Contents
Private bankers may have a reputation for servicing top-notch clientele. But at the end of the day, they’re 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! 🙌 Here’s what they do to improve sales and relationships with their clients – and how you can do the same.
Private bankers have high lead conversion rates. They tell us that for every 100 leads, they can convert 20 to 25 – sometimes even more. You can compare that number to a profession like real estate, where 100 leads maybe gets you one sale.
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.
What we’ve found is that it’s not necessarily about what they’re selling – it’s how they’re selling it. Here are five things that private bankers do in their client interactions that boost their conversion rates.
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!
1. Respond fast – within 10 to 15 minutes ⏰
Private bankers don’t 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.
When you receive a new lead or get a WhatsApp/text from them, try to message them within 10 to 15 minutes maximum.
What that looks like in their day-to-day interactions is that every message from a prospect is precious – and worth answering with as little delay as possible! This way, salespeople can assure their client that they are prioritising the client’s needs and time.
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. If you send that answer quickly, you’re not only answering their query but also are messaging them when their interest is highest.
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.
Further, quick outreach and responses save you time and energy! You’re 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’d have to send in the future.
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’s a quick, easy way to prevent your prospects from falling through the cracks. 👌
2. Personalise your outreach and keep good notes ✨
It’s no secret that wealth management is a rewarding industry. That’s why there’s so much competition within the field! So how do private bankers set themselves apart from their peers?
Here’s a secret: private bankers know that they’re not really selling a service. Many clients need advice with their finances, and private bankers are all going to offer similar services.
So what really makes the difference between one private banker and another? It’s not their offerings. Rather, it’s the private banker themselves.
It’s not about making your clients buy. It’s about making sure your clients buy from you.
At the end of the day, clients are not simply buying a service. They have plenty of choices for that service! They’re buying a service from the salesperson. That means that you’re selling the experience with you, as well as your offerings.
How to ensure your client buys from you
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):
- 🧑🤝🧑Their spouse’s name
- 👶 Their children’s names
- 🎂 Their birthday
- 💝 The date of their anniversary
- 🍲 The type of food they like to eat
- ☕ Their coffee order
- ⚽ Their hobbies
- 🎁 And more!
Knowing these details will help you to add personal details to your interactions with your client – 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.
You can elevate your business even further by keeping good notes about your conversations with your leads and clients. When you’re able to know small details like their birthday, their family members’ names, and other special events happening in their lives, you can use those details when you speak with them.
That will set you apart from a sea of fully automated and impersonal communications and help build trust and loyalty.
3. Follow up regularly ⚡
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.
They’ll send these messages even if they haven’t 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.
One of the biggest mistakes salespeople make is reaching out only once – and then never following up.
One of the biggest mistakes salespeople make is reaching out once to their lead – 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’re dealing with a new lead.
Ideally, you send this every two to three days.
With clients you’ve had for a longer amount of time – or clients who have transacted with you before – you can follow up on a weekly or monthly basis.
You can also send holiday greetings during festive occasions to remind them that when they’re ready, you’re here to help them – and/or any people they want to refer to you. 🤝
4. Send content, not just messages 📲
Your follow-ups don’t just have to be about requesting a reply or a meeting from your client! They’re also an opportunity to educate your client about the industry in which you work. This reminds your client that you’re a helpful industry expert who knows what you’re talking about. As a result, they’re more likely to trust you, which is so important in sales! 🙏
A person wouldn’t trust the management of their assets to a private banker who didn’t seem to know what they were talking about. So, why should your client believe in you?
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:
- A promotion or offer, personalised just for them
- An invitation to an informative event with all of the details in a neat, easy-to-view place
- A case study from a really satisfied client
- An update on recent events that may be tied to your product or services, like new interest rates
We’ll show you some examples of this kind of content at the end of this article.
5. Work smarter, not harder 🧠
Stop wasting time! No matter what you’re 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?
The answer is that they don’t work hard where they can work smart.
So, they take a look at all of their daily tasks – as well as any tasks for their team – and they look for opportunities to improve. That means that sometimes, they’re looking for tasks that they can delegate to technology, so that they can spend more time on more important things that technology can’t do – like building trust and a personal relationship with their clients.
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’s precious time lost after that lead submits their interest! 😱
What’s more, there’s 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.
How to use Privyr to build relationships and close sales like a private banker
Private bankers tend to offer high-end services to high-end clients. So, how do you put their best practices to work in your day-to-day life?
Here are some ways that you can use a CRM like Privyr to raise your lead conversion rates.
Receive your leads instantly – so you can send your first outreach message in seconds
Privyr integrates with popular lead sources such as Facebook Lead Ads, Google Forms, your website, and more so that you can interact with leads the moment you receive them.
Privyr will send you an instant mobile notification that a lead has come in. From there, you can just tap on that message to access the Client Details. Tap to send a Quick Response via WhatsApp, SMS, iMessage, or other popular messaging apps – within seconds. That’s well within the best practice of sending within 10 to 15 minutes of receiving that lead!
If you meet someone on the go, you can use the Quick Add & Send feature to get their name and phone number into your Privyr app. Then, just send them an auto-personalised message so that you don’t have to remember to reach out to them later.
It’s way faster and more reliable than using a business card!
Auto-personalise all of your outreach, and never forget a customer interaction with your Timeline and Notes
You can save all of your sales scripts in Privyr. Privyr allows you to auto-personalise many parts of your message with many details about you, your lead, and/or your content!
Privyr even helps you further personalise your interactions by providing you a detailed timeline of actions logged within Privyr. Update your Client Entry with details about what you discussed during your interaction so that you can bring them up in the future.
That way, the next time you message or meet your client, you can just open Privyr and skim the Client Entry. All of your information is in one easily accessible place.
Receive instant alerts when it’s time to follow up, and stop clients from falling through the cracks
Looking to close sales like a private banker does? Never forget a follow-up with Privyr. Simply schedule when to send your next follow-up from the Client Entry, and Privyr will send you a notification when it’s time to send.
Just tap it to go straight to the Client Entry. From there, you can send an auto-personalised follow-up in just a few taps.
Send auto-personalised sales content to your leads in just a few taps – and track their interest!
Chances are that you are already using and sending sales content such as brochures, photos, pricing lists, and more. Privyr can hold your sales content in an easily accessible place. All you have to do is upload it! This way, you can send it without any copying and pasting, or toggling between different apps on your phone.
Privyr will even auto-personalise your content – so your lead or client feels like this content is meant just for them.
To inspire you, we’ll even get you started with some templates you can save and edit in Privyr!
Save time as a solopreneur or, even better, with your team!
Privyr is packed with features that allow you and your team to stop focusing on the tedious work of managing clients and content. Instead, you can concentrate on what’s most important – building relationships and closing sales!
Privyr offers features exclusively for teams aimed at helping sales managers run their team more efficiently. And this helps team members convert more leads! These features include:
- 0-Second Lead Assignment: The ability to set custom rules in Privyr to make sure every lead goes to the correct salesperson lightning-fast, and in a way that fits the team
- Team Dashboard: A place where managers can easily view the progress of their team, the status of leads, and response times
- Centralised Content: Storage for sales scripts, invitations, proposals, price lists, and more within Privyr, with built-in version control so that everyone is using the same and correct version of the sales content
- And more!
Privyr works on mobile and desktop, so in-house, distributed, or remote sales members can all work with Privyr.
Ready to build relationships and close sales like a private banker?
When you use Privyr, it’s easy to use the private banker’s playbook in your own sales process. From there, you can watch your sales grow!
Don’t have a Privyr account? Create an account in less than 30 seconds to start using all of Privyr’s features to nurture your prospects and close sales.
If you’re already using Privyr, why not save time and effort using it as a team? Invite your team members here and elevate the way your team does business.
