When you meet a prospect for the first time, do you immediately launch into your presentation before learning about the prospect's needs? Let's hope not. If your pitch does not address the specific issues and concerns of the prospect, you have given him no compelling reason to become a client.

Certainly it is important for prospects to see how your services can provide the promise of a better tomorrow and a secure retirement. You do need to be able to quickly establish your credentials. But you don't want to do all the talking or give away too much free advice, either at an initial consultation or at a seminar. You need to make them want to come back for specific solutions to their situations.

In that spirit, here are five tangible steps to convert those leads into satisfied clients.

  1. Make contact. The first time you make contact with a prospect, ask a lot of questions and really listen to the answers. Then, offer something for free: a guidebook, an assessment quiz, a checklist, an online resource or a class. Make sure it's something that addresses an issue of concern to the prospect. Make sure your gift is something of real value, not just a sales pitch in disguise. Then, go ahead and ask for a meeting, but make sure it's in the context of helping the prospect address a specific issue.
  2. Refine your follow-up. You've had your first meeting and made your presentation. The prospect seems interested but is hesitant to pull the trigger. This is certainly not the time to give up. Instead, schedule some non-aggressive meetings to build your relationship. Show the prospect you are really interested in helping them and not just trying to make a sale.
  3. Be consistent and persistent. Ideally, an initial meeting leads to a second meeting when you present your solutions. Then, at the second or third meeting, paperwork is signed and the plan is implemented. But landing a new client doesn't always happen by the book. It takes many prospects longer to become comfortable with your plan, so give them that chance. Reach out to them regularly with an attitude of gentle caring so that they can learn to trust you.
  4. Target your leads wisely. Don't work your fingers to the bone trying to convert every last lead to a client. Sometimes it's better to move on rather than try to fit a square peg into a round hole. Try to see only those prospects who want to see you. You will have a much greater conversion rate if you approach willing prospects.
  5. Follow-up effectively. Not all advisors can afford to be that particular, though, and most need to convert as many leads as possible to get to where they want to be. For these advisors, not following up properly is like throwing away the time, effort and money spent to collect those leads. So follow up and give the lead a reason to do business with you instead of someone else.

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