How to Sell Financial Services

how to sell financial services

Today’s competitive landscape is challenging, especially for those in the wealth management sector or selling financial services. Buyers have more data available to them and they can buy their investment products anywhere. Relationships alone used to be enough for an agent selling financial planning services, but not anymore. Now agents need to harness social media to build awareness and trust while also creating an effective referral business strategy.

Here are SOCO we’ve trained 10s of thousands of financial services agents around the world so we understand it’s crucial to revise and reform your growth strategies to sustain your business in the long-term. In this article we share the financial services sales techniques advisors need to use to grow their sales in 2021 and beyond.

Also read:

7 Way to Increase Financial Services Sales

1. Cross Sell Financial Services

People love doing business with people they know, like and trust. For this reason, financial planning advisors need to be leveraging this as a growth strategy. You already have a pool of people that like doing business with you, find out what else they need that you can provide. Do they know ALL of the services you offer? There’s a good chance they don’t. And even if you’ve mentioned your entire roster of products in the past, things change. Your clients might be in a different place now and might actually need those or products or services they didn’t think they needed in the past. When it comes to cross-selling financial services, fully understand the needs of your customer, then suggest the appropriate products based on their situation.

2. Ask for Referrals

While, you’re reconnecting with your past customer, ask them, “Do you know anyone that could benefit from my services?” Sometimes all you need to do is to ask to prompt your customers to think of their friends or relatives that could benefit from what you offer. Even if they don’t have anyone in mind now, by you asking, you can be sure in the future they’ll be thinking of who they know that might your services. Especially if you’ve delivered exceptional customer service to them in the past.

3. Engage The Next Generation

Wealth management and financial planning usually extends to the children of your clients. Naturally, they will want to plan specific objectives or resources for their children to benefit from later on in life. Therefore, it makes sense for advisors to focus on being able to help all members in the family and build life-long relationships.

4. Embrace Social Selling to Sell More Financial Services

When financial services agents embrace social selling, they can use social networks to reach more people than word of mouth marketing ever would. Share valuable content relating to your services on your social profiles. Don’t share sales pages, instead share news about success stories, or when appropriate failures that would have been avoided had they used your services.

When agents post consistently with valuable content, they stay top of mind with their customers, demonstrate their expertise on the subject and maximise their potential for repeat and referral business.

Check out our Social Selling course for more details on how to effectively use social media to sell your services.

5. Focus on High Net-Worth Clients | Financial Services Sales

Think about it; it takes the same amount of effort to win low-ticket clients as it does high-ticket clients. So why wouldn’t you focus the majority of your efforts on the latter? Consequently, advisors who adopt this growth strategy find that they can scale their business faster than if they had a diverse set of clients.

6. Master Consultative Selling

Consultative sales professionals know to ask questions before suggesting the solution. The same rule applies when selling financial services. Just as a doctor, wouldn’t take 1 look at you and prescribe a treatment, an agent shouldn’t do the same. Instead ask questions about their long term and short term goals, their financial situation, what they’re used in the past, what products they’re familiar with or not familiar with. As a Financial Service professional, you need to create a needs assessment, a list of diagnostic questions, to uncover the needs of your clients.

7. Differentiate from the Competition

With so many banks, insurance companies and financial services available today, one of the keys to selling financial services is differentiating from the competition. You need to know why you’re better and different from the competition. I highly recommend completing our Competitor Analysis Worksheet which will help you identify who your top competitors are and how they positions themselves, so you can identify how to position yourself and your company to stand apart from the competition.

Financial Services Sales Training with SOCO

Whether you’re looking for financial services sales training for yourself or your company SOCO can help. We’ve trained 10s of thousands of financial services agents around the world for many of the top companies and can help you too. For our on-demand e-learning to get certified in SOCO Selling, check out our Sales Accelerator program that expands upon many of the skills shared here. To train your team, reach out to one of our program advisors who will be happy to discuss different training options with you.

Get Certified in SOCO Selling

Sales is a skill that needs to be learnt, practised and mastered. In the Sales Accelerator pack, we include the skills all sales professionals and small business owners need to be effective in sales, including our Selling Your Solution certification where you can learn to:

  • Confidently overcome objections
  • Master consultative selling fundamentals
  • Present your solution effectively
  • Sell based on the needs of your customer
  • Close without being pushy
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