Cold Calling Tips for Financial Advisors

By Joseph King , last updated February 3, 2012

While intimidating for some financial advisors just starting out, cold calling can be a great way to build a client base and expand your business. The chief thing to remember is that while your calls are for a business purpose, no one is going to listen to someone who is not charismatic. Many people have an automatic instinct to hang up on or not listen to any unsolicited calls. Rather than launching into a sales pitch with stock tips, numbers, and market trends, consider introducing yourself and simply asking the person about their day. While such small talk may seem wasteful or ineffective it can go a long way to making a potential customer more receptive to your sales pitch.

Once you have a customer listening, don’t rush into trying to get them to give you money. Transitioning too roughly to asking for money will make you seem disingenuous. Instead discuss with them the strategies you employ and give them a few stocks you believe have potential. This is a great talking point for follow-up discussion if you are unable to close a deal in the first call. In fact, in most cases you should consider the first call to be the establishment of a relationship and any deals made during one a pleasant surprise.

During the first call or follow-ups, it is always important to make sure you understand what the customer is looking for. What is his or her current financial situation? What are his or her goals and dreams? Knowing these and demonstrating to the customer how you can help accomplish them will make the customer feel like you are listening to them, rather than simply trying to get their money. Keeping these steps in mind will help increase the sales from cold calling and build you a base of loyal and appreciative clients.

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