06 Jun 2019

Top 5 tips for financial advisors to increase case size

1. Increase meet up ratio

There is a limit to how many appointments financial advisors can schedule in a week. It is significant to increase the actual meet up ratio so that you can work more than waiting for prospects’ replies. The more appointments you have can lead to lower closing ratio. In order to increase the closing ratio, you need to shorten the processing time.

Mr. Yeo, a financial advisor and user of Synchestra, will ask his clients for their referrals, and he will text them with his professional profile with Synchestra. This has helped in the process of increasing case size.

2. Remind prospects in a timely manner before the scheduled appointment

Instead of reminding prospects a day before the scheduled appointment, inform them about the scheduled appointment two or three days before. This is because people might forget about the appointment and make other plans if you only remind them a day before.

You should call and text them to remind them about the appointment. Hours after a phone conversation, details about the appointment tend to slip away. With SMS, there is a readily available transcript of the phone call. By texting prospects after the phone call, they are able to check the appointment details. A reminder call is additionally a rapport building call, it helps you to foster a relationship between financial advisors and their prospects.

3. Use the lead magnet tools by Synchestra

Synchestra provides financial advisors and insurance agents with lead magnet tools, such as the e-book written by PPP Academy. When reminding your prospects on the appointment, you can offer him a free copy of the e-book which contains updated news on how to distinguish between real investments and scams. This is a technique of reciprocation. The prospect will likely reciprocate your kindness and gives him another reason to meet up with you.

4. Have back-to-back appointments to increase case size

The first way to make sure you have back-to-back appointments is to have clients meet you in your office. In this way, you can spend less time traveling.

Next, you can consider doing double-booking. Usually, you want to spend one and a half hours with each client and half hours of buffer time. You can do double-booking by packing two prospects in the span of two hours. If one of the two prospects cancels on you, you are able to meet up with the other prospect. In the case where both prospects are able to make it, you can postpone the appointment instead of the prospect cancelling on you.

5. Draft out solutions on the first appointment

After knowing the budget of your prospect on the first appointment, you can draft out a solution for them. So that on the second appointment, clients can ask questions and decide whether to purchase. This is suitable when closing a deal with single individuals or young couples opting for basic plans.

However, for mass affluent who are in their forties and have children, there are multiple cases and require several appointments before closing. Hence, to increase the closing ratio, you should do segregation. For example, close wealth accumulation first as there is no underwriting.

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