Cold calling strategies for financial advisors

Summary

How to create the best cold call script as a financial advisor 

Creating a script is one of the best ways to lay the foundations for cold calling. Unlike a movie script, your cold call script does not need to include every line of conversation. The best financial advisor cold call scripts include talking points to help you stay on track during a cold conversation. These points should cover everything you need to create a good first impression. 

When creating your script, it’s important to:

Identify your target audience: Make sure your script is tailored to your audience, whether they’re business owners, high-net-worth individuals, retirees, or others.

Use best practices for building or purchasing cold call lists: Use reputable services to ensure the cold call lists for financial advisors you obtain include qualified leads.

How do I prepare for cold calling as a financial advisor?

In addition to creating a script in preparation for cold calling, you must also ensure that your list of contacts is highly targeted. Follow these tips to implement this cold calling strategy of segmenting your lists:

Ensure that you keep compliance in mind when preparing for cold calling. The US regulations such as the Telemarketing Sales Rule cover various aspects of cold calling, such as the requirement to disclose your identity at the beginning of the call, keep to the calling hours, and not calling prospects whose numbers are on the National Do Not Call (DNC) Registry. 

These regulations also cover disclosing key information and that it’s a sales call clearly and conspicuously, disclosing information (including restrictions) that prospects need to make an informed decision, and not making misleading or false statements.

What are the different cold calling strategies for financial advisors?

Use the following cold calling strategies to increase your chances of boosting client acquisition.

1) Create a targeted call list

As mentioned above, one of the best cold calling strategies for financial advisors is to create a targeted call list. It’s vitally important to build or purchase a high-quality prospect list based on age, location, income level, financial needs, and other demographics.

Creating a targeted call list increases your chances of reaching interested, qualified prospects for more effective calls, and it decreases your chances of calling people who are not interested in your offering.

2) Use a strong opening line

Your opening line is one of the most important lines you will speak during a cold call, so make sure it’s strong. Your opening should immediately capture the prospect’s attention, establish credibility, build rapport, and give them a good reason why they should listen to you.

In addition to answering the questions “who are you?” and “why are you calling?” your introduction should mention any previous contact you have had with the prospect you’re talking to. After introducing yourself and providing a lead-in for your call, you should mention a few details about your company. Be clear about what you do and who you help as a financial advisor before asking the prospect if you can have five to 10 minutes of their time. 

Let’s illustrate this cold calling marketing strategy with an example of a strong opening:

“Hi, my name is Fiona Vanderkamp. I’m an advisor with Warbucks Financial Services. We spoke briefly at an investment information evening a few weeks ago. Our firm works with people like you who are in their peak earning years and are looking for ways to build retirement savings while trying to achieve other financial goals. I help clients identify their biggest challenges to planning for retirement. I would like to chat to you about some of the obstacles you might face while creating your financial plan.”

3) Leverage scripts, but stay conversational 

Even the best financial advisor cold call script is no substitute for authentic and meaningful conversation. Use cold calling scripts as a guide rather than a rigid structure. Remember, it’s there to help you make sure you cover all your key points in what should be an authentic conversation with the prospect.

Keep your cold calls professional yet approachable, maintaining a natural tone to avoid sounding robotic and avoiding yes or no questions. Base your follow-up questions on the prospect’s answers, enabling you to identify their pain points.

4) Prepare for common objections

One of the most important cold calling strategies to know is how to prepare for common objections, because some prospects will respond that they’re not interested or already have an advisor. If you are prepared for objections, you’re more likely to stay in control of the conversation, enabling you to steer it back to value.

Don’t see objections as rejection. See them as opportunities. Anticipate the most common objections you’re likely to hear and come up with thoughtful responses that don’t sound defensive. Listen actively to what the prospect says, avoiding any temptation to interrupt them or to ignore their concerns. Ask questions that allow you to better understand their needs and concerns.

5) Focus on values, not sales

Focusing on value rather than sales in a first call is one of the most ignored cold calling marketing strategies. Your first call should aim to build trust and let the prospect know why they should choose you, what sets you apart from the competition, and what unique benefits you offer.

Offer valuable insights or services such as free consultations or reports instead of pushing for a sale right away in your first call with a prospect. By doing this, you can position yourself as a helpful resource rather than a salesperson.

6) Time your calls for maximum effectiveness

Timing your calls for maximum effectiveness is another of the best cold calling strategies for financial advisors. It’s vitally important that you call prospects at the right times, basing your timing on research, to increase the likelihood that they will answer and be receptive.

Keep in mind that some periods in the day and in the year are busier for some prospects than for others, depending on their profession. The best time to call most prospects is between mid-morning and late afternoon.

7) Leave engaging voicemails

Voicemails can and should form part of your cold calling marketing strategies. Engaging voicemails give prospects a reason to follow up in their own time. 

Leave a succinct, value-driven voicemail that prompts a callback if a prospect doesn’t answer your call. Give them enough information to spark their interest in your products or services. You can follow the targeted script you would have used if they had answered, but make sure you condense it into a short message.

8) Use a multi-channel approach

An effective cold calling strategy is not limited to telephone calls and voice messages. Instead, it includes a multi-channel approach. Preceding your call with another form of contact can make the prospect more likely to engage with you when you call. 

Try sending a pre-call email or LinkedIn message to warm up the prospect before calling them. Other channels to consider using include email marketing, SEO and content marketing, networking events, social media marketing, strategic partnerships, paid advertising, webinars, and referral programs.

9) Practice makes perfect: roleplaying calls

Learning your script is only part of the equation. You also need to practice it before tackling your cold call list for financial advisors. By practicing your script before you start making calls, you test different cold calling strategies, fine-tune your approach, and avoid getting distracted. 

Practice with a peer, mentor, friend, or family member acting as the prospects, if possible. Pay attention to your opening line, your way of introducing yourself, covering a couple of key points, and connecting with the prospect. Also pay attention to your closing statement. Practice until you can say what you want to say with confidence.

10) Traffic metrics & refine

Taking a data-driven approach is another of the best cold calling strategies for financial advisors, as this can help you identify areas for improvement. By tracking and analyzing your sales results, you can find out which strategies and techniques work, and which can be refined, enabling you to grow your success rate over time. 

Track your conversion rates, call times, follow-ups, the person you spoke to, the script you used, and, if applicable, the size of the company. All these factors make a difference, and when you know what works and what doesn’t, you can optimize your pitch more effectively.

Work with Unbiased to get new leads and grow your business

It’s no secret that many people in the US do not like cold calling, so it’s only natural that you want to make the most of the calls that do get answered by prospects. Implementing the best cold calling strategies for financial advisors can help you do this. 

Preparation is key, so make sure that you write a succinct yet engaging script, segment your call list, practice your script, and tailor your approach to your target audiences. Time your calls effectively, listen to what your prospects say, and respond with empathy and authenticity. 

Remember to take a multi-channel approach to cold call marketing, track and analyze your results, and constantly improve the quality and effectiveness of your approach. Last but not least, work with reliable companies to find prospects. 

If you want to grow your firm, Unbiased Pro will deliver the perfect clients straight to your inbox and give you the tools to manage them throughout the sales process.