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5 Technology Mistakes Advisors Should Avoid


5 Technology Mistakes Financial Advisors Should Avoid

In life, sales & business, technology shows us how things can be better.

It saves us time. Creates conveniences. And even allows us to work from our home (or anywhere in the world).

Nowadays you can meet your prospect, acquire new clients and have almost anything delivered without ever leaving the comfort of your seat.

Clearly technology has changed the way we do a lot.

However, it has yet to replace how we create relationships and do business in your industry.

In the financial services world, we must still be human.

Otherwise, what’s your edge over Vanguard or “Robo Advisors”?

The following is a short list of important ways our Financial Advisors keep their edge and avoid common tech mistakes.

Mistake #1: Not have a Real Person Confirm/Remind/Follow-Up

As a Solo Financial Advisor buying leads, having another person call on your behalf legitimizes your business.

It conveys a variety of meanings…

  • You are busy.
  • Have a successful financial practice (and can afford a staff).
  • Are meeting with your clients (which increase the value of your time/advice).

Prospects are also sometimes more comfortable talking with your ‘assistant’, instead of you.

They will reschedule or express lack of interest to your assistant (but not reply to your email or Calendly Link).

This saves you time & resources.

Allowing you to zero in on the ones that want your help, rather than chasing no-shows.

Mistake #2: Relying on Technology to “Sell”

This is one I can attribute to the fear of rejection or being unmotivated to pick up the phone.

So you send emails or use some other technology to leave a message for you.
Rather than pick up the phone and collect a decision.

When I was in advertising & cold call sales, many of my peers
hated calling ‘random’ people.

They’d rather speak with secretaries or office managers. Anyone that was essentially not the decision maker (and couldn’t really reject them).

So instead of speaking with the DM, they would ‘pitch’ whoever answered.

This was not a pathway to the close.

Photo Credit StoreMyPic

They’d spend weeks chasing someone that could not ever give them
a decision, much less a payment. 🤦

If you’re avoiding ‘rejection’ by only sending emails, or you schedule meetings with a husband/wife (without their spouse); you are wasting everyone’s time.

Get the DM on the phone and quit relying on technology to convert for you.

Mistake #3: Using Templates (& No Personalization)

Have you ever gotten automated messages on Linkedin or any other social media site you’re on?

I have.
They are terrible.

Not only ineffective at converting connections into prospects, they are a bad look for your brand.

The bot or automated reply, does not take into account a real person is receiving the message (nor can they curate an appropriate response).

The templated responses you or the software company created, do not know how the person will respond.

Sooo they keep on with a conversation or request no longer applicable.

I personally reply to the solicitation: “Thanks for reaching out, etc.”

Let them know I am or am not interested. Give them a genuine timeline and next action step for them to take…

Then get the generic reply. Dismissing my response or instruction. And a link to their Calendar. Just Bad. 🙄

This becomes somebody I would not buy from now, or ever.

Don’t let this be a mistake you make.

Customization is key in automation.

Human to human sales is still very real (and necessary).

Mistake #4: Not preparing for your Virtual (zoom) Meetings

If you do not treat your Virtual appointments like you would in-person meetings, you are missing the mark.

What do I mean?

Not being professionally dressed.
Not having a clean/neat background (dogs running around, kids interrupting)
YOU not being 100% focused.

These are all subtle but significant ways of losing your prospect.

Sure more people are working from home & it may not be as unusual.

But this does not mean you get to be lazy.

Financial clients have a lot of questions & objections on their minds.
Most of them won’t be verbalized.

Make sure you are not creating new ones or confirming them.

If your lead does not believe they can trust you with their Retirement, Financial Plan or Insurance needs, they won’t tell you.

They will just move on or go missing in action.

They rather meet with another advisor, that DOES meet their needs.

Remember, even though your job is to advise your clients on their financial (logic) needs, most people first buy on an emotional level.

Mistake #5: Having No CRM in Place

You don’t have to get fancy.
Not all of us are “Techy”.

This doesn’t have to be complicated.

Tracking leads, clients, conversations, next steps, etc. is essential!

Use a Word Document, Spreadsheet or CRM software (it’s not only good for converting, it helps you stay compliant).

If you don’t want to do this, outsource it to your assistant (but YOU still have to provide details).

Record what your prospect said (what matters to them).

Why they want to retire in 5 years.
How important is guaranteed income.
Where they’d love to travel.

Aside from this showing you’re listening, it is ultra effective at
connecting with your prospect & increases the likelihood of them buying.

This is not manipulation. This is human nature.
It shows you listen & maybe even care.

Remember people don’t care how much you know until they know how much you care.

Your prospects are still people.

Technology is fantastic & we all use it daily.
But don’t depend on it to make you better at life or business.

Be smart.
But remain human.

Need help keeping it real?

Let’s chat 📲

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