One-time financial plans can be beneficial, helping potential clients test services before long-term commitments. Key insights include overcoming client hesitations by highlighting long-term value and addressing DIY mentalities. Advisors can boost conversions by empowering clients and mastering the art of selling delayed-payoff services. The importance of strategic pricing and positioning for future relationships is also discussed, revealing how to transform one-time clients into recurring revenue streams. Time to rethink that sales approach!
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volunteer_activism ADVICE
Focus on Market Needs
Focus on your market and give them what they want.
Selling becomes easier when you genuinely believe in your product's value.
insights INSIGHT
Value Perception
Customers are people who see value in what a business offers.
Help prospective clients recognize the value in your services to increase conversion rates.
volunteer_activism ADVICE
Enhance Value Proposition
If clients view one-time plans as mere information, justify your expertise.
Address pricing concerns by increasing perceived value rather than lowering prices.
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Improving Decisions About Health, Wealth, and Happiness
Richard H. Thaler
Cass R. Sunstein
In 'Nudge,' Thaler and Sunstein argue that by understanding how people think, we can design 'choice architectures' that nudge people toward better decisions for themselves, their families, and society. The book introduces the concept of 'libertarian paternalism,' where gentle nudges guide people toward beneficial choices without limiting their freedom. It explores various aspects of human decision-making, including the distinction between the 'Automatic System' and the 'Reflective System' of thinking, and provides numerous examples of how nudges can be applied in real-life scenarios to improve outcomes in health, finance, and other areas[1][3][5].
While one-time financial plans aren’t as attractive to prospective clients or your financial advice business, there’s still a place for them.
Some people will prefer a one-time plan, and others might see it as a way to take your services for a test drive before committing to a long term relationship.
But most financial advisors aren’t good at helping their prospective clients see the value of one-time financial plans. And this flaw nukes your conversion rates.
So, in today’s episode, I’m going to share the biggest obstacles prospective clients will have to buying a one-time financial plan. And how you can overcome each one to improve your sales process and remove the barriers to working with you.
Listen now.
Show highlights include:
The almost-too-obvious, yet wildly effective way to convert more people into paying clients (6:51)
One skill financial advisors must master to overcome the psychological “temporal discounting” glitch your clients will have to your one-time financial plan (12:10)
How to make your clients sell themselves on buying a service with a delayed payoff (even when it goes against their natural psychology) (12:38)
3 things you must emphasize when selling to prospective clients who have the “DIY Mentality" (14:40)
How to help your clients feel more empowered when buying a one-time financial plan (this boosts conversions) (17:50)
The “Future Relationship" positioning trick that turns one-time financial plans into recurring revenue (19:45)
Since you listen to this podcast, I want to give you a gift:
If you subscribe to the Inner Circle Newsletter, I’ll send you a collection of seven “objection busting” and copyright free emails, personally written by me, that you can use right away to begin getting more clients. Sign up here: https://TheAdvisorCoach.com/Coaching. Then, let me know you subscribed, and I will reply back with a link where you can download them for free.
Financial Advisor Marketing Podcast 