Financial Services
Sales Assessment Results
60
Developing Closer
10 questions
Maximum score: 100
Completed in
You've put in some solid effort, but let's be real: an average score of 6 isn't going to get you the gold star you're aiming for. You've shown glimpses of understanding with techniques like acknowledging objections and emphasizing financial goals, which is a good foundation. However, there’s a clear pattern of lacking depth in your responses. You often miss the mark on curiosity, engagement, and closing effectively. This is where you need to step it up. I suggest diving into consultative selling and objection handling techniques. These will help you engage prospects more deeply and navigate their concerns with finesse. Remember, selling isn't just about talking; it's about listening and making connections. Your "aha" moment? Think of each conversation as a dance, not a monologue. Lead with curiosity and let the prospect guide you to their needs. Transform your responses from good starts into great conversations.
Question Breakdown
1.
6
/ 10Question:
"We're already using a different financial service provider, and I'm not sure we need to change that."
Answer:
I see. This lets me know financial planning and financial security is important to you. I always lead with value. My first meeting would not be to ask for your business. My first meeting would be to evaluate your situation to determine if there are areas not being addressed so you and your current planner haven't considered.
Feedback:
The response effectively acknowledges the prospect's current provider and highlights the importance of financial planning, which is a good start. However, it lacks a bit of curiosity and discovery by not asking follow-up questions to understand the prospect’s specific needs better. The tone is appropriate, but there could be stronger emphasis on the unique value your service brings compared to the current provider. Additionally, there's no closing technique used to encourage the prospect to consider a meeting. Overall, it demonstrates a collaborative approach but could benefit from more engagement and a clearer path to action.
2.
5
/ 10Question:
"I need to see a clear ROI before I can justify this expense to my team."
Answer:
Absolutely you do and there is no reason do business with me if you don't see a clear ROI. My background is all about proof of concept. I will demonstrate to you exactly what the ROI is. I am sure your team will come to agreement that the ROI for you is enticing.
Feedback:
Your response acknowledges the objection, but it lacks a collaborative tone and could benefit from a more detailed exploration of the ROI. Instead of simply stating that you'll demonstrate the ROI, consider asking questions to uncover the specific metrics or outcomes the prospect is looking for. This would show curiosity and active listening. Additionally, using a closing technique, like a summary close, could help reinforce the value proposition. Overall, while you addressed the concern, the response could have been more engaging and solution-focused.
3.
5
/ 10Question:
"There are cheaper alternatives in the market that seem to offer similar services."
Answer:
On the surface it is so easy to lean towards low cost leaders. However, your situation is complex. Your situation has many variables that need to be addressed by professionals. My wealth management team definitely is not about low cost. We are However all about fair expense given that will address goals and will focus on getting you to the finish line while paying the least amount of taxes throughout your entire life.
Feedback:
The response does a decent job of addressing the objection by acknowledging the prospect's concern about cheaper alternatives. However, it lacks a clear value proposition that differentiates your services from competitors. While mentioning the complexity of the prospect's situation is good, it could benefit from more specific examples of how your services provide greater value or long-term benefits compared to cheaper options. Additionally, the tone could be more engaging; it feels a bit dismissive of the prospect's concern. A better closing technique could also be employed, such as inviting the prospect to discuss specific needs or to schedule a consultation. Overall, the response shows some understanding but lacks depth in value exploration and engagement.
4.
4
/ 10Question:
"What kind of training will our team require to adopt your solution effectively?"
Answer:
Our training is extensive, online and complementary with our solutions.
Feedback:
The response provided is quite vague and lacks depth. While mentioning that training is extensive, online, and complementary, it does not address the prospect's specific concern about what type of training is needed for their team to adopt the solution effectively. A more effective approach would have been to outline the key components of the training, perhaps mentioning different formats (e.g., webinars, hands-on sessions, resources) and how it aligns with their team's workflow. Additionally, asking a follow-up question to understand their team's current skills or experience with similar solutions would demonstrate curiosity and active listening. Overall, the response lacks a solution-focused approach and could have benefited from a collaborative tone. Score: 4.
5.
6
/ 10Question:
"I'm concerned that this won't align with our long-term budget plans."
Answer:
Your budget is always my focus. We will work out a financial plan based on your goals and your budget. We will implement and have quarterly meetings to make sure our plan is working with your budget.
Feedback:
The response effectively addresses the concern about budget alignment by emphasizing a commitment to focus on the client's financial goals. However, it could be improved by including a more detailed exploration of the client's specific budgetary constraints or priorities. Asking a follow-up question about their long-term budget plans would demonstrate curiosity and active listening, strengthening the collaborative approach. Additionally, a closing technique could be employed to encourage the next steps. Overall, this response shows promise but lacks depth and engagement.
6.
7
/ 10Question:
"Can you provide examples of how your service has improved efficiency for companies similar to ours?"
Answer:
Yes this white paper includes 3 separate case studies that demonstrate our solutions and the ROI's for the companies listed.
Feedback:
The response effectively addresses the objection by providing a tangible resource (the white paper) that includes case studies and ROI examples, which is a great way to back up claims with evidence. However, it could be improved by engaging the prospect further; for example, asking if they have any specific metrics they're interested in or if they would like to discuss how these solutions could apply to their unique situation. The tone is appropriate, but a bit more curiosity and discovery would enhance the interaction. Overall, it's a solid response, but it could benefit from a more consultative approach to build rapport and explore the prospect's specific needs.
Score: 7
7.
5
/ 10Question:
"I’m worried about the potential risks involved in switching to a new provider right now."
Answer:
This is a valid concern. Before we would begin a contract my risk team would run analysis on you employing my firm. I would want you to be 100% comfortable before hiring my team. If our analysis shows a green light can you see starting this Monday with us.
Feedback:
The response acknowledges the prospect's concern about risks, which is a good start. However, it lacks depth in addressing the implications of those risks and does not explore the specific reasons for the prospect's apprehension. While the mention of a risk analysis is useful, it does not fully alleviate the concern or provide enough reassurance. The closing question about starting on Monday feels premature and may come off as pushy given the context of their objection. To improve, the salesperson should ask more probing questions to understand the specific risks the prospect is worried about, and perhaps offer more detailed evidence or examples of how similar clients have successfully transitioned with minimal risk. Overall, the tone is appropriate, but the response could benefit from a more collaborative and consultative approach.
8.
8
/ 10Question:
"There are other urgent projects that are taking priority over this right now; can this wait?"
Answer:
I imagine there will always be other projects that will need to be addressed. You mentioned that you had some real concerns regarding internal compliance. You also mentioned your internal staff continues to make mistakes that have cost you time and money. I imagine this could be put off, however in doing so are you comfortable with the financial risk to your firm?
Feedback:
The response effectively acknowledges the prospect's concern about prioritization by recognizing that other projects are always on the table. However, it could have been enhanced by showing empathy or understanding of the prospect's situation. The salesperson did well to bring the conversation back to the prospect's previously stated pain points regarding compliance and staff mistakes, which aligns with a solution-focused approach. By asking about the financial risk of delaying the project, the salesperson utilizes a thoughtful closing technique and demonstrates curiosity regarding the prospect's priorities. Nevertheless, the response could have included a stronger collaboration component, perhaps by asking how the salesperson could assist in aligning this project with other priorities. Overall, it shows good active listening and value exploration but lacks a bit in rapport-building.
Score: 8
9.
6
/ 10Question:
"How do you ensure that your service complies with the latest regulations in our industry?"
Answer:
My team is certified in all the government regulations. We have experts in Frank Dodd, Graham Leech and SOC's. You should feel comfortable knowing the expertise we bring to the table. I can provide you with a white paper right now that demonstrates case studies where are regulations specialists prevented some very damaging situations. We take pride in our clients staying ahead of time bombs. Given our expertise are you ready to move forward?
Feedback:
The response addresses the objection about compliance by mentioning the team's certifications and expertise, which is a positive start. However, it lacks a bit in clarity and connection to the prospect's specific needs. Instead of just stating credentials, it would be more effective to explore the prospect's current compliance challenges or concerns further. Asking questions would show curiosity and active listening. The closing technique used seems a bit abrupt; instead of directly asking if they're ready to move forward, it could benefit from a more consultative approach, ensuring the prospect feels understood and supported. Overall, the response has good elements but could improve in engagement and exploration of value.
10.
8
/ 10Question:
"I need more time to discuss this with other stakeholders before making a decision."
Answer:
I imagine you have a specific process for gaining approval of binging on a firm like mine. Tell me what is your process typically? I want to summarize our conversation today. I wrote down specific goals that you wanted to address. I will provide your firm with a specific scope from my firm. Each of your goal items will be teamed with our customized solutions. After reviewing this customized scope with your stakeholders how soon would you like your goals to be achieved?
Feedback:
The salesperson addressed the objection effectively by acknowledging the client's need for internal discussions. They demonstrated curiosity by asking about the approval process, which encourages dialogue and understanding. The summary of the conversation and the commitment to provide a tailored scope shows a solution-focused approach, making it easier for the prospect to present the information to stakeholders. However, while they did well to inquire about the timeline for achieving goals, they could have also explored any potential concerns the stakeholders might have, enhancing the collaborative approach. Overall, the tone was professional and appropriate for the financial services industry, but a slight improvement in active listening by probing further into the stakeholders' concerns would strengthen their position.
Score: 8