Sometimes, knowing what not to do can be more useful than knowing what to do. In the zest to convert prospects, you may end up doing something which clients may not appreciate.
Here are five mistakes which you should avoid at all costs:
- Using jargon
The most common mistake advisors make is bombarding the client with jargon. You must know how to make your point in the simplest possible manner which clients can relate to. Instead of showing data on a excel sheet, show a power point presentation filled with infographics.
2) Making a sales pitch
How many of you respond positively to a sales call from a call center executive trying to push you a credit card or a pre-approved personal loan? In the same way, if you are trying to make the client invest in a particular product by pushing too hard you’ll be shown the door.
It is best not to be very pushy in the first meeting as clients can easily differentiate between a product pusher and an advisor. Instead, try to find out more about the client and talk about the success stories of your clients.
- Responding too late
A Vanguard research found that young millionaires and nearly one-third of mass affluent (less than 35 years of age) want a response to an email in two hours or less. This implies that youngsters expect faster response through phone calls, emails, video chat and text. So the next time you get a call or email from your client, make sure you revert with at least an acknowledgement that you’ll get back soon.
- Operating without a plan
Every business starts with an idea. However, just having an idea is no guarantee for success. Your vision needs actionable points. To ensure that you stay on the right track, you need a business plan for your advisory practice.
Having a clear vision and written goals, i.e., specific, measurable, attainable, realistic and timely (SMART) will drive you to achieve your aspirations. For instance, a SMART goal can be – I will add 200 SIPs in the next six months by conducting IAPs in IT companies.
- Talking too much
You have a lot of information to share with clients. But in this process, don’t forget to listen to them. Listening to your clients will help you know them better. You have to give them an opportunity to open up. Every client has a different story to tell and it’s your job to probe clients to know them better.
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