Meeting a client for the first time offers advisors the opportunity to develop a strong bond needed to form a long-term association. Any mistake committed in this interaction can turn things in the wrong way. Here are the 4 top common mistakes a financial advisor should avoid in the first client meeting:
1. Using too much financial jargon
If you overload clients with plenty of technical details, they will tend to get confused. In other words, individuals won’t say yes if they don’t understand. What they want to hear from a financial advisor is that you are the ideal person to take care of their finances. Keep the language simple and focus on gaining their trust.
2. Not able to communicate your value
If you are not confident about yourself, your clients won’t be confident about selecting you as their financial guide. Identify what makes you stand apart from the rest and use it to highlight why you can be the perfect advisor. Display strong self-esteem and establish the point that you can help the client achieve his goals.
3. Unprepared to deal with objections
If financial experts are not ready to respond for the first time, it will be tough for them to grow their business. For example, if a client or prospect says that they don’t have money at present, it might indicate that they are scared about losing power of their finances. Talk in depth to understand what’s troubling them and reassure that their money is in safe hands. It is critical to be ready to face any kind of objections and give a favourable reply.
4. Not listening carefully
Clients will easily notice if you are not listening to them. This will indicate that you are not keen and indifferent towards their emotions. Financial experts must listen actively, i.e. all their attention must be on the client talking. Always maintain eye contact and don’t divert your focus anywhere else.
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