So what’s the big deal about being fast?
For financial advisors, the stats on paid lead conversions are impressive, but still lagging. Most paid lead network members actually report getting more client leads than they can follow up on quickly enough to close. We talked to over 150 financial advisors and got a look at how this works. The single most reported grievance by far is that, before the financial advisor can get back to the lead, someone else already has.
So what? Doesn’t the lead want to hear back from more than one advisor before they make their decision? Actually, research shows that in almost 80% of the cases, the first advisor to respond converts the lead before anyone else gets a word in. The evidence overwhelmingly suggests that speed is the ally of the financial advisor. That’s just how it works, and there’s no denying it. We heard a range of speculation about why this is the case.
There were three major considerations that dominated the discussions. First, as Yogi Berra was adored for saying, “It’s tough to make predictions – especially about the future”. All financial advisors are careful to avoid implying guaranteed returns, and with an uncertain future, clients instinctively understand that digging deep into comparing the performances of prospective advisors could be quite a goose chase for the amount of required effort. These leads are seeking advisors precisely because they do not want to evaluate and choose between options on their own. That leads us to the second consideration: most leads find asset management intimidating and want to offload responsibility as quickly as possible. The only feeling worse than fear of missing out is remorse after a bad bet. How to avoid both? Well, that’s where the financial advisor comes in. The prospect of having someone else with years of experience calling the shots and creating your wealth for you spells instant relief. And now we arrive at consideration number three: Why did the lead sign up to have their info shared with advisors to begin with? It’s because they already made up their minds. Someone else already convinced them. They’re going to pay attention to those scary and neglected finances, even if just for the few minutes it takes to hand over the reins. They don’t pick up the call from the first responding financial advisor wondering if they might rather not make the commitment after all. As far as they’re concerned, they’re getting a call back from the network that has already earned their trust and inspired them with a call to action. They don’t need to be sold as much as onboarded.
Ok, so do you want to boost the speed of your responses to new leads? Well, speaking of onboarding, how about trying out Deft Sales and instantly connect with new leads automatically and authentically? Adding that single step will create a step change in your conversions. Book a 5-minute demo here.