Cold Calling Scripts for Financial Advisors
Scaling your advisory business requires both a marketing and lead generation strategy that combines digital channels with traditional methods like phone calls. David Wright, executive director of practice development at M&O Marketing, says “cold calling is one of the oldest, time-tested marketing methods in existence” and can be especially useful for new advisors looking to generate leads cost-effectively. Cold calling scripts can streamline the process and help advisors approach it more confidently.
Why Cold Calling Works for Financial Advisors
Like any other marketing strategy, cold calling isn’t perfect for every situation. But when executed efficiently, it can help scale your advisory business.
“There’s something to be said for the communication, negotiation and networking skills that can be developed and honed through a cold calling experience,” Wright says.
That’s because cold calling can help you build rapport with prospective clients. Talking to potential clients about their financial goals and needs can help create personal connections, which can be challenging to achieve through email.
In early 2024, Kitces Research surveyed over 1,000 advisory firms on their marketing strategies and practices, finding that cold calling was one of the most underused yet surprisingly effective marketing strategies. While only 4% of advisors said they relied on cold calling or door knocking in 2023, those who do reported generating new business.
“In fact, for all its disrepute, cold calling or door-knocking is 2nd only to client referrals in terms of success in generating at least some new business,” Kitces Research wrote in its “How Financial Planners Actually Market Their Services” report in 2024. “The business won, however, ranks last in terms of revenue per client at a median of just $3,750.”
Cold calling can help you start a conversation with a potential client about their money choices, with you as their helper. Prospective clients may know that they need help with shaping their financial plan and your cold call can be the trigger that prompts them to take action.
Cold Calling Scripts for Financial Advisors
When drafting a cold calling script to use for marketing, there are certain elements that are must-haves. You can ultimately tweak and customize a cold-calling script to fit your needs. But if you’re looking for a basic cold calling script template to follow, it can look something like this:
1. Introduce Yourself
Any cold calling script starts with an introduction. This should identify who you are and mention any previous contact you might have had with a prospect if applicable.
Example: “Hi, my name is John Smith. I’m an advisor with XYZ Company and we chatted briefly at a virtual webinar a couple of weeks ago.”
This does two things. It establishes who you are and provides a lead-in for the call.
2. Warm Up the Call
Next, you can briefly mention more details about your company. Sales and marketing circles often refer to this part of a cold calling script as the value proposition.
Example: “Our firm works with people like you who are navigating your peak earning years and looking for ways to maximize retirement savings while balancing other financial goals.”
This part of your cold calling script should be specific to what you do and who you help as an advisor. Avoid generalities but don’t overwhelm prospects with too many facts or figures.
3. Elaborate
After making a brief warm-up statement, ask the person you’re calling if you can have five to 10 minutes of their time. If they give the green light, expand on your warm-up statement in more detail.
Example: “One of the things I do is help clients pinpoint what their biggest challenges are with planning for retirement. I’d like to talk to you about some of the struggles you might be facing with creating your financial plan.”
This part of your cold calling script is where you’ll do most of the talking. But remember, their time is valuable and you don’t want to tie it up. Instead, use this call as an opening to have a more in-depth conversation later.
4. Give the Floor to the Prospect
Once you’ve outlined why you’re calling, give the prospect a chance to talk. This is where it’s important to ask questions that can spark conversation.
Example: “Do you think that you’re on track to reach your retirement savings goal? If you’re not, what’s keeping you from getting there?”
Steer clear of yes or no questions, as those will take the conversation nowhere. And use the prospect’s answers to focus your follow-up questions so that you’re finding their pain points.
5. Close With a Follow-Up Request
As you prepare to wrap up the call, ask the prospect if you can follow up with them at a later date.
Example: “Thank you for talking over your retirement plans with me today. Is there a time next week when we could reconnect and discuss some ways I might be able to help you in more detail?”
This part of the cold calling script requires you to make a direct request for more of a prospect’s time. And it’s possible they could say no.
But if you’ve been able to show some value and get the person thinking about what kind of help they may need by following the script, this could lead to a lengthier discussion down the line.
Cold Calling Tips for Financial Advisors
Wright says there’s no magic script or formula that can guarantee that a cold call will turn into a warm lead. Here are five basic cold call elements to help you get and stay on a prospective client’s radar:
- Start with the right mindset: Before picking up the phone to make a cold call, it’s important to get in the right headspace. “Attitude is everything when you’re making cold calls,” Wright says. It’s easy to get discouraged, so don’t allow doubt or fear to dictate your day.
- Show enthusiasm: The people you’re calling can feed off of your personality so set a positive tone early. Aim for professionalism but talk to prospects in a way that’s friendly and approachable.
- Be upfront about why you’re calling: The fastest way to get a prospect to hang up is to beat around the bush about why you’re calling. So when someone answers your cold call, briefly introduce yourself and the reason for your call.
- Be polite: After you’ve given a brief introduction, ask your prospect if it’s a good time to chat. Wright says cold calling is a form of interruption marketing so it’s important to be respectful of a potential client’s time.
- Put your services in context: Again, cold calling is not about listing out your greatest achievements; it’s about you talking through specific solutions you can provide as an advisor. So as you’re discussing a prospective client’s challenges or needs, tailor your answers to their specific situation and what value you can provide.
Taking a Holistic Approach to Lead Generation
Remember, cold calls may not always be sufficient to persuade a potential customer to use your services. It’s just one of the tools in your lead generation toolbox.
Advisors looking for modern alternatives to cold calling may consider lead generation and marketing solutions like SmartAsset AMP. The platform provides financial advisors with client referrals and even coordinates live, over-the-phone introductions between advisors and their leads. The service can also help advisors stay in touch with prospective clients who require a longer sales process, automatically sending out personalized text messages and emails.
Your cold calling script should be the first touchpoint of the client journey, and you should have clear follow-up steps planned out for the prospect in your script. You can also use social media, email, text messages or video messaging to supplement cold calling efforts. Just don’t fall into the trap of message bombing a prospect as that could alienate them.
Bottom Line
Cold calling can seem intimidating, but with research and practice, it becomes more manageable. While scripts are useful, persistence is key to seeing results. As Wright notes, “A ‘no’ today doesn’t mean a ‘no’ forever. Timing is everything; if someone declines, let them know you’ll stay in touch in case anything changes.”
More Tips for Cold Calling Clients
- SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
- Be mindful of how much time you commit to cold calling versus other lead generation strategies. Comparing results from cold calling, cold emailing and other marketing channels can help you determine which one offers the best return on investment so you can better allocate your time.
Photo credit: ©iStock.com/izusek, ©iStock.com/visualspace, ©iStock.com/AndreyPopov
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