When someone submits an inquiry for financial advice, they’re ready to act. This is your window of opportunity.
According to HubSpot, 82% of people expect a response within 10 minutes when they have a sales or marketing question. That expectation carries over to financial advice.
Advisors who respond on the same day report an 80% lead-to-first-appointment rate compared to just 25% for those who wait 24 hours to make contact.
The 3.4x AUM advantage
Let’s break it down.
Say you receive 100 inquiries.
If you respond the same day, you’ll likely book meetings with 80 of them. Assuming a 25% conversion rate, that’s 20 new clients. If each client brings in $1 million in assets, that’s $20 million in AUM.
Now, if you wait 24 hours to respond, your appointment rate drops to 25%. With just 25 meetings, this results in approximately 6 new clients, or $6.3 million in AUM.
That’s a 3.4x difference in growth, simply by responding faster.
Follow-up frequency: More is more
Speed is just the start. Persistence matters too.
Unbiased recommends at least 10 contact points in the first 10 days. That might sound like a lot, but it’s essential. Use a mix of emails, phone calls, and texts to stay top of mind.
Despite the need for follow-up cadences, Unbiased found that only 43% of advisors attempt to contact a lead up to three times. That means nearly half of advisors are potentially leaving money on the table.
If you’re worried about the workload, consider using a customer relationship management (CRM) system to automate your follow-ups and keep your pipeline moving.
First impressions count: Nail the first call
Once you’ve made contact, your first conversation is critical. This is your chance to build trust and set the tone for the relationship.
Here are seven proven strategies to boost your conversion rate:
- Build rapport: Make the client feel comfortable. Many are new to financial advice and may be nervous.
- Highlight your expertise: Reassure them they’ve come to the right place.
- Keep it high-level: Don’t dive into the numbers yet. Focus on understanding their needs.
- Avoid jargon: Speak in plain English. Clarity builds confidence.
- Requalify the inquiry: Confirm their details to ensure they’re correct.
- Lay out the next steps: Be clear about what happens next.
- Schedule the next meeting: Lock in a time and follow up with a summary email to confirm.
How speed and consistency can impact your business
By responding quickly and following up effectively, you can:
- Increase your conversion rate
- Grow your AUM significantly
- Build stronger client relationships
- Stand out from slower competitors
How Unbiased helps you move faster
In the world of financial advice, advisors who respond quickly and follow up consistently win more clients and grow faster.
If you’re ready to stop missing opportunities and start scaling your business, Unbiased is here to help.
We deliver exclusive, high-intent inquiries straight to your inbox. Every lead is verified and validated, so you can focus on what you do best, providing expert financial advice.
Our platform also gives you the tools to track, manage, and convert leads efficiently. From CRM integrations to performance analytics, we help you scale your business in a repeatable, measurable way.
Book a free demo to learn how we can help you scale your business in a repeatable and effective way.