Financial Planning
Sales Assessment Results
64
Developing Closer
10 questions
Maximum score: 100
Completed in
Let’s cut to the chase: your performance is solid but lacks the sparkle that turns good into great. You’ve shown some commendable strengths in solution-focused selling and establishing credibility through case studies and expertise. However, there’s a consistent trend of needing more curiosity and depth in your conversations. Pushing for answers without fully exploring the prospect's perspectives is holding you back. You often jump into solutions too quickly instead of digging deeper into their needs.
I recommend you dive into SPIN Selling and consultative techniques. Mastering these will help you ask the right questions and truly understand your prospects’ pain points. Remember, it’s not just about closing; it’s about connecting.
Here’s your coaching moment: think of every sales conversation as a journey. You need to explore the landscape before presenting the destination. A deeper inquiry will not only build rapport but lead to more meaningful engagements and higher conversions. So, slow down, listen more, and watch your results soar!
Question Breakdown
1.
6
/ 10Question:
"We've been using a different financial planning service for years, so I'm not sure if switching is worth the hassle."
Answer:
I can see your hesitation to speak. If your like many clients you have probably become comfortable in what your doing. Many folks once they get comfortable there is no one to challenge if your money is working as hard as it can. My wealth management team leads with complementary evaluation. Our analysis software will look at taxes, investment risk and cost. We will then present you with our findings. If our findings show opportunities for great improvement would you be willing to make some changes to your service provider.
Feedback:
The response effectively acknowledges the prospect's hesitation and attempts to build rapport by empathizing with their comfort level. However, it could benefit from a more structured approach to address the objection directly. The mention of a complementary evaluation is a good strategy, aligning with the consultative selling approach. However, the communication could be clearer and more concise. It would help to explicitly outline the value of the findings and how they could directly impact the prospect's financial health, which would enhance the value exploration aspect. Additionally, asking a more open-ended question about their current service provider could encourage further discovery. Overall, it's a decent attempt but lacks some clarity and depth in exploring the prospect's needs and concerns.
2.
7
/ 10Question:
"Your pricing seems higher than some other firms I've looked into; can you explain the added value we would get?"
Answer:
I see. It is so easy to lean towards a low cost leader. Our firm focuses on your goals. We provide you with a expertise in taxes, risk management and estate planning. Our clients are very happy with the value they receive. We are not a low cost leader, but we are a powerful delivery of professional execution that take your goals and specific situation into account. If we wow you after our initial meeting when would you like to get started?
Feedback:
The response effectively addresses the pricing objection by emphasizing the firm's focus on client goals and the expertise offered in key areas like taxes, risk management, and estate planning. However, it could benefit from a more structured approach, perhaps by using the SPIN Selling technique to ask clarifying questions about the prospect's specific needs and expectations. The tone is professional, although it could be more conversational to enhance rapport. The closing statement is somewhat assumptive and could be softened to invite further discussion rather than pushing for a commitment immediately. Overall, it demonstrates a solution-focused approach but lacks some curiosity and discovery elements.
To improve, consider elaborating on the unique value proposition and how it specifically addresses the prospect's concerns. Asking a question to explore their perceived value of lower-cost options would also help deepen the conversation.
3.
6
/ 10Question:
"I have some concerns about how your plans align with our current budget constraints and future financial goals."
Answer:
You budget concerns would be at the forefront of what we want to accomplish for you. I can present you today with some white papers and specific case studies that demonstrates that not only do we meet clients budgets, but we historicaly deliver more cash flow so your working then with a surplus and still working within your budget. Once we demonstrate this for you how soon can we get started?
Feedback:
The response effectively addresses the concern regarding budget constraints by prioritizing the client's budget as a key focus. However, it could be further improved by incorporating more curiosity and discovery—asking specific questions about their budget limits and future financial goals would show deeper engagement and understanding. The mention of white papers and case studies can add credibility but would benefit from a more personalized touch, perhaps by referencing similar clients or situations. The closing question is good, but it assumes agreement rather than exploring the client's readiness to engage further. Overall, while the response shows promise, it lacks some depth in terms of exploration and connection.
Score: 6
4.
7
/ 10Question:
"With so many financial planning options available, what makes your service stand out from the competition?"
Answer:
I imagine for a client it would seem like all firms are the same. My firm is in the top 5% nationally. Our firm manages 500 Billion in assets. Our analyst team includes 100 CFA's, 75 CFP's and 35 CPA's. We also have a full legal staff with 10 attorneys. I want you to know that your wealth management team will be comprised of our in-house expertise. You can see not all firms are created equally. If our proposed plan meets your approval how soon could you get started?
Feedback:
The response successfully addresses the objection by highlighting the firm's impressive credentials, which is effective in establishing credibility and differentiating from competitors. However, it leans heavily on quantitative data without sufficiently exploring the prospect's specific concerns or needs, which is critical in consultative selling. It would benefit from asking a few probing questions to uncover what the prospect values most in a financial planning service. The closing technique used is an assumptive close, which can be effective but may come off as slightly rushed given the context. A more collaborative approach inviting the prospect to share their thoughts before diving into commitments would enhance rapport. Overall, the communication is clear and professional, but it lacks a deeper engagement with the prospect's perspective.
Score: 7
5.
6
/ 10Question:
"We're currently focused on another project that takes priority over investing in new financial planning services right now."
Answer:
I see. I imagine that project is important to you. You had filled out some goals in my questionnaire. I reviewed those questions before our call today. You had mentioned concerns about estate planning. You mentioned your parents did no planning and you were literally fighting with probate for 3 years and there are still assets stuck in the courts. You detailed that the last 3 years you have lost money in your investments even the capital markets had been on the rise. Lastly, you indicated that you have a disabled child and that you have made no special financial plans if something were to happen to you and your wife. Let's just pick one of these pressing items. I imagine you would feel better focusing on at least one of these while still being able to focus on your current project.
Feedback:
The response effectively acknowledges the importance of the prospect's current project, which is a good start. However, while it does touch on the prospect's previous concerns, it could benefit from a more structured approach using SPIN or consultative selling techniques to further explore the implications of their current focus. Instead of simply listing their past concerns, asking open-ended questions to delve deeper could help uncover urgency or a desire to address at least one issue. The closing technique could have been stronger by explicitly inviting the prospect to discuss just one issue rather than suggesting it as an option. Overall, the response shows good intent but lacks some finesse in engaging the prospect and guiding them toward a solution.
Score: 6
6.
8
/ 10Question:
"Can you provide evidence that your strategies will yield real, measurable results for our company?"
Answer:
This is why I brought white paper case studies. I brought 3 today specific in your industry that demonstrate
our process, our solutions and the ROI for our customers. I have more, but wanted to just focus on these 3 today. After, we discuss these if these case studies provide you comfort when would you want to get started with your goals?
Feedback:
The response effectively addresses the objection by referencing white paper case studies that provide evidence of measurable results, which is crucial in the financial planning industry. The salesperson maintains a clear and professional tone while demonstrating preparedness and relevance to the client's needs. They also employ a closing technique by asking when the prospect would like to start, which is appropriate in this context. However, the response could benefit from a bit more curiosity and discovery by asking a follow-up question to gauge the prospect's specific concerns about the case studies or their goals. Overall, this response is strong but has room for improvement in engaging the prospect further and exploring their needs more deeply.
7.
7
/ 10Question:
"I need more time to review the financial implications before making a decision like this."
Answer:
I see. I definitely want you to feel comfortable. We had discussed that you have 5 goals. I asked on a scale of 1 to 10 how important was it to you and your family to accomplish these goals. 1 was not that important and 7 plus meaning these are pressing items and must be done in a timely manner. Out of your 5 goals 3 of yours came in at 8. The scale is tipping toward you starting soon. My firm is ready Monday to tackle those 8's.
Feedback:
The response effectively acknowledges the prospect's need for more time while also reminding them of the urgency of their goals. By referencing the scale of importance, the salesperson highlights the pressing nature of the prospect's objectives, which aligns with urgency and value exploration. However, the closing technique could be stronger; instead of simply stating that the firm is ready, it would be more effective to ask a question that prompts the prospect to consider a timeline or next step. Overall, the tone is supportive, but a little more curiosity and discovery could enhance engagement.
To improve, consider asking open-ended questions about their review process or any specific concerns they have regarding the implications. This would demonstrate active listening and a collaborative approach.
8.
5
/ 10Question:
"How do you handle cases where a financial plan doesn’t meet expectations or needs significant adjustments?"
Answer:
That's a real good question. It happens and we are honest with our clients. We are also very creative. Many financial planner think age 60 to 80 is exactly the same spending budget. This actually isn't true for most people. If we all step back and help you prioritize spending from 60 to 70. Then consider adjusting 70 to 80 we find we can help our clients achieve success. It sometimes takes a little common sense and out of box thinking. If we can demonstrate that to you when would you like to get started?
Feedback:
The response acknowledges the objection effectively by addressing the reality of financial planning adjustments, which is a good start. However, the communication could be clearer and more structured. The mention of creativity and common sense is positive, but it could benefit from more specific examples of how adjustments have been successfully made for past clients. The closing question is a bit abrupt; it would be more effective to first ensure the prospect feels understood and that their concerns have been fully addressed before asking when they would like to get started. Overall, while there's an attempt to explore solutions, the lack of a deeper inquiry into the prospect's specific situation and an organized response diminishes effectiveness. Engagement and rapport-building could also be improved.
Score: 5/10
9.
5
/ 10Question:
"My team is hesitant to change financial advisors; how do you ensure a smooth transition without disrupting our operations?"
Answer:
My analyst team will do a thorough change management evaluation. We will present you with our findings. If our analysis is agreeable when can you start?
Feedback:
The response addresses the concern about transitioning financial advisors by mentioning a thorough change management evaluation, which is a good start. However, it lacks depth in addressing the emotional aspect of change resistance. The salesperson could have explored the prospect's specific hesitations and concerns further, showing curiosity and active listening. The closing question about when they can start feels a bit abrupt and may come off as pushy without first building rapport or discussing the implications of the change. Overall, it could benefit from a more collaborative tone and deeper engagement with the prospect's perspective.
10.
7
/ 10Question:
"What support will you provide after implementation to ensure we’re on the right track?"
Answer:
My wealth management team meets quarterly with each client. We have a written financial plan specifically for you. We manage your plan to target. Each quarterly meeting we will review your plan and measure target to results. If the results are on target no changes needed. If plan is off target we will present options to bring plan back to target. Does this sound like the type of wealth management you have been looking for?
Feedback:
The response effectively addresses the concern by outlining the ongoing support provided after implementation, which is crucial in financial planning. The mention of quarterly meetings and a written financial plan demonstrates a structured approach, ensuring the prospect feels supported. However, the tone could be slightly more inviting and less transactional. Additionally, the closing question is good for gauging interest, but it could be more open-ended to invite further discussion. Overall, the response shows a solution-focused approach with an emphasis on active management, but it could benefit from a bit more curiosity and engagement with the prospect's specific needs.
Score: 7