One-seat closing is a technique some financial advisors use to close deals during a first meeting. While effective in some scenarios, such as when the client is ready to purchase or is a close relative or a friend, it may not be suited for more complex financial advising.
Financial decisions are rarely simple or impulsive. They involve complicated products, long-term implications and a deep understanding of individual risk tolerance. A rushed approach prioritizes quick wins over fostering the trust and rapport necessary for lasting client relationships.
Comprehensive planning
Multiple meetings are a more thoughtful approach that allows financial advisors to educate clients on intricate financial products, thoroughly delve into their unique goals and aspirations, and carefully assess their comfort level with the risk that they’re taking.
This comprehensive understanding is essential for crafting personalized financial plans that align with each client’s needs and circumstances. Instead of a one-seat closing, a series of meaningful conversations empowers the financial advisor to act as a partner, guiding clients through complex financial concepts and addressing client concerns as well.
Building relationships
Usually, the first meeting is an introduction. If there’s no relationship yet or borrowed trust from a referrer, this first meeting is critical. It is when the two parties decide whether they can partner for the client’s financial objectives. Fact-finding happens in this meeting too, where the advisor gets to know the needs of the client.
In the first meeting, the client should talk more than the advisor. If the advisor finds himself talking more, then that’s product pushing, not financial advising.
This is followed by a meeting where the advisor presents two or three solutions to the client. The advisor asks which one of the options addresses their client’s needs and allows the client to choose.
Ultimately, this comprehensive approach leads to more meaningful and enduring financial relationships, where clients feel confident in their financial futures and advisors find fulfillment in helping them achieve their dreams.
Godofredo Batas Peteza III is a seven-year-MDRT member from Taguig City, Philippines.
For more tips to assist with closing, watch this MDRT member-exclusive content:
- “A cross to close”
- “Simple ideas that close big cases” (Available in four languages)
