The Best Cold Calling Scripts For Advisors (2024)

Cold Calling Strategies for Financial Advisors

Research prospects to understand their needs and use a clear script. Build rapport, highlight benefits, handle objections empathetically, and set a clear follow-up action.

Introduction 

In this post we will discuss the best cold call scripts that financial advisors can utilize in 2024 which have been vetted and refined to yield fruitful outcomes. We are talking about battle-tested conversations that will have potential clients eating out of the palm of your hand.

And the best part?  You'll find answers to that age-old question that's been plaguing you:

"What should I say on a cold call without sounding like a salesperson?"

Get ready to take notes, because we'll cover everything from how to open the call to how to handle objections and close the sale. 

So, let's get started!

Before You Begin: You Need To Understand Three Things About Cold Calling

1. Cold-calling is hard. 

The average success rate for cold calling? 

A measly 2%. 

Yes, we know, it's not exactly impressive. But before you hang up your phone for good, hear us out:

2. Despite its low success rate, cold calling is still a valuable tool in your outbound lead generation arsenal.

In fact, we are going to go out on a limb here and say that it's downright effective - reaching up to 10% with well-thought-out scripts.

Additionally:

• An impressive statistic reveals that 82% of purchasers have acknowledged a sales meeting, following an initial interaction that originated from a cold call; and,

• 57% of executives at the C-level in business organizations have indicated a preference for being contacted via telephone per Crunchbase.

But hold on a minute, let's not get carried away here. 

3. Conversion rates aren't the be-all and end-all of cold-calling success. 

What does it mean?

You could have the best scripts in the world, but if you don't have the right mindset and approach, you're dead in the water. 

Trust us, we speak from experience…

The majority of advisors who joined the Taylor Method harbored apprehensions towards the notion of cold-calling. Often, they would remain seated at their workstation, fixated upon their telephones, plagued with self-doubt. However, upon receiving comprehensive training, insurance and financial services professionals can develop the necessary mindset, strategies, and language resulting in prosperous practices generating millions of dollars in revenue. 

The testimonials of three advisors serve as exemplars of this success:

• Johnathan Burgess experienced an extraordinary 13-fold increase in his life insurance production in less than two months. 

• Andrew Mortenson on the other hand, witnessed a remarkable six-fold surge in overall production within six months and even achieved the distinguished Top of the Table designation for the first time in his nine-year career. 

• Anthony Navarro, within three months, witnessed an incredible quadrupling of his average case size and tripled his year-one production, further validating the program's effectiveness.

Ascend beyond limitations and realize your genuine capabilities: Discover the Taylor Method and its transformative power here.

Set The Stage For Success

We would like to reiterate that cold calling is not just about picking up the phone and dialing random numbers. So, before we dive into the scripts, it's essential to set the stage for successful cold calling. Here are a few tips to keep in mind before you pick up the phone:

Research Your Prospect

Look, let's be real here: 

How do you feel when you get one of those unsolicited calls from some random person who doesn't know anything about you or your business? It's a downright cringeworthy moment, right? And guess what, your prospects feel the same way.

The solution to avoid making a terrible first impression? Simple: do your homework. That's right, put in the time and effort to learn everything you can about your potential client and their business before you even think about picking up that phone.

By doing your research, you'll be able to customize your pitch to their specific needs and interests - this will not only make you make a more personal connection but make you come across like a total pro, ultimately stacking the odds in your favor to seal the deal.

Practice, Practice, And Practice!

When it comes to making a good impression on your potential clients, you've got mere seconds to grab their attention and keep it.

Don't just read from your script like a robot. 

Practice it until it becomes a natural part of your speech - this will help you sound confident and at ease during the call. Remember, nobody would buy what you're selling if you sound like you're stumbling over your words or unsure of yourself.

So, put in the time and effort to practice your pitch until it's smooth as silk. That way, you'll be able to deliver it with confidence and without hesitation. And who knows, you might close that deal faster than you can say "pitch perfect".

Be Prepared

In addition to doing your research and practicing your pitch, have a pen and paper handy to take notes and ensure you're in a quiet place where you won't be interrupted.  It's also essential to have your sales materials, such as case studies or product sheets, readily available so that you can reference them during the call. 

Clarify Your Goal

If you do otherwise, you're likely to waste your time and the prospect's time.

Here is what to do:

Know what you want to achieve on the call, whether it's setting up a meeting, getting more information about their needs, or simply introducing yourself and your services. 

Why is this so important? 

A clear goal will help you stay focused and on track during the call. It will also help you tailor your message to the prospect's needs and interests, and give them a reason to continue the conversation. When you do, you'll be able to build trust and credibility, which are essential factors in winning over potential clients.

And here's the kicker: by setting specific, measurable goals for each call, you'll be able to evaluate your performance and track your progress over time which will allow you to refine your approach and improve your results.

Know That Cold Calling Is Relational

One of the biggest mistakes we see people make when it comes to cold calling is thinking that every single call is a chance to close a sale. But that couldn't be further from the truth. Truth is, trying to sell too soon can be a major turnoff for prospects and cause you to lose their interest. 

The reality is that cold calling is a process that involves building relationships, establishing trust, and showing your prospects that you're the real deal. And the best way to do that is by providing value and solving their problems. Keep this in mind as you approach each call.

With these tips in mind, let's move on to the scripts.

Cold Call Scripts That Are Crushing It For Advisors In 2024

Script 1: The Introduction - Breaking The Ice

It's crucial to establish a human connection and build rapport with your prospect right from the start of a cold call. 

There are two crucial boxes you need to check:

Grab attention

Start with a polite and personalized greeting which can help to establish a positive tone for the conversation and show that you value the prospect as an individual. 

Here's a script that can help:

“Hi, [prospect name], I hope I'm not catching you at a bad time.”

Next:

Introduce yourself

At this point, the person you're calling has their defenses up. They're probably thinking, "Who the heck is this joker and why are they calling me?" So, you need to give them a chance to understand what is going on and fast, otherwise, you'll lose whatever goodwill you've managed to get. 

How do you do it? 

Here's a script that does the trick:

“My name [your name] and I am the [your title] speaking on behalf of [your company]. I'm unsure if our name has crossed your path before, but we're a certified advisory consultancy located in [city]. We recently helped clients, such as X, to tackle [similar challenges to those your prospect has] by [insert specific example of how you've helped clients].”

Note: Remember to showcase your accomplishments and credentials with confidence. If someone referred you, be sure to mention their name for credibility. Keep it brief and to the point.

Why it works:

• The script starts by addressing the prospect by their name and showing consideration for their time, which demonstrates a high level of professionalism and courtesy. This helps to establish a positive tone from the outset. 

• Additionally, the script allows you to flex your credibility by mentioning the clients you've worked with. Think of it like a visual snapshot that stays with 'em long after you've hung up the phone. This sets you up as a true authority, a person of influence worth listening to.

Script 2: The Value Proposition - What's In It For Them?

Once you've established a connection with your prospect, you need to focus on the value you can offer them. The goal of the value proposition is to capture the prospect's interest and make them curious to learn more about what you have to offer.

Proceed with the script below:

“[Prospect name], the reason I'm reaching out is that I work with a lot of people like you who are looking to [insert relevant goal, such as "grow their wealth" or "save for retirement"]. As a matter of fact, just [time, such as yesterday or last week], we successfully [state specific outcomes you achieved] for [name of client].”

Why it works:

• The script effectively employs the prospect's name and acknowledges their goals, which helps to establish a connection and demonstrate your interest in meeting their needs.

• Secondly, the mention of a successful outcome achieved with another client indicates that you're not just trying to sell them something, but rather have a proven track record of delivering results.

• Most importantly, you're not explicitly claiming that your services will work for the prospect, but rather, you're relying on the credibility of your past successes to make a compelling case. 

Alternatively…

Cold Call Script For Advisors To Gather More Information About Their Prospects

Here's an example:

“I wanted to reach out to you today because I noticed [something relevant about their business/situation]. I was curious to learn more about your company/case and how we might be able to help you [achieve a specific goal or solve a particular problem].”

The key is to keep the conversation focused on their needs and interests as well as provide value wherever possible. When you do this, you will be more likely to build rapport and establish a relationship of trust, which can ultimately lead to a successful business partnership.

The Pain Points Script

The script is designed to help the prospect identify a challenge they're facing and demonstrate that you understand their specific situation. It also shows that you're empathetic to their situation and that you have a solution that can help them.

The script:

"I understand that [Pain Point] is a significant challenge for companies/families like yours. In my experience, I've found that [Solution] can help alleviate this problem."

Why it works: This script works because it shows that you have done your research and understand your prospect's pain points. When you state a specific problem, you are more likely to capture their attention and get them to agree to a close.

Script 3: The Close - Asking For The Meeting

Finally, after establishing a connection and demonstrating value, it's time to ask for a meeting. Here's a script that can help advisors:

“[Prospect name], I don't want to take up too much of your time, but I’d like to stop by next Monday at 10 in the morning and briefly discuss how we were able to achieve [outcomes] and how it can benefit you.”

Why it works:

• Framing the meeting as "brief" shows that you respect their time and that the meeting won't be a waste. 

• Suggesting a specific time for a meeting rather than assuming they want to schedule one creates a sense of urgency, which can encourage the prospect to take action and move forward with the conversation. 

• Finally, this closing statement is confident and direct while still allowing the prospect to decline. If they say yes, you can move on to scheduling the meeting. If they say no, make sure to ask for their contact information so you can follow up in the future.

Script 4: Handling Objections

No matter how well-prepared you are, it is very common for objections to arise during a cold call. It's important to handle them gracefully and address any concerns the prospect might have. Here are a few scripts of how to handle them:

Objection 1: “I'm not interested” or “No, I'm good”

Response: “I understand. However, I wanted to offer you some information about our services so you can make an informed decision.”

This response acknowledges their objection while still keeping the conversation going. It also tempts them with the offer of valuable information that is in their best interest.

If they insist on NO. Then, politely keep it moving. Chances are you're better off not working with such kinds of clients.

Objection 2: “I'm happy with my current advisor.”

Response: “I understand that you're satisfied with your current advisor. However, I wanted to offer you some information about our services in case you would like a second opinion or find yourself with evolving financial requirements in the future. Most importantly: It is critical to emphasize that my intention is not to discredit or undermine the valuable work of your current advisor. However, should we detect any deficiencies that may compromise your financial security, we would thoroughly examine and provide a tailored solution that best serves your interests.”

This response is respectful of their current relationship while still highlighting the value of your services.

Objection 3: “I don't have time to talk right now.”

Response: “I completely understand that you're busy. I want to be respectful of your time, and I promise to keep this brief. When would be a better time for me to call back?”

This response shows that you respect their time and are willing to work with their schedule.

Objection 4: When the prospect brings up a bad experience with another advisor

Respond with an analogy.

“If you go out to a restaurant to eat but unfortunately encounter a bad meal or poor service, it doesn't mean that all restaurants are bad or you would never become hungry again and desire to eat out. It's the same with financial advisors. A bad experience with one advisor doesn't mean that all advisors are the same or that you should give up on protecting yourself (loved ones or business). I understand that trust is important, and I want to assure you that I take a personalized approach to financial planning, and I always put my clients' interests first. Would you like to discover how I can help you achieve your financial goals risk-free?”

Objection 5: “I do not have money” (Objections about fees)

Your goal is to contrast the cost of your services with the potential benefits and value that you can provide to the prospect. Here's a script that can help:

“I understand that cost is a concern for you, and I want to assure you that I'm committed to providing value that exceeds the cost of my services.  Think of it this way - paying for my services is an investment in your financial future. By working with me, you can avoid costly mistakes and make informed decisions that can lead to long-term financial success. And if you're worried about the cost, we can discuss different options and find a solution that fits your budget.”

Objection 6: “I am not the right person to speak with”

When you encounter a prospect who claims that they are not the appropriate individual to speak with, it is imperative to inquire further to gain clarity on their situation. 

This approach demonstrates your willingness to understand their needs and to establish a direct connection with the appropriate party, resulting in a more effective and efficient communication process.

Use this script:

Response: “I appreciate your honesty. May I kindly ask, who would be the right person to discuss this matter with? Would you happen to have their contact information or be willing to provide me with their name and title so that I may reach out to them directly?"

Takeaway: It is essential to acknowledge that there are no ironclad rules for addressing objections. The ability to think on one's feet and adjust to diverse circumstances is pivotal. Nonetheless, objections can serve as a chance to gain further insight into the prospect and their requirements. By listening actively and addressing their concerns, you can turn cold calls into warm leads. One more thing: keep an open mind, be flexible, and always strive to provide value to your prospects.

Final Thoughts - How Insurance And Financial Advisors Can  Enhance Their Cold Calling Efficiency 

While possessing a slick and refined script may appear impressive, its value pales in comparison to the essential qualities of knowledge, empathy, and tenacity. As seasoned professionals within the financial industry, we can attest that true success stems from cultivating these critical qualities. You can't just rely on fancy talk.

And this underscores the critical role of self-investment. To improve one's cold calling proficiency, it is imperative to transcend the dependence on mere scripts, and instead cultivate a robust personal skillset - as advocated by the Taylor Method. 

In a nutshell, this  ‘Objection-Free’ sales process created by the renowned Eszylfie Taylor (who's an MDRT Top of the Table producer, by the way), is all about shifting your mindset from selling products to problem-solving, which leads to fewer objections and more success. It's been a total game-changer for financial advisors worldwide.

And don't forget, cold-calling is just one of many strategies you can use to build your practice. 

With the Taylor Method, you'll learn a whole arsenal of high-percentage tactics and repeatable language that will help you build a consistent stream of new prospects. So why not give it a try and see how it can help you build a million-dollar practice?