Boomers and older adults with enough money to be good clients are typically not good prospects for cold calling. They are experienced consumers and are not likely to be receptive to someone they don't know selling something they often don't understand. Many have not gotten the results they expected or needed from their advisors.
On the other hand, there are lots of prospects that know they need financial advice and are looking for someone to trust. That means you need to create trust in your cold call. And that means you can't sell product. Instead, try this:
First, identify yourself as being local. "I'm Charlie Smith, a financial advisor with ABC in (local town)." If possible, provide a visual landmark for your office location. "We're across the street from the XYZ Mall." It reinforces the idea that you are local, which improves your credibility.
Establish your right to ask questions to find out what is important to them. "Mrs. Jones, I don't know if we can be of any help to you or not, but we are helping a lot of other people with issues that are important to them, such as saving for their grandchildren's college education or more retirement income for themselves."
Ask a question: "Do you have grandchildren?"
If you get a "yes," follow up with an investing for grandchildren idea. If you get a "no," ask another question. "Would you be interested in increasing your retirement income?"
When you get interest, don't try to sell the product on the phone. Set up a meeting with the prospect, preferably at your office, so he or she can establish your "bona fides."
Excerpted with permission from "101 Easy Ways to Increase Business with Boomerplus Clients!" by Richard B. Ross and Michael P. Sullivan. For more information, visit www.graymoney.biz.
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