Erin Botsford discusses why it is essential for a financial advisor to learn the skills to attract and close prospects of any size in the first meeting.
Listen to the interview on the Business Innovators Radio Network:
Erin explained “Time is money. While many advisors take three or four meetings to close prospects, they do so because they typically don’t have the skillset to close their prospects in their first meeting. Learning and mastering the skills to close prospects in the first meeting is especially important as advisors move up market, and work with higher net worth clients.” She also discusses the rationale for moving up-market. Botsford says: “High-net-worth prospects are often easier to work with because they have ‘margin’ in their lives. They don’t freak out when the markets correct by ten or twenty percent. They value personalized advice and are willing to pay for it.”
Advisors should always focus on providing tailored advice and strategies that are appropriate for the level of wealth, risk tolerance, long-term goals, and other factors that are unique to their client. For advisors who want to move up market and work in the high-net-worth affluent segment, they must be able to identify weaknesses in the NON-investment areas of the prospect’s current situation. These might be things associated with their current estate planning, the titling of properties or financial accounts, how much umbrella liability insurance they maintain, or how much life insurance they have to sustain the family’s wealth should something happen to the patriarch or matriarch.
Learning to identify the non-investment issues of high-net-worth affluent prospects can help financial advisors expand their business and increase their success. By providing tailored advice and services that meet the needs of these individuals, advisors can build a reputation as an expert in this field while also making more money and experiencing greater security in their own investments. In short, learning how to attract and work with high-net-worth affluent prospects can pay off when growing a financial advising practice.
By learning the unique needs of these prospects, advisors can capitalize on this lucrative business opportunity and ensure continued success for their practice. With a proper focus and tailored services, any financial advisor can grow their business with high-net-worth affluent prospects.
Erin added: “My passion is seeing other financial advisors grow their businesses and succeed. This is why I’ve created an accessible and easy-to-follow course: You can condense decades into days with the right tools and systems to give you true freedom in your business. For me, training hundreds of advisors at varying levels of their business journey has been a remarkable endeavor. I am confident the Elite Advisor Success System
can help nearly every advisor serve more clients, make more money, and have more free time.”
Client Jackie R says: “Erin Botsford’s Elite Advisor program covers every perspective of our business. From our mindset to team structure and contracts, this course provides the details so many other programs only allude to. It was a worthy investment in my business. I have no reservations in recommending this program to my colleagues.”
About Erin Botsford
Erin Botsford, CFP® is The Advisor Authority
Having spent 31 years in the financial services business and achieving at the highest levels (Barron’s Top 100 in all categories: Independent, Advisor, and Women), Erin sold her business in 2017 in a successful exit – a step most advisors would like to achieve at the end of their careers.
Today, she is the creator of the Elite Advisor Success System – a training program that teaches advisors how to quickly grow their businesses exponentially and build firms that have all the elements needed for a future succession or exit. Her program delivers the 5 keys to business success in easy-to-understand modules.
In less than six months, advisors can learn what might otherwise take them decades to figure out on their own. Erin believes in the power of modeling and allows advisors to simply copy her success blueprint to achieve results quickly.
Learn more: https://erinbotsford.com
