Private bankers may have a reputation for servicing top-notch clientele. But at the end of the day, they\u2019re also a group of salespeople like many of us. You can close sales like a private banker does! And you can use their tactics to grow your lead conversion rates using the best practices from their playbook.
In fact, we have private bankers within our Privyr user community! \ud83d\ude4c Here\u2019s what they do to improve sales and relationships with their clients \u2013 and how you can do the same.<\/p>\n\n\n\n
Private bankers have high lead conversion rates. They tell us that for every 100 leads, they can convert 20 to 25 \u2013 sometimes even more<\/strong>. You can compare that number to a profession like real estate, where <\/strong>100 leads maybe gets you one sale.<\/strong><\/p>\n\n\n\n So why is that? Many salespeople work with big-ticket items, but private bankers and other financial services professionals can pull in a much higher proportion of leads.<\/p>\n\n\n\n What we\u2019ve found is that it\u2019s not necessarily about what they\u2019re selling \u2013 it\u2019s how they\u2019re selling it<\/strong>. Here are five things that private bankers do in their client interactions that boost their conversion rates.<\/p>\n\n\n\n When you finish this article, you not only will know how to close sales like a private banker, but also how Privyr can help you do them in a quick and easy way!<\/p>\n\n\n\n Private bankers don\u2019t just want to be good. They want to be great. And that means they always strive for excellence, especially when it comes to client servicing.<\/p>\n\n\n\n When you receive a new lead or get a WhatsApp\/text from them, try to message them within 10 to 15 minutes maximum.<\/p>\n<\/blockquote>\n\n\n\n What that looks like in their day-to-day interactions is that every message from a prospect is precious \u2013 and worth answering with as little delay as possible! This way, salespeople can assure their client that they are prioritising the client\u2019s needs and time.<\/p>\n\n\n\n So, if that prospect is messaging you now, that not only means that they need your help but also that you are top of mind right now<\/strong>. If you send that answer quickly, you\u2019re not only answering their query but also are messaging them when their interest is highest.<\/p>\n\n\n\n This means that you have an opportunity to show you care. Also, it means you have the best chance possible at moving your prospect further along your sales funnel.<\/p>\n\n\n\n Further, quick outreach and responses save you time and energy! You\u2019re more likely to get a response if you message your prospect back immediately after they message you. That saves you many more follow-ups you\u2019d have to send in the future.<\/p>\n\n\n\n So how do you put this wealth management tactic into practice to close sales like a private banker? As much as possible, respond to every message within 10 to 15 minutes maximum. It\u2019s a quick, easy way to prevent your prospects from falling through the cracks. \ud83d\udc4c<\/p>\n\n\n\n It\u2019s no secret that wealth management is a rewarding industry. That\u2019s why there\u2019s so much competition within the field! So how do private bankers set themselves apart from their peers?<\/p>\n\n\n\n Here\u2019s a secret: private bankers know that they\u2019re not really selling a service. Many clients need advice with their finances, and private bankers are all going to offer similar services. It\u2019s not about making your clients buy. It\u2019s about making sure your clients buy from you<\/span>.<\/p><\/blockquote><\/figure>\n\n\n\n At the end of the day, clients are not simply buying a service. They have plenty of choices for that service! They\u2019re buying a service from the salesperson<\/strong>. That means that you\u2019re selling the experience with you, as well as your offerings.<\/p>\n\n\n\n So, how do you set yourself apart from your peers and aim for success? If you look at private bankers, they know so many things about their clients beyond their name. They know details that may include (but are not limited to):<\/p>\n\n\n\n Knowing these details will help you to add personal details to your interactions with your client \u2013 whether those are happening via text or in person. This can be as easy as making sure you address your client by their given name in your WhatsApp or text messages.<\/p>\n\n\n\n You can elevate your business even further by keeping good notes about your conversations with your leads and clients.<\/strong> When you\u2019re able to know small details like their birthday, their family members\u2019 names, and other special events happening in their lives, you can use those details when you speak with them.<\/p>\n\n\n\n That will set you apart from a sea of fully automated and impersonal communications and help build trust and loyalty.<\/p>\n\n\n\n One of the key ways that private bankers make sure that they keep in touch with their clients is by sending timely and regular follow-up messages<\/strong>.<\/p>\n\n\n\n They\u2019ll send these messages even if they haven\u2019t received a response in a while from their client, because they know that their prospect may be busy. In those cases, follow-ups can remind clients that their personal banker is ready to help them.<\/p>\n\n\n\n One of the biggest mistakes salespeople make is reaching out only once<\/span> \u2013 and then never following up.<\/p><\/blockquote><\/figure>\n\n\n\n One of the biggest mistakes salespeople make is reaching out once to their lead \u2013 and then never following up. Every industry is a little bit different, but you can improve your lead retention and conversion by regularly sending a follow-up message when you\u2019re dealing with a new lead.<\/p>\n\n\n\n Ideally, you send this every two to three days<\/strong>.<\/p>\n\n\n\n With clients you\u2019ve had for a longer amount of time \u2013 or clients who have transacted with you before \u2013 you can follow up on a weekly or monthly basis<\/strong>.<\/p>\n\n\n\n You can also send holiday greetings during festive occasions to remind them that when they\u2019re ready, you\u2019re here to help them \u2013 and\/or any people they want to refer to you. \ud83e\udd1d<\/p>\n\n\n\n Your follow-ups don\u2019t just have to be about requesting a reply or a meeting from your client! They\u2019re also an opportunity to educate your client about the industry in which you work. This reminds your client that you\u2019re a helpful industry expert who knows what you\u2019re talking about. As a result, they\u2019re more likely to trust you, which is so important in sales! \ud83d\ude4f<\/p>\n\n\n\n A person wouldn\u2019t trust the management of their assets to a private banker who didn\u2019t seem to know what they were talking about. So, why should your client believe in you?<\/p>\n\n\n\n It helps to see every outreach and follow-up message as an opportunity to build trust with your clients. Here are some ideas of content that you can share with your clients when you follow up:<\/p>\n\n\n\n We\u2019ll show you some examples of this kind of content at the end of this article.<\/p>\n\n\n\n Stop wasting time! No matter what you\u2019re selling, sales is not a job for the lazy. Private bankers also have a packed schedule, so how do they prioritise tasks and service their most motivated clients?<\/p>\n\n\n\n The answer is that they don\u2019t work hard where they can work smart<\/strong>.<\/p>\n\n\n\n So, they take a look at all of their daily tasks \u2013 as well as any tasks for their team \u2013 and they look for opportunities to improve. That means that sometimes, they\u2019re looking for tasks that they can delegate to technology, so that they can spend more time on more important things that technology can\u2019t do \u2013 like building trust and a personal relationship with their clients.<\/p>\n\n\n\n For example, many salespeople spend two or more hours a day simply exporting their leads captured through campaigns, then distributing them to their team. That\u2019s precious time lost after that lead submits their interest<\/strong>! \ud83d\ude31<\/p>\n\n\n\n What\u2019s more, there\u2019s no way to ensure that the team member assigned to that lead is going to reach out to them quickly, so maybe your team is losing even more leads.<\/p>\n\n\n\n1. Respond fast \u2013 within 10 to 15 minutes \u23f0<\/h2>\n\n\n\n
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2. Personalise your outreach and keep good notes \u2728<\/h2>\n\n\n\n
So what really makes the difference between one private banker and another? It\u2019s not their offerings. Rather, it\u2019s the private banker themselves<\/span>.<\/p>\n\n\n\nHow to ensure your client buys from you<\/h3>\n\n\n\n
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3. Follow up regularly \u26a1<\/strong><\/h2>\n\n\n\n
4. Send content, not just messages \ud83d\udcf2<\/strong><\/h2>\n\n\n\n
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<\/li>\n\n\n\n5. Work smarter, not harder \ud83e\udde0<\/strong><\/h2>\n\n\n\n