Trending
Most advisors don’t know their exact conversion rate. When asked, they’ll say things like, “I think it’s around 30%,” or, “It depends on the month.”
But here’s the truth: if you’re not converting at least 75% of your conversations into clients, it’s time to revisit your approach.
Why?
Because in a low-volume, high-margin business, every lost prospect represents a significant missed opportunity.
Think about it this way: if one client is worth $10,000 annually and stays with you for ten years, losing just one prospect costs you $100,000.
Now multiply that by the number of prospects you’re losing each month.
The numbers add up quickly, don’t they?
But here’s the thing: the problem isn’t your prospects.
It’s not that they’re “not ready” or “not the right fit.”
The problem lies in your approach.
Are you truly staying in their world during your conversations?
Or are you unknowingly pulling them into yours?
Most advisors make the mistake of focusing on their own agenda.
They’re eager to showcase their expertise, explain their solutions, and prove their value.
But this approach creates friction.
It makes prospects feel like they’re being sold to, which triggers resistance.
And resistance is the number one reason prospects don’t convert.
So, how do you eliminate resistance and increase your conversion rate?
It starts with a mindset shift.
Instead of thinking about how to sell, focus on how to create trust.
Trust isn’t built by showcasing your value, it’s built by staying in their world.
This means letting go of your agenda and focusing entirely on understanding their situation.
Ask yourself:
What’s really going on in their world?
What challenges are they facing that they might not even fully understand themselves?
And how can you create a space where they feel safe enough to open up?
The key is to approach the conversation with genuine curiosity.
For example, instead of starting with, “Let me tell you how I can help,” try asking, “Would you be open to sharing what’s been your biggest challenge in this area so far?”
This shifts the focus from you to them.
And when the focus is on them, something remarkable happens.
They feel heard, understood, and valued.
But here’s the catch: you can’t just ask questions, you have to listen deeply.
This means not just hearing their words, but understanding the emotions behind them.
For instance, if they share a challenge, don’t immediately jump in with a solution.
Instead, say something like, “That sounds frustrating. Can you tell me more about how that’s impacting you?”
This shows that you’re not just trying to solve their problem, but truly understanding it.
And when they feel understood, they’ll naturally start to trust you.
Another critical element of increasing your conversion rate is removing pressure from the conversation.
Most advisors unknowingly create invisible pressure by trying to steer the discussion toward a close.
But trust can’t grow in the presence of pressure.
So, let go of your agenda.
Your only goal in that first conversation should be to uncover the truth about their situation and determine if you’re the right fit to help them.
This might mean walking away if it’s not a good match, and that’s okay.
Because when you prioritize trust over the sale, you create a dynamic where prospects feel safe enough to make a decision without hesitation.
And often, that decision happens much faster than you’d expect.
Finally, remember that your conversion rate is a direct reflection of how well you’re staying in their world.
If you’re not converting at least 75% of your conversations into clients, it’s a sign that you’re not fully connecting with your prospects.
But the good news is, this is something you can change.
By shifting your focus from selling to building trust, you’ll not only increase your conversion rate, but you’ll also create a better experience for your prospects.
And the best part?
You’ll no longer need to chase, follow up, or drag out the sales cycle.
Because the decision to move forward will happen naturally, in a single conversation.
So, take a moment to reflect on your current approach.
Are you truly staying in their world?
Or are you unknowingly pulling them into yours?
When you make the shift to trust-based selling, you’ll not only transform your conversion rate, but you’ll also transform the way your prospects experience you.
And that’s the ultimate goal, isn’t it?
To create a sales process that feels natural, authentic, and effortless, for both you and your clients.
Related: How to Leverage Existing Relationships
Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation. Ari has been featured in CEO Magazine, Forbes, INC Magazine and the Financial Review. He is considered a contrarian in the financial services industry and in his book, everything you learned about selling will be turned upside down. No more chasing, no pressure, no closing.