By D. Proshchakov

| 28 Aug 2024

Sales

The Best Cold Calling Scripts for Financial
Advisors in 2024

Cold calls only have an average conversion rate of 4.8%. Yet despite that, they are one of the best ways for financial advisors to reach their prospects.

However, agents need to be properly prepared to capitalize on the opportunity cold calls offer. And cold calling scripts for financial advisors are the key to getting your prospect to say “yes”. In this article, we’ll cover everything you need to know about them.

Key Takeaways:

Cold calling remains a vital tool for financial advisor prospecting since many people don’t even know they need the service, so they pay no attention to ads.
A good financial advisor cold calling script should consist of a relevant pitch, an appeal to a pain point, a good value proposition, and a clear CTA.
Leverage software to evaluate your performance and improve your processes to keep up with customer expectations in your financial advisor cold calls.

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The Value of Cold Calling for Financial Advisors

Financial services are a notoriously difficult market to work in. People are naturally sensitive when it comes to their money, and years of scam-related horror stories have made many immediately weary of any financial advisor pitching their services.

Unfortunately, most people are equally as ignorant regarding their financial health as they are weary of it. This means that the majority of potential customers will never reach out to you proactively. Therefore, relying on inbound deals will not suffice.
And that’s where outbound cold calling comes into play. By targeting the part of the market that’d never seek you out, you already increase your odds of gaining a new customer and strengthening your revenue and conversions – by up to 10.01%!

10 Ready-to-Use Cold Calling Scripts for Financial Advisors

Naturally, there is no “golden rule” for financial advisor cold calling scripts. Each individual has to personalize their approach to both their practice and their specific customer base to ensure they appeal to their relevant pain points and values.

However, there are certainly good and bad places to start. That’s why below, we’ll get you set up with scripts for the ten most important kinds of interactions you are sure to encounter as a financial advisor when cold calling.

#1: Initial Contact with Decision-Makers

Everyone’s familiar with the saying, “You only get one chance to make a good first impression.” And nowhere else is this more palpable than in cold calling, where the first few seconds can mean a difference between a deal and a dial tone.

Script

“Good afternoon, Mr./Mrs./Miss [Surname]. My name is [Your Name], and I’m a financial advisor with [Your Company]. I specialize in helping individuals like you plan for a secure financial future. I noticed that you might benefit from our retirement planning services.

Do you have a few minutes to discuss how we can help you achieve your financial goals?”

If they’re busy, suggest scheduling a time to talk later.If they agree, proceed:

“Great! Let me explain how our tailored retirement plans can ensure you enjoy the lifestyle you’ve worked hard to build.”

#2: Handling Gatekeepers

Every good prospect, regardless of whether they’re B2B or B2C, will have a gatekeeper to guard them from unwanted salespeople. That’s why you need to be able to quickly win them over by building trust and showcasing your value.

Script

“Hello, my name is [Your Name] from [Your Company]. I’m reaching out to Mr./Mrs./Miss [Surname] regarding a financial strategy that could benefit them. Could you help me connect with them or suggest a better time for me to call?”

If they insist on more information:

“I understand your position. I’m simply hoping to introduce myself and offer a brief consultation on potential financial growth strategies.”

#3: Follow-Up After Initial Introduction

Few prospects convert on the first try. And yet, according to Invesp, 48% of agents never even attempt a follow-up call, let alone multiple ones. However, statistics show that 80% of successful deals require up to five follow-ups before being closed.

Script

“Good afternoon, Mr./Mrs./Miss [Surname]. This is [Your Name] from [Your Company]. We spoke last week about [specific service discussed]. I wanted to follow up and see if you had any questions or if you’ve given more thought to our conversation.

Would you be open to discussing the next steps?”

If they need more time:

“No problem! I can send over some additional resources to help with your decision. Could I send you some information via email?”

#4: Direct Offer for Appointment

In cold calling, there’s little time to beat around the bush. Your prospects are usually busy people. That’s why you need to know how to be direct and vet customers quickly to know where you should focus your efforts most.

Script

“Good afternoon, Mr./Mrs./Miss [Surname]. I’m [Your Name], a financial advisor at [Your Company]. I’m confident that a short meeting could reveal opportunities to enhance your financial strategy.

Would you be available for a 15-minute consultation next week?”

If they decline:

“I understand your schedule might be tight. Would a call later this month be more convenient?”

#5: Addressing Objections

“No” is a common answer to many a financial advisor’s sales pitch. But it doesn’t always have to be the end. Learning how to speak to your prospects’ values and overcome objections can increase your chances of success by up to 64%.

Script

“I hear your concern about [Objection]. Many of my clients, including [Company] felt the same way initially, but they found that our approach to [Specific Service] was the right fit for their needs thanks to [List of Benefits].

How about we explore this together? I’m confident we can find a solution that works for you.”

If they still hesitate:

“Could I send you a case study that shows how we’ve helped others in similar situations?”

#6: Re-Engaging Lost Leads

As mentioned, the usual customer base for financial services tends to be a tough crowd. They require time to convert and often fall out of your sales pipeline. But if you have reason to believe they’re a good fit, you just might be able to win them back.

Script

“Hi, Mr./Mrs./Miss [Surname], this is [Your Name] from [Your Company]. We spoke a few months ago about [Your Company]. I wanted to check in and see if your financial goals have changed or if now might be a better time to revisit our conversation.

Would you be open to catching up this week?”

If they’re not interested:

“I understand. I’ll make a note to reach out later. In the meantime, would it be okay to send you some resources that might be useful?”

#7: Offering a Free Consultation

Who doesn’t like free stuff? Offering value up-front can often be the push would-be customers need to give you the time of day and successfully close them.

Script

“Good afternoon, Mr./Mrs./Miss [Surname]. I’m [Your Name], a financial advisor with [Your Company]. We’re currently offering a free consultation to help individuals assess their financial health and plan for the future.

Would you be interested in scheduling a time to meet?”

If they hesitate:

“There’s no obligation. It’s simply a chance to explore potential opportunities together.”

#8: Introducing a New Service

Depending on the data you can access regarding your target customers, you can sometimes tell what they need to convert without necessarily hearing it from the horse’s mouth. And introducing a new service is often the best time to reach out to those people.

Script

“Hello, Mr./Mrs./Miss [Surname]. This is [Your Name] from [Your Company]. We’ve recently launched a new [Specific Service] designed to help clients like you by [List of Benefits].

Would you have a few minutes to learn how this could be beneficial for your financial goals?”

If they’re interested:

“Excellent! Let’s schedule a time to dive into how this service could work for you.”

#9: Asking for Referrals

According to Zendesk, 90% of customers say that positive reviews are able to sway their buying decisions. And that effect is even more profound when it comes from people they know. That’s why you should always ask for referrals, whenever possible.

Script

“Good afternoon, Mr./Mrs./Miss [Surname]. This is [Your Name] from [Your Company]. I’m glad to hear that you’ve been pleased with our services. I’m reaching out to see if you know anyone else who might benefit from the same financial guidance you’ve received.

Could you think of anyone in your network who might need our help?”

If they agree:

“Thank you so much! I appreciate the referral and will make sure to take great care of them.”

#10: Seasonal or Time-Bound Offers

The fear of missing out (colloquially known as FOMO) is a hell of a drug. A sufficiently sweet deal offered for a limited time can often break down the defenses of even the biggest skeptic. All you need to do is find the right time to ask.

Script

“Hello, Mr./Mrs./Miss [Surname]. This is [Your Name] from [Your Company]. With the upcoming [Event/Promotion], we’re offering a special [Specific Offer] to help clients maximize their financial planning efforts.

Would you be interested in learning how this could benefit you?”

If they’re not sure:

“I can send you more details via email, and we can discuss it further if you’re interested.”

Reach prospects across the globe and close more deals faster.

Extra value

5 Key Elements of Cold Calling Scripts for Financial Advisors

As mentioned previously, there is no single script that will work equally well for every financial advisor. However, there are several aspects you can optimize to create the best possible scripts for your business and customers. These include:

Data: Make sure to gather a sufficient amount of data regarding your most successful customers, including company size, pain points, and desired values, to personalize your cold-calling insurance scripts and create effective CTAs.
Personalization: Beyond your usual due diligence, your sales scripts should also be personalized to the specific person you’re talking to. Look at their socials and highlight their recent achievements and past careers to earn extra rep.
Training: Get acquainted with the best cold-calling practices. Learn to frame the conversation in a positive yet urgent way to drive interest, and keep experimenting with your value propositions and CTAs to close the deal.
Timing: There are good and bad times for a cold call. Experiment with the days and times when you reach out to prospects to find out when they’re most receptive to your financial advisor’s sales pitch.
Call-to-Action: The end of your conversation is just as important (if not more) than the beginning. Learn to drive dialogue with open-ended questions and end pitches with clear and motivating calls to action.

Top 4 Cold Calling Best Practices for Financial Advisors

Want to do something and do it well? Then, there’s no better place to start than with some actionable recommendations for how to not only improve your scripts but optimize your process as a whole. These include:

Integrate a CRM: Fuel your conversations and data-driven decisions with relevant information via a Customer Relationship platform (CRM). That way, you can consult information regarding callers and deals directly on your calls.
Be Clear & Concise: Time is of the essence in a cold call. Show that you value your prospects by keeping to a good Talk/Listen Ratio but with plenty of room for them to expand on their issues and a clear call to action to end on.
Use Positive Language: How you approach the issues and concerns your clients raise can completely change the outcome of your call. Be optimistic and helpful. Just be sure to balance that with being actually truthful and assertive.
Learn from Your Mistakes: Not experiencing the success you expected? Revisit call transcriptions or use sentiment analytics to accurately evaluate your conversations and find any issues that need fixing.

Cold Calling Is a Process Worth Every Penny

Cold calling remains a challenging strategy for financial advisors. However, with the right cold calling scripts and tools, these challenges can be transformed into opportunities for growth and connection.

Leveraging well-crafted cold-calling scripts to streamline your prospecting efforts and enhance your client acquisition process. And if you need a little extra help, save even more time with CloudTalk’s call center system automations.

Don’t let the difficulties of cold calling deter you. Take control of your cold calling process with CloudTalk and turn more prospects into long-term clients.

Start optimizing your outreach today!

Discover how CloudTalk can transform your calling experience!

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FAQs

Does cold calling still work for financial advisors?

Yes, cold calling is still an effective strategy for financial advisors in 2024. While digital marketing and online networking have become more prevalent, cold calling offers a personal touch that can help build trust and rapport.

When done correctly, cold calling allows financial advisors to directly address potential clients’ financial needs, providing an opportunity to make a strong first impression and establish a connection that can lead to future business.

What is a cold calling script for finance?

A cold calling script for finance is a pre-planned dialogue used by financial advisors to engage potential clients during a cold call. The script typically includes an introduction, a brief value proposition, and a call to action, such as scheduling a meeting or offering a consultation.

The purpose of the script is to guide the conversation, address common objections, and ultimately persuade the prospect to take the next step in the advisor-client relationship. A good script is concise, personalized, and adaptable to the prospect’s needs.

How to introduce yourself as a financial advisor sample script?

When introducing yourself as a financial advisor, it’s important to be clear, concise, and confident. Here’s a sample script:
“Good morning/afternoon Mr./Mrs./Miss [client’s surname]. My name is [your name], and I’m a financial advisor with [your company]. I specialize in helping individuals like you achieve their financial goals, whether it’s planning for retirement, managing investments, or saving for a major purchase. I’d love to discuss how I can assist you in reaching your financial objectives.
Would you have a few minutes to talk about your financial plans and see how we might work together?”
This introduction sets a professional tone and immediately communicates your role and the value you offer.