Six ways to woo prospects

“Take a step back and understand what you do and what you deliver,” advises Pierre McLean, senior vice president of sales with Franklin Templeton Investments Corp. in Toronto. Relying on your supposedly unique value proposition is simply not enough to win the hearts of clients, he says. Value propositions only provide a broad statement of what you do, McLean says.

Instead, you must “show clients how you can add value to their lives,” recommends Prem Malik, a chartered accountant and financial advisor with Queensbury Securities Inc. in Toronto.

Here six ways you can persuade potential clients to choose you as their advisor:

1. Tell them who you are
During your first meeting, you should not only get to know your clients but also tell them about yourself. Show clients that you have the knowledge and experience to help them achieve their goals. Explain your qualifications, Hartman says, but bear in mind that most clients care less about qualifications and designations than about the person they are dealing with.

2. Pitch your process
“When clients come to your office, they are looking for advice,” McLean says, “not products or a financial plan.”

With that in mind, explain, in a clear, understandable way, how you provide advice. “Describe your prescribed process,” Hartman says.

3. Show your value
Explain to clients the benefits of having you as their advisor.

“Present the advice you offer as a product with features, advantages and benefits,” McLean says. Show them how your role as their advisor can improve their financial well-being. More emphasis should be placed on the relationship, he says, and less on products and performance.

4. Share your experience
“Tell your clients stories about clients like themselves,” suggests Malik. This will go a long way in convincing them that you understand their situation. And it will make them more comfortable.

“Using similar cases is always helpful,” McLean says. “It shows that you have dealt with similar situations.”

5. Present yourself as part of a team
“It’s important for you to present a team,” advises McLean. Very few advisors work in isolation; at the very least they have an assistant.

It might also be a good idea to present your extended team, McLean adds, including, for example, estate planning, insurance and legal professionals with whom you are associated.

“Clients might not necessarily require any of these services now,” he says, “but it gives them a sense of security that they can call on you should they need them.”

6. Set expectations
Ensure clients understand what they should expect from you. “Set expectations upfront,” McLean says.

For instance, tell them the type and frequency of reports they will receive from you, how often you will meet and how accessible you are in the event that they need to contact you.

IE