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Best Practices of Closing a Financial Product Sale

Posted by Partners Advantage on Mon, Sep 12, 2016 @ 05:03 PM

We are often asked: “What is the best closing technique to maximize my opportunity with my clients?” Let's focus on the best and most effective ways to close an insurance (or product) appointment. My 20 plus years of being in sales leads me to a few which I believe are the most proficient.


Believe in What You Sell

One constant I’ve seen in successful closes is that an advisor profoundly believes in his or her product offering. Not only do they own the financial product themself, they would with 100 percent certainty offer this same product to their loved ones or best friend. The absolute certainty that this product is the ideal fit creates a level of confidence and enthusiasm that is transmitted during the final close. Just think how much more certain you are as a salesperson if what you are recommending is by far the best you can deliver to your client.

Discover, Analyze, and Present

Keep in mind, however, that in order for you as an advisor to get to that level of confidence in a close, other aspects of the sales process (or cycle) would have to have taken place.  An in-depth discovery process should have been conducted to assure that what you are recommending best fits your client’s needs. A comprehensive analysis of the products features and benefits and how it provides solutions your client is seeking.  And last, a proper and well thought-out presentation of the product will ultimately also lead to a successful product close.

The Right Close for the Situation

During your appointment, you should first try to employ a trial close: “Does this make sense to you? If not, why not?” You should be asking questions and reinforcing that you are creating solutions.  You want to address your client’s concerns. 

An alternative close features more than one presentation of your offering. Especially if there are slight differences in product costs or benefits. If clients are only given one product solution, it can appear that they really didn't have a choice. By sharing more than one product solution, clients often feel that their needs came first. When two choices are presented, clients will often decide on the one they believe best meets their needs. 

An assumptive close simply assumes the client has agreed to move forward with your recommendation. I’ve often closed a sale by simply “consenting” that my recommendation was the best option – then I gathered the paperwork and started to sign all the documents. By taking the first steps in signing the paperwork yourself, you establish a sense that you've both agreed to the recommendations and now it is up to the client to consent when you hand them the paperwork.

Closing is an art. The more you practice and hone some of these techniques, you will certainly increase your ability to close effectively, building greater sales success.

Make your marketing easy for your prospects and clients to understand what you do. Too many financial professionals waste an enormous amount of money on marketing, websites, and printed materials that just don't work.

Clarify My Marketing


Tags: prospecting, sales techniques


This content is for informational and educational purposes only and is not designed, or intended, to be applicable to any person's individual circumstances. It should not be considered as investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action.