a relevant pitch, an appeal to a pain point, a good value proposition, and a clear CTA.
- Leverage software to evaluate your performance and improve your processes to keep up with customer expectations in your financial advisor cold calls.
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The Value of Cold Calling for Financial Advisors
Financial services are a notoriously difficult market to work in. People are naturally sensitive when it comes to their money, and years of scam-related horror stories have made many immediately weary of any financial advisor pitching their services.
Unfortunately, most people are equally as ignorant regarding their financial health as they are weary of it. This means that the majority of potential customers will never reach out to you proactively. Therefore, relying on inbound deals will not suffice.
And that’s where outbound cold calling comes into play. By targeting the part of the market that’d never seek you out, you already increase your odds of gaining a new customer and strengthening your revenue and conversions – by up to 10.01%!
10 Ready-to-Use Cold Calling Scripts for Financial Advisors
Naturally, there is no “golden rule” for financial advisor cold calling scripts. Each individual has to personalize their approach to both their practice and their specific customer base to ensure they appeal to their relevant pain points and values.
However, there are certainly good and bad places to start. That’s why below, we’ll get you set up with scripts for the ten most important kinds of interactions you are sure to encounter as a financial advisor when cold calling.
#1: Initial Contact with Decision-Makers
Everyone’s familiar with the saying, “You only get one chance to make a good first impression.” And nowhere else is this more palpable than in cold calling, where the first few seconds can mean a difference between a deal and a dial tone.
#2: Handling Gatekeepers
Every good prospect, regardless of whether they’re B2B or B2C, will have a gatekeeper to guard them from unwanted salespeople. That’s why you need to be able to quickly win them over by building trust and showcasing your value.
#3: Follow-Up After Initial Introduction
Few prospects convert on the first try. And yet, according to Invesp, 48% of agents never even attempt a follow-up call, let alone multiple ones. However, statistics show that 80% of successful deals require up to five follow-ups before being closed.
#4: Direct Offer for Appointment
In cold calling, there’s little time to beat around the bush. Your prospects are usually busy people. That’s why you need to know how to be direct and vet customers quickly to know where you should focus your efforts most.
#5: Addressing Objections
“No” is a common answer to many a financial advisor’s sales pitch. But it doesn’t always have to be the end. Learning how to speak to your prospects’ values and overcome objections can increase your chances of success by up to 64%.
#6: Re-Engaging Lost Leads
As mentioned, the usual customer base for financial services tends to be a tough crowd. They require time to convert and often fall out of your sales pipeline. But if you have reason to believe they’re a good fit, you just might be able to win them back.
#7: Offering a Free Consultation
Who doesn’t like free stuff? Offering value up-front can often be the push would-be customers need to give you the time of day and successfully close them.
#8: Introducing a New Service
Depending on the data you can access regarding your target customers, you can sometimes tell what they need to convert without necessarily hearing it from the horse’s mouth. And introducing a new service is often the best time to reach out to those people.
#9: Asking for Referrals
According to Zendesk, 90% of customers say that positive reviews are able to sway their buying decisions. And that effect is even more profound when it comes from people they know. That’s why you should always ask for referrals, whenever possible.
#10: Seasonal or Time-Bound Offers
The fear of missing out (colloquially known as FOMO) is a hell of a drug. A sufficiently sweet deal offered for a limited time can often break down the defenses of even the biggest skeptic. All you need to do is find the right time to ask.
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5 Key Elements of Cold Calling Scripts for Financial Advisors
As mentioned previously, there is no single script that will work equally well for every financial advisor. However, there are several aspects you can optimize to create the best possible scripts for your business and customers. These include:
- Data: Make sure to gather a sufficient amount of data regarding your most successful customers, including company size, financial management, pain points, and desired values, to personalize your cold-calling insurance scripts and create effective CTAs.
- Personalization: Beyond your usual due diligence, your sales scripts should also be personalized to the specific person you’re talking to. Look at their socials and highlight their recent achievements and past careers to earn extra rep.
- Training: Get acquainted with the best cold-calling practices. Learn to frame the conversation in a positive yet urgent way to drive interest, and keep experimenting with your value propositions and CTAs to close the deal.
- Timing: There are good and bad times for a cold call. Experiment with the days and times when you reach out to prospects to find out when they’re most receptive to your financial advisor’s sales pitch.
- Call-to-Action: The end of your conversation is just as important (if not more) than the beginning. Learn to drive dialogue with open-ended questions and end pitches with clear and motivating calls to action.
Top 4 Cold Calling Best Practices for Financial Advisors
Want to do something and do it well? Then, there’s no better place to start than with some actionable recommendations for how to not only improve your scripts but optimize your process as a whole. These include:
- Integrate a CRM: Fuel your conversations and data-driven decisions with relevant information via a Customer Relationship platform (CRM). That way, you can consult information regarding callers and deals directly on your calls.
- Be Clear & Concise: Time is of the essence in a cold call. Show that you value your prospects by keeping to a good Talk/Listen Ratio but with plenty of room for them to expand on their issues and a clear call to action to end on.
- Use Positive Language: How you approach the issues and concerns your clients raise can completely change the outcome of your call. Be optimistic and helpful. Just be sure to balance that with being actually truthful and assertive.
- Learn from Your Mistakes: Not experiencing the success you expected? Revisit call transcriptions or use sentiment analytics to accurately evaluate your conversations and find any issues that need fixing.
Cold Calling Is a Process Worth Every Penny
Cold calling remains a challenging strategy for financial advisors. However, with the right cold calling scripts and tools, these challenges can be transformed into opportunities for growth and connection.
Leveraging well-crafted cold-calling scripts to streamline your prospecting efforts and enhance your client acquisition process. And if you need a little extra help, save even more time with CloudTalk’s call center system automations.
Don’t let the difficulties of cold calling deter you. Take control of your cold calling process with CloudTalk and turn more prospects into long-term clients.
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