Why process-driven selling is critical for new advisors

September 7, 2018 by Nate Oberholtzer

about the author:

Nate Oberholtzer

Account executive

Nate Oberholtzer is an account executive at Advicent, the financial planning technology provider of choice for nearly 100,000 financial professionals.

As we all know, there is only one thing that will make a new business successful: revenue. For new advisors, along with all the extraneous tasks of operating a business, generating maximum revenue from each prospect is critical to finding success.

The best and most efficient way to do that is by having a consistent, well-structured sales process.

What Process Means

Working with entrepreneurs throughout my career, I’ve noticed that when words like “structure” and “process” are introduced, business owners conjure up a mental image of cookie cutters and unflinchingly rigid step-by-step guides. I’ve heard advisors say “I can’t have a process because no two clients of mine are the same.”

While it’s true that no two clients are the same, process in sales is not a one-size-fits-all guide. It doesn’t mean that you give the same canned value statement to a 30-year-old doctor and a 70-year-old retiree.

Instead, process is a methodology to make your sales approach more efficient by providing consistent value to prospects and clients throughout the sales cycle. It allows you to uncover someone’s need, and subsequently highlight your product or service as a solution to that need.

The benefit of process

The world of personal finance is changing rapidly. With robo-advisors and no-fee trading platforms on the rise, consumers have more knowledge and resources available to them than ever before. For the financial advisor, this means that proving the value of human advice is critical.

A good process will not only uncover a client’s need, but also why meeting that need is important for their financial well-being. This demonstrates to a client why they should work with you, and your revenue per client and prospect conversion rates will soar.

How to implement process

The best way to implement process is to adopt a flexible software tool that allows you to highlight the value you bring to each client situation. While a majority of financial planning software has the ability to show a need, implementing process requires a tool that can be tailored at every turn of a client’s life.

NaviPlan® financial planning software is specifically designed to leverage your knowledge to impact the financial future of your clients. It allows you to create a process to get the most out of every client engagement and keep your advice and value front and center - leading to higher revenue and better prospect conversion.

To learn how a private wealth advisory practice with $130 million in AUM increased their revenue, prospects, and conversions rates by implementing NaviPlan, click here.

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