The combination of a traditional sales mindset and industry developments—such as the rise of aggregators—can mean that advisors overlook the potential return of meeting a prospect who does not quickly become a client, especially in the life insurance and annuities space.
The volume of opportunity that can come with working an aggregator is a potential gold mine for advisors, and the industry is rightfully excited about the possibilities the rise of aggregators creates for sales and business growth. At the same time, when the volume of opportunities goes up, we become more likely to overlook the value of individual interactions, especially the ones that we do not quickly close.
(Related: 5 Ways to Win the Sale Before the Meeting)
One of our longtime advisor clients told us this story: He met with a prospect in one of the appointments we set for him, and though the meeting went well—the prospect was a fit, the dynamic was promising—the prospect ultimately chose to work with a much larger out of state firm.
Two and a half years later, the advisor was in town on other business and decided to drop in on the prospect. He didn’t have an appointment. He didn’t send an email ahead of time. He figured he would just pop in and say hello. When the advisor walked through the door, the prospect’s face went white. The prospect had the advisor’s card in his hand and was about to hand the card to his secretary to have a meeting scheduled.
That prospect turned into the largest sale the advisor had ever made.