Mutual funds
Sales Assessment Results
65
Developing Closer
10 questions
Maximum score: 100
Completed in
You’re putting in solid effort, and I can see some strong sales techniques shining through, particularly in your curiosity and solution-focused approach. You engage well with prospects, asking open-ended questions that invite dialogue, which is a huge plus. Your use of storytelling and examples to build confidence is commendable, but there's a consistent theme of needing to tighten your messaging and enhance your closing techniques.
You seem to struggle a bit with transitioning smoothly into your closing, often leaving prospects hanging without a strong call to action or a sense of urgency. This is an area you must sharpen if you want to elevate your game. Each response should leave the prospect not just interested but eager to take the next step.
I recommend diving deeper into the Challenger Sale or SNAP Selling techniques. They can empower you to take control of the conversation and simplify your message while aligning it with your prospect's priorities.
Remember, every interaction is an opportunity. Avoid the trap of being too transactional; instead, focus on forging connections that inspire trust and confidence. Sales is not just about the pitch; it's about the relationship you build. Now, get out there and transform those conversations into commitments!
Question Breakdown
1.
8
/ 10Question:
"I'm not sure if investing in mutual funds is the right move for me right now, given the market uncertainty."
Answer:
That's a normal concern. Unfortunately there is always market uncertainty. I had a similar client who was also uncertain. We actually implemented a protection strategy with growth mutual funds and he is very happy with his 8 percent overall return. I want to hear more about your feelings. What are your main concerns about the market? Would it be helpful to design a customized strategy for you that takes your specific concerns and goals into account?
Feedback:
The response effectively addresses the prospect's concern about market uncertainty by acknowledging it as a normal feeling. The salesperson provides a relevant example of a previous client to illustrate a successful outcome, which helps to build confidence. Additionally, asking open-ended questions about the prospect's main concerns and offering to design a customized strategy demonstrates curiosity, active listening, and a solution-focused approach. This engagement invites collaboration and rapport-building. However, the response could benefit from a slightly stronger closing technique to encourage a commitment to further discussion or a next step. Overall, it's a strong response with room for improvement in the closing aspect.
2.
7
/ 10Question:
"Can you explain how your mutual fund offerings compare with others in terms of fees and returns?"
Answer:
This is my favorite question. Today I have brought you a chart with our very best offerings a and return? You can see that some that have low fees are underperforming ones that have higher fees. I want you to be happy what is it about fees that concerns you the most? Would you rather pay lower fees and maybe not get as high of returns? As you study this chart some of these funds listed have managers that date back 12 years with solid returns? When you are researching mutual funds what criteria outside of fees are important to you? Many of my current clients actually switched to me while maybe the fees are a tad higher the returns are consistent and they love being able to call me when. questions come up. Let me put together a portfolio of funds for you. You and I will then discuss the ones I chose for you we will look at fees and the corresponding returns together. It will take me a day to put yours together. Can you speak to me for review by you either this Friday as I still have one spot. If not I also have one after noon spot on next Wednesday. Which would work best for you?
Feedback:
The response does a good job of addressing the objection about fees and returns by providing a chart, which visually supports the discussion. However, the initial presentation is somewhat cluttered and could benefit from a clearer structure. Instead of immediately diving into the chart, it would be more effective to first acknowledge the importance of fees vs. returns and then introduce the chart as a tool for clarification. The inquiry about the prospect's concerns regarding fees is excellent, fostering curiosity and discovery, but it could be more concise. The closing technique is strong as it offers specific times for a follow-up, which adds urgency and gives the prospect options. Overall, the communication is informal and friendly, which is appropriate for the mutual funds industry, but it needs more focus and clarity in delivering the message.
Suggested improvements include: 1) Streamlining the response to reduce redundancy; 2) Enhancing clarity around why higher fees may lead to better returns; 3) Being careful about minor grammatical errors (e.g., "a and return?"). Overall, this response demonstrates a solid foundation but requires refinement to maximize effectiveness.
3.
6
/ 10Question:
"I have a longstanding relationship with my current advisor; why should I consider switching to your funds?"
Answer:
I can appreciate this as I have many clients that have been with me for 14 years. Tell me what do you like most about your current advisor? Do you have a wish list of services that you are not currently getting? My current clients are all made up of individuals that ended up switching to me. My suggestion would be we focus on your financial plan. I will provide you 3 complementary reports. The first will show in detail the strength of your financial situation. The 2nd will run risk analysis across your current investments to make sure you are knowledgeable about how your invested, but most importantly that you are comfortable. The third report with provide my recommendation and it will do a cost/return comparison with your current investments. If my firms solution for you shows a return expense advantage are you willing to try my service?
Feedback:
The response acknowledges the client's loyalty to their current advisor, which is a good start in affirming their perspective. However, it could benefit from a more tailored approach to connect emotionally with the client. While the questions asked are effective for discovery, the transition to offering reports feels a bit abrupt and lacks a strong emotional connection or storytelling element that could engage the client further. Additionally, the closing question about trying the service could be more powerful if it focused on the value the client would gain rather than just cost/return. Overall, the response demonstrates curiosity and a solution-focused approach but could improve in building rapport and emotional engagement.
Strengths: Acknowledges the client's relationship, asks good exploratory questions, offers valuable analysis reports.
Weaknesses: Lack of emotional connection, abrupt transition to reports, and a somewhat transactional close.
Score: 6
4.
6
/ 10Question:
"I'm concerned about the reliability of your support services if I need assistance after investing."
Answer:
This is a valid point. Tell me have you had other firms that have not been able to support you? What type of support would benefit you the most? My team is set to support you on all levels. We are a wealth management team. We are available 24/7 for general questions. I and my complanner are a team. We keep office hours Monday through Friday. You can reach us on our 800 number and you will have my calendar link as well as my complanners. We want you to be happy. I had a gentleman last year who had the same concern. We have met 4 times this year and he told me recently he is so glad he went with me. Would it be helpful to start with a small investment now so you can see for yourself how strong my service is without making a big commitment?
Feedback:
The response does a decent job of addressing the concern about support services, but it lacks some effectiveness and clarity. Asking about past experiences with other firms is a good approach to uncover more about the prospect's concerns, but it could have been more tightly connected to the reliability of your own services. While you do mention the availability of support, the explanation could be more concise to enhance clarity. The transition to proposing a small investment is a good closing technique, giving the prospect a low-risk option to experience your services. However, you could improve by adding more solid evidence of your support services, such as specific examples or testimonials rather than just one anecdote. Overall, there is a collaborative tone, but it could benefit from a bit more confidence in your service reliability.
Score: 6/10
5.
7
/ 10Question:
"What guarantees do you have that my investment will perform better than other options available in the market?"
Answer:
This is a valid concern. It sounds like performance is important to you. Would you say you are primarily concerned about performance or is risk also a concern? We would always want to make sure you are comfortable with both the return and the risk. My job would always be to share with you how we are performing as well as how other investments are doing too? I do have some comparisons from my firm with some alternatives. You can see historicaly we do outperform. Is it helpful for you to see how we perform against alternatives? I had a client just last year who had your same concern and they are so happy they went with us. He told me he is getting 3% higher return this year with my firm. My promise to you is we will always guarantee we will do our best to make your money works as hard as possible for you. When would you like to get started?
Feedback:
The response effectively addresses the concern by acknowledging the validity of the prospect's question and engaging them in a dialogue about performance and risk. The salesperson displays curiosity and discovery by asking whether the prospect is more concerned about performance or risk, which is a good move to understand their priorities better. Additionally, it introduces the concept of comparing performance with alternatives, which adds a solution-focused approach. However, the response could have been strengthened by providing more concrete evidence or metrics to back up the claims of historical performance, as well as a more structured closing technique rather than a direct question about when to start. Overall, the tone is appropriate for the mutual funds industry, but it lacks a bit of assertiveness in closing the deal. A score of 7 reflects the strengths in engagement and exploration of value, but also points out areas for improvement in evidence and closing effectiveness.
6.
7
/ 10Question:
"I need to discuss this with my financial advisor first; do you have any resources to help with that conversation?"
Answer:
I think that is a good idea. What is it that you value most about your financial advisors opinion? The enclosed packed I mailed to you gives the specific funds we are recommending for you it also outlines the returns and the expenses. Do you have anything in particular that is important to you that I should know about when buying funds? If our recommendation makes sense to you and your advisor would you like to get started this month or next?
Feedback:
The response addresses the prospect's concern by acknowledging the need to consult their financial advisor, which shows active listening. However, it could improve by providing more resources or information that would specifically aid in that conversation. The question about what the prospect values in their advisor's opinion is a good way to explore their priorities. The closing question about getting started could be more effective if it followed a clearer articulation of the value and benefits of the recommended funds. Overall, the tone is appropriate for the industry, but the response lacks a bit of clarity and depth in exploring value. A more solution-focused approach with additional resources would enhance the quality of the response.
7.
4
/ 10Question:
"How quickly can I expect to see significant returns on my investment with your mutual funds?"
Answer:
I can see your excited to get started and I can appreciate that. What has you most excited about the funds I am showing you? We definitely want to profide you with significant returns. What do you consider to be a significant return? I am actually able to prefill an application right now. If you have about 5 minutes I can complete right now. Next, we will need for you to electronically sign on your end. I can email this to you and we can meet again either 1 pm on Wednesday or Friday at 9 am? Once we're rolling with your investment those significant returns will be our goal for you.
Feedback:
The response starts off positively by acknowledging the prospect's excitement, which is a good way to build rapport. However, it misses the mark in addressing the specific objection regarding the timeline for seeing significant returns. Instead of directly answering the question, it veers into asking about the prospect's excitement and what they define as significant returns. This could lead to confusion rather than clarity. The closing attempt is somewhat effective with the offer to complete the application, but it lacks urgency or a strong call to action related to the initial concern. There is no exploration of the investment's potential or the market context that could impact returns. Overall, while the response has some strengths in engagement, it needs more focus on the objection and clarity in communication.
8.
6
/ 10Question:
"I worry about the potential risks involved; how do your funds mitigate those risks?"
Answer:
I understand and can appreciate your concern with risks. Are there any specific risks that you want to share with me. My firm has a history of solid risk return results. We achieve this by understanding the risk return relationship in every investment we recommend. The key is to monitor risk every single day. The markets change and the risks change and my fund manages change our investments to mitigate the risks. Is this the type of service you are looking for? I would share there were some funds that had been good, but recently experienced changes in the risk level and my managers took action and those funds are back on target and the added risks were mitigated. Given our focus on risk and return do we sound like the type of firm that you could see yourself investing with?
Feedback:
The response effectively acknowledges the prospect's concern about risks, which is a good start. However, it could benefit from a more structured approach. Asking about specific risks is a good inquiry, but it could be more engaging and empathetic. For instance, sharing a specific example of how your firm has successfully mitigated risks in the past could enhance credibility. Additionally, the closing question could be stronger; instead of asking if they see themselves investing, consider a more direct approach to guide them towards the next step. Overall, the tone is appropriate for the mutual funds industry, but the response lacks a bit of clarity and focus in addressing the objection more thoroughly.
Score: 6
9.
7
/ 10Question:
"Our company is currently focused on other investments; how can your mutual funds align with our strategic goals?"
Answer:
We can appreciate that you currently have another focus. I would like to hear more about your strategic goals. Can you share with me a timeline for your goals? We had a very similar case as yours last year. My firm ran analysis of their firms goals and we were able to show exactly how implementing our solutions would speed the time for the goals completion by 10%. I would mention you don't have to abandon your current investments to work with us. We can be brought on with your current investments and we can seek to complement your strategic goals as to get them achieved 10% sooner. If we can help you achieve your goals sooner how soon can you bring us on to complement your strategic goals?
Feedback:
The response effectively acknowledges the prospect's current focus and invites them to share more about their strategic goals, which demonstrates curiosity and a discovery mindset. However, it could benefit from a clearer alignment between the mutual funds offered and the prospect's specific goals. The mention of a similar case adds credibility but could be strengthened by more detailed value exploration, such as specific benefits of the mutual funds. The closing question is somewhat assumptive; instead, it could be framed to invite a discussion rather than presuming a timeline. Overall, the tone is appropriate, but the response lacks a bit of depth in connecting the mutual funds to the prospect's needs.
Score: 7
10.
7
/ 10Question:
"With so many options available, what makes your mutual funds stand out in terms of quality and value?"
Answer:
This is a great question and we do standout from a completion. When you think about quality and value what makes these attributes so important to you? We are currently the oldest mutual fund company in the United States. We have had the highest returns in 7 mutual fund categories for the last 30 years. My internal research team has more CFA's than any firm in my industry. We can tell you that not only does my firm provide you a strong quality based on years in business and in-house expertise, but we also are considered a leader in low cost mutual funds and have 2nd lowest cost offering in the industry. It has been our history to provide excellent returns at a low cost. Doesn't it make sense to get some new accounts opened so you can enjoy the quality and value of our offering? I do have some time today right now or this Friday at 9 am. Which would work better for you?
Feedback:
The response effectively addresses the objection by highlighting the firm's longevity, expertise, and performance in the mutual fund industry. It begins with a thoughtful question to understand the prospect's priorities, which demonstrates curiosity and discovery. The mention of having the highest returns in multiple categories and a strong internal research team adds credibility and value exploration. However, the closing could have been more aligned with the prospect's needs rather than jumping to scheduling a meeting. A more consultative approach could have further explored the prospect's pain points or specific needs before pushing for an appointment. Overall, it shows a good understanding of the prospect's concerns but could improve in collaborative engagement and a softer closing technique.