We've long said that most financial advisors could be more proactive in selling their services. We think you should be confident in your offers and be willing to tell people about them. That said, the line between being proactive and being salesy can be a thin one. There is a balance to strike and some pitfalls to avoid. Here are seven signs you're overselling:
- Handing out business cards ahead of time.
Handing out your card too quickly can give the impression that you're more interested in searching than getting to know the other person. This applies whether your business card is physical or virtual.
Instead, let the conversation flow naturally and wait for a moment when the exchange of contact information seems appropriate and mutual.
- Giving the impression that you are “sizing them up”.
Asking someone early on what they do for a living, where they live, or what kind of car they drive can set them up for a potential business.
Shift the focus of your initial questions to topics that are likely to spark interest and genuine conversation. Ask about their interests, recent activities, or opinions on general topics. If you're at an event, talk about your surroundings first before getting too personal.
- Following excessively.
Chasing too often or aggressively can be perceived as desperate or pushy. Respect their boundaries and decision-making processes.
Allow time between communications and make each interaction count. Give the impression of calm confidence and no need to rush.
- Presentation very soon.
Approaching someone you barely know to work together is ineffective. They probably already have a counselor and know many others.
Build a relationship before offering your services. Once you have established some level of trust, you can naturally figure out how you can work together.
- Not taking “No” for an answer.
Gone are the days when we try hard to overcome opposition. If someone isn't interested in working with you, and you go ahead anyway, you'll come off as a salesperson.
Respect and accept a “no” gracefully. Accept their decision and offer to keep in touch if they need advice in the future.
- Very promising results.
The promise of the moon, rather than setting realistic expectations, makes people feel like they're being sold. This may come in the form of advertising your investment performance, solving a challenge they are facing, or underestimating the risks they face.
By managing expectations from the start, you are building a foundation of trust and credibility. You are also creating a sense of partnership and cooperation in achieving their goals.
- Being overwritten.
When you rely too heavily on proven scripts or scenarios, people can tell. They may see you shift gears into sales mode, using terminology and expressions that don't sound natural.
Be yourself. Even if the words don't come out perfect, at least they're sincere. Keep an eye out for jargon that may be common in our industry but not common in real life.
The most impactful interactions are those that leave people feeling understood and valued, rather than just another perspective on the line. Embrace these principles and you will find that your ability to attract customers will improve, not through hard selling, but through the natural appeal of your integrity and commitment to their well-being.
Stephen Boswell is a partner with the Oechsli Institute, a firm that specializes in research and training for the financial services industry. @StephenBoswell www.oechsli.com