Financial Services
Sales Assessment Results by Whit Hagan
55
Needs Improvement
10 questions
Maximum score: 100
Completed in
Let's be real here: your performance is hovering at the edge of mediocrity. An average score of 5.5 is a wake-up call, not a badge of honor. You showed some promise in particular instances, especially when you effectively acknowledged concerns and tried to engage prospects in a dialogue. However, there’s a recurring theme of defensiveness and a lack of clarity that is holding you back. You often drift off-topic, leaving prospects feeling unsupported or even dismissed. The good news is, you have the potential to turn this around. Focus on honing your solution-focused strategy and storytelling skills. You need to practice how to clearly articulate the unique value of your services while connecting on a personal level with your prospects. Think about how to make your messages relatable and compelling. Remember, sales is about building relationships, not just pushing products. Create a memorable experience for your prospects, and they will be more likely to engage with you. Take this as your coaching moment: it’s not just about what you say, but how you make your prospects feel. Your goal should be to foster collaboration, not confrontation. Step up your game!
Question Breakdown
1.
2
/ 10Question:
"I'm worried about how this will fit into my budget with my current monthly payments. "
Answer:
That's the best part! I would never put somebody over the spending edge, but I will challenge people. Do you consider this a spend, or saving? Because I understand the pause, it's not cheap. But you don't want cheap, you want someone that will take care of your problems and communicate everything well. Going back to what you said, you don't think it will fit into your budget, or does it just not fit into your priorities. I know you make money, and probably spend money in places that don't make you feel good. Instead of fitting it into the budget, prioritize your financial wellbeing over the other things. Then, you'll have to figure out if those fit into the budget, and odds are you'll realize you're spending too much anyways.
Feedback:
The response lacks clarity and fails to directly address the prospect's concern about budget constraints. Using challenging questions like "Do you consider this a spend, or saving?" can come off as confrontational rather than collaborative. While it’s important to communicate value, the approach lacks a clear solution-focused strategy and misses an opportunity to explore the prospect's specific financial situation. Additionally, the tone could be perceived as dismissive instead of supportive. Overall, the response seems to drift away from the core concern of fitting the expense into the budget and does not effectively engage the prospect in a constructive dialogue.
2.
6
/ 10Question:
"I've been with my current provider for years; why should I switch now?"
Answer:
I don't know if you should, but I'd like to give you an informed decision. Have you been to the doctor before? You've probably gotten a diagnosis but first had to go through a series of tests to figure out what fits you the best. And if you get a second opinion, you'll go through another series of tests. I can't tell you that you should switch now, because maybe you shouldn't. But, if you give me another meeting and let me see some documents beforehand, I can give a second opinion or a diagnosis and help you determine if you're getting the most value with your current provider, or if I believe I can add value. After taking a deeper dive into your specific situation, I'll be able to give you that answer.
Feedback:
The response demonstrates a thoughtful approach to the objection by inviting the prospect to consider their current situation and offering a consultative meeting for deeper evaluation. Using the analogy of seeking a second opinion is a good tactic; it creates a relatable context. However, the response could benefit from being more direct in communicating the advantages of switching to your services, rather than focusing too heavily on the uncertainty of the decision. Additionally, while the invitation to a follow-up meeting is appropriate, it should also emphasize urgency or specific outcomes to encourage action. Overall, the response is collaborative but could be enhanced by providing clearer value propositions that would compel the prospect to consider making a switch sooner rather than later.
3.
7
/ 10Question:
"What if I end up paying more in fees later on?"
Answer:
That's a great question, because you're paying for kind of three different things, I'll address each quickly. Fees in insurance are fixed, once you take the offer the insurance company is obligated to respect the contract, and will never be able to raise the fees. For investments, our fees actually go down the more assets are accumulated with us. Lastly, for planning, I'd say if your fees go up later on then we're all doing something right. Generally, planning fees are reduced after the first year because the bulk of the work is typically in year 1. However, if in the future we have the conversation about raising fees, it'll be because you've started doing some things that require a lot more work and thought, which usually means you're doing well and exploring more avenues towards your own families' goals. But I can give you my word we'll never raise fees without you knowing and agreeing.
Feedback:
The response effectively addresses the prospect's concern about fees by clarifying that insurance fees are fixed and can’t increase without notice. It also explains how investment fees decrease with accumulated assets, showcasing a positive aspect of the service. However, while the explanation is informative, it lacks a clear structure that emphasizes the long-term value of the services offered. The response could benefit from incorporating a more engaging narrative or analogy to make it relatable, as well as a stronger call to action to encourage the prospect to move forward. Overall, it successfully provides some reassurance, but it could be more concise and focus more on the benefits of working with your services.
4.
8
/ 10Question:
"Can you guarantee that this won't impact my lifestyle or financial goals?"
Answer:
I can't give guarantees; I'm not legally allowed. But, I can tell you that I've helped a lot of people with similar goals. You mentioned wanting to buy real estate, put your kids through college, and annual vacations being your top 3 financial goals. I think that's amazing. My team has helped hundreds if not thousands of people with similar goals, and just about every single one of them has improved their lifestyle, and none have ever been negatively impacted. Our process involves building around your specific goals. Everyone is unique, so we can't give a generic product, because it won't fit. Throughout the process, we take an educational approach. So not only will we be doing things that help you accomplish your biggest goals, but I'll make sure you also know how it's positively impacting them before we ever even implement anything.
Feedback:
The response appropriately addresses the prospect's request for guarantees by clarifying the inability to provide them due to legal constraints. However, this could be perceived as a bit evasive; instead, you could emphasize how your services have consistently aligned with client goals, fostering confidence without promising specific outcomes. Mentioning previous successes is a strong point, but it would be more effective to include a story or specific example to build relatability. You effectively acknowledge the prospect's financial aspirations, which is great for building rapport, and your approach to customizing services is commendable. Overall, the response is fairly strong but could benefit from a slightly more structured presentation of how you ensure alignment with the client’s goals and a more engaging narrative.
5.
5
/ 10Question:
"I'm not sure I can justify this expense to my family right now."
Answer:
You said you want me to challenge you and be blunt when I need to. This is one of them. If you can't justify the opportunity to your family right now, how will you look them in the face in 10 years when you tell them you should have done this 10 years ago? It's almost always better to start now. Compounding growth is enormously expensive in terms of opportunity cost, and I would hate for your family to not experience the absolute best life possible, that I know you can provide for them. But, at the same time, it gets enormously tougher to provide that for them the longer you push things like this off. So, can I count you in?
Feedback:
The response attempts to directly address the objection by challenging the prospect's thinking about future regret, which can be a powerful motivator. However, it could be perceived as confrontational and may not effectively resonate with all prospects. While emphasizing opportunity cost is valuable, this approach could alienate the prospect rather than foster a collaborative discussion. A more empathetic tone that acknowledges the prospect's concerns and explores their family's values and priorities might lead to a more constructive dialogue. Additionally, providing specific examples of how early commitment can positively impact financial outcomes for families could strengthen the argument. Overall, the response shows ambition but lacks the necessary sensitivity and personalization that can help in financial services sales.
6.
6
/ 10Question:
"How do I know this is the best option compared to similar financial products?"
Answer:
I'll shoot you straight, most financial products are very similar. Sure, you can outperform some, but it's usually by the smallest of margins, because they all compete with each other on percents of percents. That matters to some people, it really does, so if that's you then more power to you honestly. However, studies show over 80% of clients of financial advisors say they respect the relationship, clarity, and guidance their financial advisor provides more than they do earning an extra 0.5 - 1% on their investments. While I can tell you I'm the best, and I truly believe it, communication is a core principle at our firm. Reliable, proactive communication. I believe in you guys, and I think y'all believe in me, too. I can't guarantee the best, but I can guarantee you pretty darn close to the best and we'll have a lot more fun while we're at it.
Feedback:
The response does a good job of addressing the objection by acknowledging the similarities among financial products, which sets a realistic tone. However, it could benefit from a stronger emphasis on the unique value proposition of your services. While mentioning that most clients value the relationship and guidance from their advisor is a positive point, it lacks specificity regarding what differentiates your offerings from competitors. Instead of a vague assurance of being 'close to the best', providing concrete examples or specific features that enhance client experience would strengthen the argument. The conversational tone is engaging but could be refined to sound more professional, as the casual phrasing may undermine credibility in a financial context. Overall, while the response successfully addresses the concern, it needs clearer differentiation and a stronger value focus to fully convince the prospect.
7.
3
/ 10Question:
"This seems complicated; will I need extra help to manage it?"
Answer:
If you needed extra help to manage it, then I'd ask why you hired us. That's exactly what we take care of, the managing of it all! Not to say you won't be asked to do certain things or challenge yourself, but nothing that requires extra management.
Feedback:
The response attempts to address the prospect's concern directly but comes off as defensive and dismissive. Instead of providing reassurance about the support and guidance offered, it questions the prospect's decision to hire your services, which could further discourage them. A more effective approach would involve acknowledging their feelings about the complexity, offering a clear overview of how you simplify the management process, and emphasizing the support they will receive. Providing examples of how you assist clients in managing complexities would demonstrate value and build confidence. Overall, the response lacks warmth and collaboration, which are crucial in the financial services industry.
8.
6
/ 10Question:
"Is there a risk that I won't see any real benefits compared to what I already have?"
Answer:
There's always some risk. And even when there's not, for example take a guaranteed insurance policy, there's hypothetically no risk because you're guaranteed growth, but the risk lies in opportunity risk; what if it returns you 6% annually, but the market returns 15%? I appreciate your concern for risk, I really do. One thing I want to share with you, though, is this thing I call my 'Decision Filter'. I want you to picture 4 words in front of you: Performance, Risk, Cost, Taxes. Now, if I could guarantee you that you'll have low risk, but it comes with mediocre performance, high cost, and zero tax mitigation, does that sound like a good decision? Probably not. The cautionary tale here is humans, especially including myself with certain things, tend to focus in on only one of these 4 variables. So, on the other hand, let's say you're presented something with low risk, but has a great reputation for high performance, low cost, and highly sensitive tax considerations, does that sound good to you?
Feedback:
The response does a solid job of acknowledging the prospect's concern about risk, which is crucial in the financial services industry. However, it leans heavily on technical jargon and could confuse the client rather than clarify their options. While the 'Decision Filter' concept is creative, it may come off as overly complex rather than straightforward. It's essential to simplify these concepts to ensure the prospect understands how your offerings can provide tangible benefits compared to their current situation. Additionally, while you emphasize opportunity costs effectively, it's important to also highlight specific benefits of your products in a more relatable manner. Overall, the response lacks a clear call to action that encourages the prospect to explore the advantages of switching to your services.
9.
6
/ 10Question:
"What's the real difference between your services and what I'm currently using?"
Answer:
The real difference is I'm backed by over 100 years of experience. I have 10 other planners in my office that help at any request. On top of that, you already mentioned you're not very happy with what your current advisor is doing, or at least not thrilled. So, I want you to answer this question for me: what's the worst case scenario? I've had a client for a few months that was very skeptical of leaving his current situation, but since then we laid out his goals, and we have an accountability goal tracker. We're closing in on some of his goals every month, and we meet monthly to make sure everything is on track and still aligns with his families' wishes. The true difference is in that, accountability and progress.
Feedback:
The response highlights the experience and collaborative support available through your team, which is a positive aspect. However, it could be further strengthened by explicitly outlining specific features or unique benefits that differentiate your services from competitors. While referencing the client's dissatisfaction with their current advisor is a strategic move, it should be framed more positively to avoid sounding confrontational. Additionally, the rhetorical question about the worst-case scenario may not effectively resonate with the prospect; instead, focus on painting a clear picture of the ideal outcomes they could achieve with your services. Incorporating a client success story with measurable outcomes would enhance credibility and relatability. Overall, while the response has good elements, it lacks clarity in differentiating value and could benefit from a more positive and structured approach.
10.
6
/ 10Question:
"If I switch, how long will it take to see results or benefits?"
Answer:
That depends entirely on the metrics you want to track. We like to track things we can control, like net worth or debt or income. We don't love tracking investment returns, because those are out of our control, nobody has a crystal ball for the stock market and if I had one I'd be drinking a pina colada on a beach somewhere right now. We also like to check in on your feelings towards everything. I believe inner peace is just as valuable as any product or service we can provide, so if I can give that to you throughout the process we're doing our jobs well. That being said, I had a client come to me when I first started with two main goals: monthly investing and buying a house within the year. So, we tracked those two things exactly. He had a price he wanted to pay for the house, and we created buckets that let him see growth in the market but also one that was a little more liquid so he could pull the trigger as soon as he was ready, and we were contributing to both consistently to optimize his goals. Once I learn your goals, we'll know how long it will take to see results or benefits, but we'll start tracking immediately.
Feedback:
The response effectively addresses the prospect's concern about the timeline for seeing results by emphasizing the importance of tracking metrics that clients can control, such as net worth and debt. This is a good approach as it demonstrates an understanding of client needs and priorities. However, the mention of not tracking investment returns might leave the client feeling uncertain, as they often expect tangible results from investments. The casual tone, while engaging, could be perceived as unprofessional in a financial context. It would be beneficial to provide a more structured overview that outlines how quickly clients typically see benefits based on different scenarios. The anecdote about the previous client adds a relatable touch but could be presented more succinctly to enhance clarity. Overall, the response is informative but could benefit from a more balanced and professional tone.