Getting in front of prospective clients is one of the biggest challenges financial advisors face when looking to grow their book of business. While digital marketing efforts like email, social media ads and website content are effective, old-fashioned cold calling still has its place in an advisor’s marketing mix.
Having an effective cold calling script for financial advisors is key to making the most of your prospecting calls. But a script alone won’t guarantee results. You also need to employ smart cold calling strategies to increase your odds of converting more prospects into clients.
In this comprehensive guide, we’ll cover everything you need to know about maximizing cold calls from crafting your script to overcoming common objections. Follow these tips and you’ll be on your way to more referrals and sales.
Why Cold Calling Still Matters
Technology has opened up new ways for advisors to engage with potential clients Yet picking up the phone to introduce your services still offers unique advantages
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It’s personal. An email or social media ad, while valuable, can’t replace the rapport built through a real-time phone conversation. Cold calling allows you to connect with prospects on a more human level.
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You control the conversation. With cold calling, you guide the discussion based on the prospect’s responses. This gives you the chance to address concerns and create urgency in real-time.
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It works. When done right, cold calling delivers results. Industry surveys show it remains one of the most effective lead generation tactics for financial advisors.
Bottom line – don’t abandon cold calling just yet. When combined with your digital marketing efforts, it can be a powerful part of your client acquisition strategy.
Crafting an Effective Cold Calling Script
Your cold calling script provides the blueprint for your prospecting conversations. To maximize your results, your script should include these key elements:
- State your full name, company and reason for calling.
- Reference any prior contact if possible to jog prospect’s memory.
- Keep it short – around 20 seconds.
2. Value Proposition
- Explain what problems you help clients solve.
- Focus on prospect’s goals and pains.
- Communicate your expertise/experience.
- Limit to 2-3 concise points.
3. Question
- Pose an open-ended question to get prospect talking.
- Focus on challenge they likely face.
- Let them explain their situation.
- Actively listen and probe deeper as needed.
4. Wrap-Up
- Thank prospect for their time.
- Suggest follow-up meeting to discuss solutions.
- Overcome objections smoothly.
- Ask for referral contacts.
Following this script structure ensures you efficiently communicate your value while still keeping the prospect engaged.
Cold Calling Tips and Strategies
Beyond your script, success requires employing smart cold calling strategies. Here are some proven tips for converting more prospects:
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Pick the right time to call. Track when prospects are most likely to answer based on factors like age. You’ll have better luck catching people before/after work versus mid-day.
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Personalize your approach. Research prospects on LinkedIn and craft your script to their title, company, etc. This shows extra effort on your part.
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Be persistent (respectfully!). It often takes multiple tries to get a prospect on the phone. Don’t get discouraged – persistence pays off.
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Leave effective voicemails. If you only reach a voicemail, leave a compelling message that compels return calls.
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Overcome objections smoothly. When prospects push back, address concerns professionally. Don’t get defensive – keep control of call.
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Ask for introductions. If a prospect isn’t interested, ask who else may benefit from your services. This can uncover referral opportunities.
Mastering such strategies takes practice. But the ability to turn cold calls into warm leads will prove invaluable throughout your career as a financial advisor.
Sample Cold Calling Script for Financial Advisors
Putting all the above tips together, here is a sample cold calling script that covers the key elements:
“Hi, this is Michael Smith calling from Worthington Wealth Management. We specialize in helping corporate executives like yourself maximize your retirement savings.
I’m calling because I wanted to see if you have a few quick minutes to discuss whether your current retirement plan is on track to meet your long-term goals. From my experience, many busy executives aren’t saving enough and are unsure if they’ll have sufficient income in retirement.
Does this sound familiar at all? Are you fully confident you’re saving adequately for retirement given your lifestyle goals?”
[Listen to prospect’s response. Dig deeper into any concerns raised. Then wrap up call]
“I appreciate you taking the time to discuss this today. It sounds like reviewing your retirement plan in more detail could be beneficial. Would you be open to us meeting later this week to go over your savings strategy and see if any adjustments may help? I have some openings on Wednesday or Friday if either of those days work for you.”
This covers the key basics – a concise intro, statement of value, open-ended question to engage prospect, and closing ask for a follow-up meeting. Try using this as a template when crafting your own script.
Handling Common Cold Calling Objections
No matter how polished your script, you’ll inevitably deal with prospects pushing back or saying they aren’t interested. Here are some of the most common objections and effective responses:
Objection: “I’m all set – I already have an advisor.”
Response: “I understand, it’s common to already have a relationship with another advisor. Would you mind if I briefly share what makes my services unique? I may offer some additional options to complement your current planning that could be beneficial.”
Objection: “I’m not interested.”
Response: “No problem, I know you’re busy. Is there someone else you’d recommend I speak with who may need support on their retirement savings strategy?”
Objection: “Now’s not a good time.”
Response: “Not a problem at all. Would next Tuesday at 10am work better to briefly discuss your retirement plan and see if I may be of help?”
The key is addressing the objection professionally while seeking to keep the conversation open. With practice, you’ll become more comfortable handling objections and turning them into opportunities.
Execute Your Cold Calling Game Plan
Cold calling requires dedication – both in terms of time spent and persistence through rejection. To maximize your odds, execute a systematic cold calling game plan:
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Build your call list – Identify ideal prospects through referrals, business directories, LinkedIn, etc. Create organized call sheets.
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Set a schedule – Block time daily/weekly for cold calling activity. Set call volume goals based on list size.
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Perfect your script – Roleplay your cold calling script to refine wording, tone and flow. Learn it well enough that it sounds natural versus robotic.
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Track results – Log call outcomes (voicemails, conversations, next steps, etc.) in your CRM to analyze what works.
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Request feedback – Record calls and review with colleagues to improve. Ask clients for testimonials on what impressed them.
By following this regimented approach, your cold calling skills will sharpen with each interaction. You’ll convert more prospects into clients and build relationships that support your long-term success.
The bottom line is cold calling remains an invaluable part of a financial advisor’s marketing mix. Take time to master the fundamentals – from crafting an effective script to handling objections smoothly. Combine cold calling with your other lead generation efforts, and you’ll be on the path to a book of business that delivers results for years to come.
Script 3: The Close – Asking For The Meeting
Finally, after establishing a connection and demonstrating value, its time to ask for a meeting. Heres a script that can help advisors:
“[Prospect name], I dont want to take up too much of your time, but I’d like to stop by next Monday at 10 in the morning and briefly discuss how we were able to achieve [outcomes] and how it can benefit you.”
Why it works:
- Framing the meeting as “brief” shows that you respect their time and that the meeting wont be a waste.
- Suggesting a specific time for a meeting rather than assuming they want to schedule one creates a sense of urgency, which can encourage the prospect to take action and move forward with the conversation.
- Finally, this closing statement is confident and direct while still allowing the prospect to decline. If they say yes, you can move on to scheduling the meeting. If they say no, make sure to ask for their contact information so you can follow up in the future.
Set The Stage For Success
We would like to reiterate that cold calling is not just about picking up the phone and dialing random numbers. So, before we dive into the scripts, its essential to set the stage for successful cold calling. Here are a few tips to keep in mind before you pick up the phone:
Look, lets be real here:
How do you feel when you get one of those unsolicited calls from some random person who doesnt know anything about you or your business? Its a downright cringeworthy moment, right? And guess what, your prospects feel the same way.
The solution to avoid making a terrible first impression? Simple: do your homework. Thats right, put in the time and effort to learn everything you can about your potential client and their business before you even think about picking up that phone.
By doing your research, youll be able to customize your pitch to their specific needs and interests – this will not only make you make a more personal connection but make you come across like a total pro, ultimately stacking the odds in your favor to seal the deal.
When it comes to making a good impression on your potential clients, youve got mere seconds to grab their attention and keep it.
Dont just read from your script like a robot.
Practice it until it becomes a natural part of your speech – this will help you sound confident and at ease during the call. Remember, nobody would buy what youre selling if you sound like youre stumbling over your words or unsure of yourself.
So, put in the time and effort to practice your pitch until its smooth as silk. That way, youll be able to deliver it with confidence and without hesitation. And who knows, you might close that deal faster than you can say “pitch perfect”.
In addition to doing your research and practicing your pitch, have a pen and paper handy to take notes and ensure youre in a quiet place where you wont be interrupted. Its also essential to have your sales materials, such as case studies or product sheets, readily available so that you can reference them during the call.
If you do otherwise, youre likely to waste your time and the prospects time.
Here is what to do:
Know what you want to achieve on the call, whether its setting up a meeting, getting more information about their needs, or simply introducing yourself and your services.
Why is this so important?
A clear goal will help you stay focused and on track during the call. It will also help you tailor your message to the prospects needs and interests, and give them a reason to continue the conversation. When you do, youll be able to build trust and credibility, which are essential factors in winning over potential clients.
And heres the kicker: by setting specific, measurable goals for each call, youll be able to evaluate your performance and track your progress over time which will allow you to refine your approach and improve your results.
One of the biggest mistakes we see people make when it comes to cold calling is thinking that every single call is a chance to close a sale. But that couldnt be further from the truth. Truth is, trying to sell too soon can be a major turnoff for prospects and cause you to lose their interest.
The reality is that cold calling is a process that involves building relationships, establishing trust, and showing your prospects that youre the real deal. And the best way to do that is by providing value and solving their problems. Keep this in mind as you approach each call.
With these tips in mind, lets move on to the scripts.
Financial Advisor Cold Call Example
How do you write a cold calling script?
Any cold calling script starts with an introduction. This should identify who you are and mention any previous contact you might have had with a prospect if applicable. Example: “Hi, my name is John Smith. I’m an advisor with XYZ Company and we chatted briefly at a virtual webinar a couple of weeks ago.” This does two things.
Why do financial advisors use cold calling scripts?
Financial advisors use cold calling scripts to allow them to remember exactly what they want to say during a conversation. It can increase the chances of getting the other person to stay on the phone longer and make the call more productive. Having a script can also reduce the anxiety that may come from making an unsolicited phone call.
Do financial advisors do cold call?
While cold calling may not be the most glamorous part of the job, it can be extremely effective when done correctly. So yes, although it’s not required at certain firms, most Financial Advisors do cold call. How Should a Financial Advisor Prepare for A Call?
What is a good cold call script for business owners?
When cold calling business owners, you may focus on the things that can make them more profitable, save them money or increase their return on investment (ROI). An effective cold call script for chatting with business owners may state: “Hi [Prospect name].
