Selling Financial Services – 5 x Powerful Tips

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selling financial services

Selling Financial Services – 5 x Powerful Tips

Selling financial services can sometimes feel a bit harder than selling other product types.


Generally, when selling financial services, you’re selling the invisible; an intangible outcome products and results that’ll benefit them financially.


Compared to that of a physical product – people can see, hear or feel what they’re buying.


That’s why when selling financial services, you need to have a slightly different format and process to close more consistently.


In this article, you’ll learn the five important secrets to leverage when selling financial services, so that you can connect with your potential clients a lot deeper, consistently close more sales, and serve more people.


Learn more: How To Stop Winging It, And Learn Exactly How To Close Consistent Sales With Ease



Selling Financial Services – 5 x Powerful Tips



Selling Financial Services Tip #1 – Qualification Is Your Friend



The first secret to consistently selling financial services, is to ensure that you qualify correctly, and you meet with decision makers.


Many Sales Professionals and Business Owners that sell financial services, spend a lot of time having consultative sales conversations with people who are not decision makers, can’t afford their financial services, or don’t meet their ideal niche.


Qualifying early allows you to quickly identify whether or not they’ll be the right fit for your services, and that you maintain a process where you use your time, resources, money and energy effectively.


IBM initially came up with a concept called BANT; it’s an excellent acronym to help guide you when qualifying your potential clients. BANT stands for:


  • Budget
  • Authority
  • Need
  • Time frame


The budget is crucial to learn early, because you don’t want to spend hours meeting with potential clients who are shopping purely on price.


Authority is important as it’ll prevent the ‘I need to speak with’ sales objection from coming up later.


The need is self-explanatory – will they actually benefit from what you sell, and is there a real demand for it?


Finally – for your reputation and to avoid legal and budget ramifications, can you perform the services they need in the time frame they require it?


To learn how to qualify correctly when selling financial services, check out the linked article below.


Related article: Qualifying Sales Leads – A Step By Step Guide



Selling Financial Services Tip #2 – Positioning



Positioning yourself as a specialist and authority in your field is a must if you’re selling financial services.


When selling financial products and services; the competition will be rife!


For this reason, you need a unique angle when speaking with your potential clients, so they feel comfortable up front that they’re in the hands of a true Professional.


Most people who are selling financial services are seen as a commodity – they compete based on price.


The issue with this business model, is that if everyone is competing on price; you’re literally all in a race to the bottom of the barrel.


For that reason, if you’re selling financial services you need to master positioning yourself as a trusted authority.


There are various ways of doing this.


First – after you’ve qualified your potential client, let them know that you’ll be asking them a lot of questions, because you want to ensure you can in fact prescribe them a solution.


This eliminates the sales friction they’ll initially feel and removes the thought that you’re going to try and prematurely pitch them.


It also allows you to ask deep diving questions, which we’ll speak about shortly.


Secondly, it’s important to set expectations with your potential clients.


Let them know that it’s OK to say no if they’re not happy with your proposal, and that you’ll do the same if need be.


Furthermore; clarify that you’d like to openly talk about the opportunity of working together if they are in fact interested.


This removes two key objections from coming up later; the ‘I need to think about it’ objection, as well as the ‘I need to speak to’ objection.


To learn how to effectively position yourself as an authority when selling financial services, read the linked article below for more detail.


Further reading: Positioning In Sales – How To Sell Effectively



Tip #3 – Don’t Present Too Early



Another important secret when selling financial services, is not to sell and present too early.


The difference between Sales Professionals and Business Owners who close more clients consistently, is that they prescribe their services after they’ve had a deep dive sales conversation.


As a Financial Services Professional – you need to be doing the same.


Many Sales Professionals and Business Owners ruin their chances of closing the sale, by talking about their services before they have the right to do so.


As per our article in Entrepreneur, a lot of Salespeople think that they should pitch their idea, hope something sticks, and then ask for the sale.


The problem with this mindset, is that you’re approaching from a position of hope.


That’s desperate.


And your potential client knows this.


It positions you as a commodity, as it doesn’t align or speak to their desires or needs.


Instead, we recommend only presenting your solution when you have uncovered their pain points and asked enough questions to learn about their desires.



Selling Financial Services Tip #4 – Deep Dive Into Pain



Finding pain is very important when selling financial services, because as mentioned – best practice is to prescribe a solution rather than pitch it instead.


To find a need when selling financial services, you’ll first need to learn about their previous, current and future pain points.


People buy for two reasons – to avoid pain and move towards a desired state.


There are generally three levels of pain:


  • Technical issues
  • An impact on their business
  • What this means for them personally


Most Sales Professionals and Business Owners stay on the surface; they stay in the technical area.


The issue with this, is people make buying decisions emotionally – meaning they buy because of how it affects them personally.


Finding pain is crucial when selling financial services, because without identifying their pain points; you’ll be presenting a solution to something they’re not truly wanting to solve.


To learn how to find pain in a non-pushy way, read the linked article below.


Further reading: Pain Points & Sales – Your Ultimate Guide



Selling Financial Services Tip #5 – Ask The Right Questions



The most important part to master in the sales process if you’re selling financial services, is your ability to ask deep diving questions.


Asking the right questions will help you with the following:


  • Learning how they buy
  • Qualifying
  • Finding pain
  • Handling objections
  • Asking for the sale


There are open ended questions, tie down sales techniques, assumptive close questions, and many more.


Due to the sheer depth required to learn different question types, we highly recommend you read our article dedicated to asking probing questions. We’ve linked it directly below.


Further reading: Sales Probing Questions – 20 x To Ask Daily



Final Thoughts



Selling financial services can be a bit harder than physical products, because at times you can be selling the invisible and intangible.


These five secrets to selling financial services will help you win more sales, because you’ll better qualify, position yourself, and also get to the true reason as to why they want to buy change.


If you’re interested in learning how to sell more consistently, register for our 7 Day Sales Challenge here.



Want To Close Sales Easier?



Are you committed to closing sales a lot easier, and consistently?


If so, you should check out our self-paced and affordable online sales training program; The 5% Sales Blueprint.


It’ll give you everything you need to close sales consistently.


To learn more, simply click on the link below for more information.


Our Online Sales Training ProgramThe 5% Sales Blueprint.

Khabeer Rockley

Khabeer Rockley is a Sales & Business Trainer, and the Founder of The 5% Institute

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