Reassure antsy prospects

Advisors are in the business of selling. Unfortunately, some clients consider sales a game with winners and losers.

Consider this scenario: An advisor meets her client at his home. There’s a high-energy, back-and-forth exchange and he reluctantly agrees to her suggestion. She then dials back the energy, packs her bag and leaves as quickly as possible.

Read: 6 ways to close a prospect

There’s a chance the client later calls to tell the advisor he’s changed his mind. Or, he might stand by his word and pay on time, but never do any further business because he felt tricked.

Many advisors lay low afterwards. But this is a bad move. Try this instead:

Step 1: Congratulate him – Tell him he made a good decision and reaffirm the reasons why. Clarify how the investments fit into his new plan and how they should help him reach his goals.

Why: If he was uncertain it provides validation.

Step 2: Review what you’ll be doing – You have a legal requirement to read back the order. The agreed upon strategy may have many moving parts because you’re selling one group of investments to purchase another on a managed-money platform.

Why: It’s likely you already explained the details, but reminding him provides additional clarity should he need to explain it to family members.

Step 3: Explain what to expect – Is he doing something new? Is he moving into a separately managed account program? Let him know about all the confirmations that will arrive by mail. Ask him to save them for your next conversation.

Why: If he sees a lot of buy and sell confirmations he might think he’s spending a fortune in fees. Preparing him beforehand cuts down on anxiety.

Read: Charm wealthy prospects

Step 4: Confirm steps have been implemented – Confirming the agreed upon transactions is another legal requirement. But you’re doing it for an additional reason: to let him know professionals are working on his behalf. Report when the money manager received the original securities and when sales and purchases took place, and that confirmations will arrive shortly.

Why: You are letting him know when everything is in position and the transition is complete.

Step 5: Prepare him for the arrival of his first statement – The first report is the most confusing. He isn’t used to the layout. Ask him to call you when it arrives so you can walk him through it.

Why: He may be anxious about how his money is doing. Unpriced securities or hard-to-read formats may upset him.

Step 6: Stay a step ahead – Call him when the statement should be in his mailbox. Introduce him to online statements and walk him through the sign-in procedure. Patiently review what was done.

Why: You head off potential anxiety by taking the initiative.

By taking the initiative you’re demonstrating the high level of attention and service you provide.

Read: Find and meet online prospects