For financial advisors, cold calling can be an effective way to generate leads and acquire new clients. Though it can be intimidating, with the right approach, cold calling can be a highly successful strategy that brings great returns. In this blog post, we will provide a comprehensive guide to creating cold calling scripts for financial advisors. We will discuss the fundamentals of effective cold calling, the essential elements of a successful cold calling script, and how to adjust your script for different types of clients. Armed with this information, financial advisors will be able to craft compelling, persuasive cold calling scripts that help them maximize their lead generation and client acquisition efforts.
Why do financial advisors use cold calling scripts?
Cold calling scripts are used by financial advisors to help them remember everything they want to say. It may increase the likelihood that the other party will talk for longer and make the call more fruitful. Making an unauthorized phone call can cause anxiety, which can be lessened by using a script. It can also make the caller sound more professional.
What is cold calling?
Cold calling is the practice of calling a prospective client or business partner on the phone with little to no prior communication. The caller does not arrange or prepare the interaction with the other party’s assistance or input. Some types of cold calling may include:
5 elements of a cold calling script for financial advisors
You move through five stages of a cold call when speaking with prospective clients and customers. You can use this list to help you comprehend the function of each section:
1. Introduction
The initial stage of a cold call establishes your credibility with the customer or client and provides the information they are asking about you and your motivations. Within 10 seconds or less of the beginning of your call, this part occurs.
State your full name, the name of your company, and your credibility statement—the reason this person should continue speaking with you—in the first sentence of your introduction. Citing a reliable source or example will help you establish a connection with the other person. Credible sources may include pertinent integrations, strategic alliances, or even the competitors’ names. An example of an excellent introduction may be:
“Hi Kathleen, my name is Elliot Fox. Im calling from Financial Services International. Don Hernandez, a coworker of mine at Equity Unlimited, gave me your name. “.
2. Value proposition
A cold call’s value proposition phase is when you make your pitch. The objective is to explain to the potential client or customer the benefits of calling you or speaking with you as well as why they should care about it. This section often lasts 30 seconds or fewer. Put the focus on the prospect instead of yourself. Try to add more details that are pertinent to the particular client situation. Stress how your offering can improve their business or quality of life. An example of a good value proposition may be:
“Do you remember the Shop at the End of the Block? We saved them $20,000 in expenses last year.” We collaborate with the majority of independent booksellers because we offer corporate-level understanding of the small business model. I expect wed have similar results with your store. “.
3. Transition
The change-over, also known as the pivot statement, shifts the focus of the conversation from a sales pitch to a discussion. Here, you outline your main motivation for calling and provide the client with some information about how you hope to continue your relationship with them after the call. Indicate the length of your conversation with them as well as your preferred course of action. An example of a transition statement may be:
I’m hoping we can talk for about eight minutes to determine whether it makes sense to arrange a more extensive video chat for a few weeks from now. “.
4. Questions
The questions phase is where you analyze your cold-call prospect. Instead of pitching, you’ll engage the client in conversation and listen to their responses. Following their responses, you can ask follow-up questions to demonstrate that you are paying attention. To help you learn more about a client’s wants and needs, tie your first question to the value proposition. It can also assist you in determining whether this client is worthwhile for you to meet with again or call. Try to adhere to the time commitment made in the transition for the questions segment.
Ask both open-ended and closed questions. Closed questions are ones with definitive yes and no answers. When a client provides little information, open-ended questions may be preferable because they encourage the client to go into more detail. An example of a questions exchange could be:
5. Closing
When making a cold call, you schedule your next conversation or meeting during the closing phase. Give a few potential times and dates for your upcoming interaction. Instead of the first one or two options not working with the prospects schedule, have a few options available. An example of a good closing statement may be:
“Kathleen, I know you probably have things to do. Our eight minutes are up. Let’s arrange a 45-minute video call to discuss more ways to increase your advertising budget. Are you available Monday at 11 a. m. or Friday at 8:30 a. m. ?”.
Cold calling scripts for financial advisors
To market your services, you could get in touch with many different people. This is why it might be advantageous to have various cold call scripts that are tailored to the prospects you are speaking with. Good scripts are very adaptable, so you can make changes to them as the conversation progresses if necessary. Because the needs of the particular customer influence the questions phase, it is frequently best to use a script for your opening and closing sections. Use these two cold-calling scripts to help you engage with various client groups:
Business owners
When cold-calling business owners, you might concentrate on ways to boost their ROI, save them money, or increase their profitability. A good cold call script for talking to business owners might read like this:
“Hi [Prospect name]. My name is [Your name] from [Company name]. [Credibility statement citing how you acquired their contact details or learned about their potential needs] [Specific topic or discipline for which you have a solution] is what I’m calling to discuss. Do you know [Name of competitor company you’ve worked for]? We helped them [List how you’ve previously helped this company] I expect we could get similar results for your company. I’m hoping we can speak for [Specific period of time] to determine whether you would benefit from another, longer meeting or call. “.
Individuals
You might attempt to sell people financial services such as insurance or wealth management advice when cold calling them. An effective cold calling script for individuals may be:
“Hello, [Prospect name]. This is [Your name] with [Company name]. [Credibility justification that demonstrates how you acquired their number or the appropriate call reason] We’ve assisted [Number of people] in your area take control of their [Specific financial service] solutions, and we think we can do the same for you. What type of [Specific financial service which you’re trying to sell] solutions do you currently use? To see if you would benefit from a longer consultation soon, I would like to speak with you for [Specific period of time]. “.
Cold calling tips
To improve your cold calling scripts and interactions, use these suggestions:
Use a positive attitude
When making a cold call, being upbeat can make you sound happier, kinder, or more upbeat. Even though they won’t be able to see your face when you’re talking to them, they can still tell how you’re feeling from the sound of your voice. Positivity can persuade people to talk to you on the phone for an extended period of time.
Collect targeted leads
You can only legally sell financial products in states where you have the necessary licensing. Due to this, you can target your leads list according to these geographic areas as well as other criteria like income and marital status. Consider the products you are selling and the people who most need them. This can help you identify leads to make your list.
Provide context
The likelihood that the conversation will continue and lead to another meeting can be increased by explaining why you are calling, why it matters, and what it can do for them. Put your recommendations into the prospects’ own professional or personal context. Before your call, do some research on potential clients, and make a list of the advantages of having them use your script.
Use technology
If you can get people to agree to receive more information about your services during a conversation, use technology to deliver these materials rather than snail mail. Obtain the potential customers’ email addresses or direct them to your website. These options enable a more immediate information transfer, facilitating the quickest possible sales process.
Leave a voicemail
If you call someone on the phone cold and they don’t answer, leave a message. If the potential customer is interested in what you have to say, this might tempt them to give you a call. Give them just enough details to get their attention and entice them to learn more about your products. Condense the advice and script you would use if they had picked up the phone for a message. Give them information about you, your business, and your phone number so they can reach you.
Cold Call Script for Financial Advisors
FAQ
What is the best cold calling script?
Have I reached you at a good time, [PROSPECT NAME]? (If they say yes): Excellent, thank you. I want to explain why I called you in two minutes. I’d be happy to answer any questions you may have after the allotted two minutes have passed. If not, you can just let me go.
How should a financial advisor prepare for a call?
- What is your experience and investment philosophy?
- What services do you and your firm offer?
- How are you going to decide what I ought to do or how I ought to invest?
- What are the roles of the other members of your team?
- How often will we meet?
How do you call a financial advisor?
- Introduce yourself. Any cold calling script starts with an introduction.
- Warm up the call. Next, you can briefly mention more detail about your company.
- Elaborate. …
- Give the floor to the prospect. …
- Close with a follow-up request.
How do I promote myself as a financial advisor?
- Host a Client Event. Why not let the referrals come to you directly rather than having to follow up with your current clients who you ask for recommendations?
- Start a Blog. …
- Sign Up for Social Media. …
- Join Small Business Think Tanks. …
- Attend Local Networking Events.
