Scripted Sales Training Is Over. Here's What Advisors Need Instead.

Advisors can't rely on a universal pitch or scripted language to sell themselves. However, they can use a common process to provide the right information, materials and next steps to showcase all their skills and knowledge. Once the prospect is on board, the advisor can turn their attention to coaching and mentoring others.

Define the Process

As an advisor, you should have a clearly defined process to ensure that you're properly managing client relationships.

Some large institutions have a formal, non-negotiable process to guide their advisors, usually driven by the need to deliver a consistent experience. But for some advisors, this uniformity may be a big reason they choose to leave a wirehouse for an RIA or independent broker-dealer, where they ostensibly have more freedom over operations. However, to be successful, these advisors must also have processes to optimize their practice.

Whether your process is tight or more flexible, the important thing is to have one that works for you and to be able to explain it clearly to a potential client. You can be the most engaging and competent financial advisor in the world, but, if you're not coordinating your technology into a sales and service enablement system, your practice will be disadvantaged, with a low prospect of achieving growth.

Technology Agnostic, Not Ambivalent

Financial advisors have a wealth of sales and service technology tools and platforms from which to choose. While no one product is right for every advisor, the key is ensuring that tools and technology are seamlessly integrated into the holistic client experience.

Organizations often silo technology platforms. Instead, they need to demonstrate to advisors how the pieces work as a system to create efficiency in their activities or even optimization when sitting down with a client or prospect. Modern sales enablement platforms are designed to be interactive; they can be designed to support every step of capturing a new client and delivering the advisor's services.

Sales enablement extends beyond training. It's the alignment of the tools in which the organization has invested, efficient routines and activities, and emerging skills that enable advisors to be collaborative financial coaches. When all three elements — people, process and tools — are integrated and moving together, it creates a powerful picture.

Cultivating Growth

Successful people commit to lifelong learning. To achieve mastery, you need to work at something, not for one week, but continually over time.

Many firms invest in sales training rather than coaching and mentorship. This initial training provides a sugar high, a temporary bump that will eventually recede without practice and refinement. Firms that build structured support into their training programs are always rewarded with better return on investment and outcomes.

By building a culture of ongoing professional development, companies, by default, are continuously creating differentiation. And that is invaluable in today's highly competitive landscape.

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Phil Buchanan is executive chairman of the board at Cannon Financial Institute, the leading professional development firm helping financial professionals gain advanced skill sets. For more information, please visit cannonfinancial.com.