As a financial advisor, you are not just giving advice; you are using closing skills to encourage prospects to take positive action. You are persuading prospective clients to do business with you. It requires strong sales and people skills. You may have all the competence and technical knowledge in the world, but if a prospect doesn’t agree to do business with you, you will lose the sale or business opportunity.
As a financial advisor, you are not just giving advice; you are using closing skills to encourage prospects to take positive action. You are persuading prospective clients to do business with you. It requires strong sales and people skills. You may have all the competence and technical knowledge in the world, but if a prospect doesn’t agree to do business with you, you will lose the sale or business opportunity.
Closing Skills Don’t Necessarily Happen at the End of the Sales Process
In sales training, closing skills are often positioned at the end of the process. In reality, the close doesn’t happen at the end. Many financial advisors will say, “I need help with closing skills.” The truth is, closing skills are a culmination of everything that has taken place before that final moment. To truly be effective in closing a sale, you must understand that closing is not a singular event but a continuous process that begins the moment you first engage with a prospect.
Each part of the relationship-building and discovery process impacts a prospect’s final decision. If you only start thinking about closing when you’re nearing the end of your sales process, you’ve missed countless opportunities to steer the conversation in your favor.
We call these opportunities “trial closes.”
The Initial Meeting
Clients and prospects are far more likely to do business with someone they feel understands their needs and has their best interests at heart. The initial meeting is where you build trust. It lays the foundation upon which the rest of the sales process is built.
During the initial meeting, you can ask trial closing questions, such as:
- “What I hear you say you are looking for is [STATE THEIR NEED]. Is that correct?”
- “Tell me more about that…”
- “Have we discussed all of your objectives and needs or is there anything else I should be aware of?”
- “Of all the needs and objectives we discussed, which are the highest priority for you?”
- “Is there anyone else who needs to be involved in this discussion before we begin our formal information gathering and analysis?”
The Discovery and Fact-Finding Meeting
The next phase in the sales process is the formal discovery, fact-finding, and analysis. This is where you capture more detailed information about the prospect’s facts, feelings, and numbers. During this stage, you should be asking open- and closed-ended questions that help you more deeply uncover the prospect’s concerns, motivations, and desired outcomes. The information you gather here will not only help you tailor your presentation later but also ensure that the solutions you propose are aligned with their needs.
During this part of the process, you can ask trial closing questions such as:
- “If am able to design a financial strategy within your budget, is there anything that would prevent you from moving forward?”
Presenting Your Recommendations
After your analysis and case design, the next step is to present your recommendations and solutions in a way that speaks directly to the prospect’s needs and concerns. This is where the groundwork you’ve laid earlier pays off. Your presentation should be a personalized conversation that addresses the specific issues the prospect is facing.
Recommendations should be presented in simple and easy-to-understand terms, meaning avoid the jargon and over-explaining. You don’t want your prospect to become overwhelmed and shut down.
Don’t ask your prospect, “Do you have any questions?” Instead, consider asking your prospect:
- “I know we went through that fairly quickly, which parts would you like me to go through again?”
You can ask additional trial closing questions, such as:
- “How will this benefit your family?”
- “Is there anything else you need to see or hear before moving forward?”
These small agreements help build momentum and keep the prospect engaged, making the final close feel like a natural conclusion rather than a pressure-filled moment.
Addressing Objections and Concerns
Using trial closing questions encourages the prospect to share other needs, concerns, or objections. Rather than waiting for objections to arise at the end of your pitch, address potential concerns early on and throughout the conversation.
If a prospect starts to hesitate or delay, you can ask probing questions such as:
- “You seem a little hesitant, what’s on your mind…if you don’t mind me asking?”
- “Which parts are causing you concern or which parts do you need to think about…if you don’t mind me asking?”
- “What could happen if you do not put this protection in place?”
- “Would it give you comfort to have these needs and goals taken care of?”
If they are hesitant to take a medical exam but need more coverage than a guaranteed issue or simplified issue policy, you can ask them:
- “Would a medical exam be a temporary inconvenience to secure the most favorable coverage for your family?”
By the time you reach the end of your presentation, the close should feel like the next natural step.
You can ask them:
“Shall we get started with the insurance application…or signing our Financial Planning Agreement?”
Working on Your Closing Skills
In sales, it’s less about using a specific closing technique and more about summarizing what you’ve already discussed. It’s about gauging the prospect’s readiness to take action. It’s not a hard sell; it’s a natural conclusion to a well-managed discovery process.
Remember, closing skills are not just about the final ask; it’s about guiding your prospect through a journey that leads them to make the best decision for themselves and their loved ones – preferably with you.