Most advisors go for the close the same way every time. Maybe it works and that’s great. There are, however, different closing techniques to choose from.

Closing techniques are an important aspect of sales, and financial advisors are no exception. In the competitive world of finance, having the skills to close more deals can make a significant impact on a financial advisor’s success. Here are some of the most effective closing techniques that financial advisors can use to increase their sales.

  1. The Alternative closing – This technique involves presenting multiple options to clients and allowing them to choose the one that works best for them. This approach can help build trust and demonstrate the advisor’s expertise, as well as provide the client with a sense of control over the decision-making process.
  2. The Assumptive closing – When you assume that the client has already made a decision to buy, leaving you free to focus on finalizing the details of the sale. This approach can be effective in situations where the client is already interested in the product or service, but may need a little extra encouragement to take the next step.
  3. The Ben Franklin close – This technique involves presenting both the pros and cons of a decision and allows the client to weigh the options. This approach can be particularly useful for clients who are indecisive or need help making a decision.
  4. The Columbo close – This one involves asking questions that help the client identify their own reasons for making a decision. By asking open-ended questions, the financial advisor can encourage the client to think about the benefits of the product and come to their own conclusion about whether it is the right fit for them.
  5. The Direct close – This is a straightforward approach where the advisor directly asks for the sale. This technique can be effective when the client is ready to make a decision and the advisor has already effectively communicated the benefits of the product.
  6. The Fogging close – This technique involves focusing on the benefits the client will receive from making a purchase, rather than the features of the product. By emphasizing the positive outcomes that the client can expect, the advisor can create a compelling reason to make a purchase.
  7. The Scarcity closeThis technique involves creating a sense of urgency by emphasizing the limited availability of the product. By making the client aware that time is running out, the advisor can encourage them to take action and make a purchase.
  8. The Summary close – This final close is when you summarize the benefits of the product and directly ask for the sale. This technique can be effective in situations where the advisor has already effectively communicated the benefits of the product and the client is ready to make a decision.

It’s important to remember that these techniques are not a one-size-fits-all solution and that building a relationship with the client, understanding their needs and goals, and effectively communicating the benefits of the product are equally important for success.

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THE BOTTOM LINE:

Effective closing techniques are an important part of the sales process for financial advisors. By using a combination of these techniques, advisors can increase their chances of closing more deals and achieving greater success in their careers.