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Best cold calling strategies: top tips for success

5 mins read
by Unbiased Team
Last updated January 21, 2025

From tips, tricks, best scripts, and mistakes to avoid, we cover the best cold calling strategies that financial advisers should know.

Summary

  • Despite evolving communication methods, cold calling continues to be a valuable tool for financial advisers.
  • The average cold calling success rate is between 2 and 4.8%.
  • Effective cold calling strategies require thorough preparation, research, and a client-centric approach.
  • All cold calling activities must adhere to UK financial regulations and the GDPR.
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Although its popularity has fluctuated, cold calling remains a valuable tool for financial advisers, brokers, and accountants based in the UK. It provides a direct communication channel for building relationships and trust with potential clients. 

But do financial advisers cold call​ , and does it work? The answer is yes, and studies show that a cold calling strategy plan can be​ worthwhile. Research by the RAIN Group indicates phone calls are the second most effective method for securing initial meetings, and data from HubSpot reveals that 82% of buyers accepted cold calls from new providers. 

In the financial and banking sector, the average success of cold calling is between 2 and 4%, however, it is still considered a worthwhile marketing option.

What makes a cold calling strategy effective for financial advisers?

Effective cold calling strategies for financial advisers require a strategic approach built on preparation, personalisation, and a client-centric focus. 

Begin by thoroughly researching your target audience to understand their financial needs and goals. Remember, the goal is to offer solutions, not just sell products. Try to understand client pain points to position yourself as a trusted adviser who offers value guidance. 

Make sure all your financial advisor cold-calling​ activities comply with relevant financial regulations, including the General Data Protection Regulation (GDPR). By obtaining proper consent before contacting individuals and handling their data responsibly, you’ll protect your clients and safeguard your business.

What are some proven cold calling strategies?

Effective cold calling strategies include the following:

  • Prioritising research: Before picking up the phone, gather information about your prospects. Understand their business and potential financial needs. For example, if you're contacting a business owner nearing retirement, you can frame your conversation around succession planning or pension options.
  • Setting the tone: A friendly and professional demeanour is recommended. Use an inviting and conversational tone and avoid overly formal or pushy language. Remember, you're building a relationship, not just making a sale.
  • Offering value upfront: Instead of diving straight into a sales pitch, one of the best cold calling strategies​ is to offer something of value. This could be a free guide to tax-efficient investing, an invitation to a webinar on retirement planning, or a complimentary financial health check.
  • Following up: Don't let a conversation end with the initial call. Send a follow-up email summarising key discussion points and outlining the next steps. If you promised to send resources, do so as soon as possible.

For example, a financial adviser targeting high-net-worth individuals must research their investment portfolios and philanthropic interests. During the call, they could offer insight into alternative investment strategies or charitable giving options, positioning themselves as an important resource. 

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What are the best cold calling scripts for financial advisers?

The best cold calling strategies are based on excellent scripts that encourage conversions. Use these ideas to create your own cold calling scripts for financial advisors​:

Initial client introduction

"Good morning, Mr. Davies. My name is Sarah Jones from Sterling Financial Partners. We specialise in helping business owners like yourself plan for a secure financial future. I noticed Davies & Sons recently celebrated its 20th anniversary. Would you be open to a brief chat about how we can help you achieve your long-term financial goals?"

Follow-up after sending marketing materials

"Hello Mrs. Patel; this is James Wilson from Clarion Wealth Management. I recently sent you some information about our retirement planning services. I wanted to follow up and see if you had any questions or if anything in particular caught your eye. Would you be available for a quick chat to discuss your specific needs?"

Reconnecting with dormant leads

"Hi Mr. Thompson; it's Emily Green from Apex Financial Consultants. We haven't spoken in a while, but I wanted to reach out and see if your financial priorities have changed. There have been some recent developments in the ISA market, and I thought it might be a good time to reconnect and find out how we can best assist you."

Handling objections

"I'm not interested.": "I understand. Would you be open to a brief call, perhaps next week, just to learn more about how we help businesses like Acme Corp?"

"I'm too busy.": "I appreciate that. Would there be a better time that I can reach out to you? I’m happy to reschedule a call at your earliest convenience."

How to avoid common cold calling mistakes

Effective cold calling strategies only work when the adviser is aware of the potential pitfalls, and one important area is compliance. 

Obtain consent before contacting prospects and handle their data responsibly to ensure you adhere to regulations like GDPR. The Information Commissioner's Office (ICO) is the best place to start for the latest guidance on compliance.

Next, avoid overwhelming potential clients with excessive information during the initial call. Instead, prioritise building a connection and understanding their needs—you can always share detailed product information later. Maintain your credibility by quickly following through on any promises made, whether it's sending materials or scheduling a follow-up call. 

Lastly, don't underestimate the importance of actively listening. As part of your cold calling strategy plan,​ pay very close attention to the prospect's responses, address their concerns, and tailor your conversation accordingly. Practising your scripts and anticipating objections can also boost your confidence and improve your ability to handle any challenging situations.

Work with Unbiased 

Cold calling as a client acquisition method can be extremely effective for financial advisers. It’s worth taking the time to develop appropriate scripts, comply with any and all regulations as needed, and test out different cold calling strategies.

If you want the tools needed to grow your business and increase your ROI, join Unbiased Pro today.

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Author
Unbiased Team
Our team of writers have decades of experience writing about B2B finance, including the latest information and trends related to financial, mortgage and accountancy advice firms.