Scheduling Hacks: How Advisors Make the Most of ‘Coffee Chats’

Coffee chats are quickly becoming a vital instrument within a financial advisor’s toolbox. In the age of virtual meetings and remote work, these quick meetings are a low-risk way of building new relationships. But while the concept of 15-minute coffee chats works, there are vital steps you'll need to observe to make the most out of these prospecting calls. 

So how do you maximize your time? Preparation is first. Advisors shouldn't be winging coffee chats. Instead, having structure, knowing your client, and planning the flow of your exchange work best. Asking the right questions is also a way to lead the discussion without being too controlling. Finally, make sure to keep the momentum going and end the conversation the way you intend to. Coffee chat structures aren't carved in stone, but we like to save the last five minutes describing how we, as advisors, can help. And helping isn't necessarily about selling. 

Successfully getting people on a call is merely a precursor. The next phase is to show gratitude by not wasting their time. Let's explore these scheduling hacks your prospect is sure to appreciate. 

Preparation is key 

As sports spectators, we witness and enjoy the highlights. But the truly great athletes prepare and practice behind the scenes. Incidentally, the same pattern happens in business and with financial advisors. 

Get to know your prospects before scheduling a chat. Are they employed, or do they run a business? Are they married with kids? What are their struggles and goals? Most of these tidbits are available online, and researching will make your chats flow smoother. 

Also, it is essential to come up with an agenda. With the information from your research, try to create buckets of topics you'd like to explore. While coffee chats shouldn't feel scripted, it is nevertheless important to direct the conversation — subtly nudging the narrative without feeling scripted. You can do these slight nudges by asking the right questions. 

Ask the right questions

It is human nature to want to talk about yourself, so one way of kicking things off is by talking about their business, hobbies, family, or really anything about them. Make the conversation about the prospect, not you and your services. Some clients will be willing to share more than others. Anticipate this with relevant questions. 

Some talking points to consider are family matters, business affairs, company struggles and challenges, short- and long-term career objectives, and the like. 

A few of these topics will be trickier to implement than others. For instance, some family-related questions could be out-of-bounds, so tread carefully. 

Take control of the conversation

The magic number is 15 minutes for coffee chats. That is long enough to cover the basics yet short enough not to overwhelm the prospect. On paper, 15 minutes may seem too brief, but it is surprising how 15 minutes of intentional conversation can be more than sufficient.  

When going through your agenda in the preparation phase, try to estimate the time you'll need to go through each topic. Then be mindful of the time and try to stick to the plan. There will be exceptions to this tip, of course. But for the most part, keep the structure intact. 

Most dynamic conversations tend to go off-topic, so try to be present and aware of these natural interruptions. Quickly steer discussions back to your agenda if things go off course. Maintain your assertiveness without being rude. 

Add value

Clearly, knowing your products and services by heart is a salient part of maximizing coffee chats. Based upon the conversation and how it's going, you should be able to piece in the services or products you can offer.

Coffee chats are about building relationships first rather than selling, but you'll probably have a general idea of your clients' needs and how you can help as an advisor. 

Patience and sincerity

Don't be in a hurry to make your pitch. Again, because we can't emphasize the point enough, coffee chats are not about selling. Take the time to connect. Enter a coffee chat without the expectation of making a sale. Creating a network and building that human connection is your main purpose.  

Be sincere with your desire to help. The person you meet in a coffee chat might not become a client, but they could be the bridge that connects you to another client. It’s only 15 minutes, so be helpful, sincere, and show interest in them as a person. When you do that, the worst thing you can do is waste 15 minutes. The best thing you can do is lay the foundation for a future sale.

End strong

The last few minutes of the call are ideally reserved for you as the advisor. By then, you'll have a clearer picture of how you fit. It's time to make a judgment call. Would a follow-up, extended call be more suited to the situation? Remember that it is about what you can do for them. 

Give them something to think about by offering solutions — solutions always spark interest. Also, try to link back and refer to what they already mentioned. Referencing back is a fantastic way of showing attention and understanding. 

Timely follow-up 

The meeting doesn't end with a goodbye. Keep the momentum going by planning the next steps. So before ending your call, make sure to schedule a follow-up. When making follow-ups, try asking simple questions that require simple answers. 

For example, ask if they'd like to meet on Monday morning or Tuesday afternoon. Having concrete choices is a subtle way of assuming they will meet you and avoids the often unanswered open-ended questions. 

As for timing, it is good to schedule your follow-up appointment between seven to ten days after. 

Keep at it

Rejections are to be expected. Financial advisory is a business with a lot of "no" responses. But with continued perseverance, you will find success. And perseverance comes easier when you're genuinely seeking to help. 

Coffee chats are about connecting with other people without wasting their time. They may end up being somebody else's customers, and that's okay. Opportunities await when you keep at it. In any case, they are providing their time, and we can show our appreciation by optimizing those 15 minutes.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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