Some leads become disengaged with the advice journey. These are the most common reasons why.
Unfortunately, even the most promising leads can sometimes fail to materialise. This can be frustrating when you’ve committed time, resources, and money to arrange an initial meeting.
In most cases, a lead going cold is outside your control. Most consumers disengage with advice during the early stages due to reasons that are unrelated to communication with an adviser.
At the same time, mistakes can and do happen, which can cause a prospective client to lose interest.
To find out more about why this occurs, we took the time to speak with matched leads who chose not to respond.
This article will give you a better understanding of what works and what doesn’t, so that you have the best chance of adding them to your client list.
1. Not speaking with who they expect
The first point of contact with a lead is critical. It’s the opportunity to build trust and rapport.
Consumers expect to speak to the they were matched with. Receiving a call from an unknown name erodes trust.
If you work in a firm where support staff help arrange your appointments, make sure your leads know. You could pre-empt this using your automated welcome message.
2. Getting too personal too soon
Leads can go cold if they feel you’re overstepping boundaries by not establishing trust and rapport before diving into further personal information.
Gathering personal information is essential for you to deliver suitable advice, but leads need to trust you before they’re comfortable sharing.
So, how can you get the information you need, quickly?
- Make sure your automated welcome message establishes trust. Find out how here.
- Reiterate your trust-building messages on the call with your lead. Uncover how to nail your sales pitch here.
- Provide context when asking for information – why do you need it and how does it help?
- If you can, distribute information gathering over multiple calls, delaying more sensitive information until a later meeting.
3. Being overly informal
The growth of messaging apps such as WhatsApp enables us to share information quicker and easier than ever before.
However, when it comes to commercial dealings, consumers say the informal feel of WhatsApp can be off-putting.
When you first get in touch with a lead, you need to establish trust before using more informal communication methods. Stick to phone and email to start with – your first meeting may even be a video call.
Many customers may be happy to communicate on WhatsApp once you’ve established a relationship with them.
4. Lack of transparency
For many leads, this will be their first time working with an adviser. It can be scary trusting your wealth to someone you’ve never met – whether it’s your pension pot or first mortgage.
Be clear about your services, any limitations you have, and the fee structure. Have examples to illustrate what this might look like.
5. Not the right contact cadence
Contacting your lead is crucial, but getting the cadence right can make or break whether they engage.
Relentless contact attempts can make customers feel pressured, putting them off the advice journey. However, we know that a measured approach that includes multiple touchpoints can help you lock in your first meeting.
The key is to strike a balance and use a professional tone that will establish trust. This approach helps build your relationship and ensures that clients feel valued rather than overwhelmed.