Tip of the Week

Enhancing Financial Planner Productivity Utilizing ADAPT Questioning and Select Business-Development Strategies

Today’s financial planner develops and employs relational selling. This can be accomplished by employing a client-oriented approach. The financial planner over time continues to demonstrate expertise and earn the prospect’s trust. This can be done by implementing a well-organized business-development process, built on several stages: (1) prospecting and qualifying, (2) planning the sales call (the preapproach), (3) approaching the prospect, (4) making the sales presentation, (5) negotiating resistance or objections, (6) confirming and closing the sale, and (7) following up and servicing the account.

Financial planners succeed by developing an effective prospecting plan. The prospecting plan then flows into a well-designed precall plan. Once in front of the prospect or client, the professional planner is prepared to ask meaningful ADAPT questions. ADAPT is an acronym that stands for assessment, discovery, activation, projection, and transition questions. ADAPT questioning for need discovery allows the planner to learn what is going on with the prospect, determine risk tolerance, and level of investment experience, etc. Today’s financial planner is a diagnostician. Only by truly understanding the prospect’s needs will the planner be able to make sound recommendations the prospect will be open to.

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