In May 2025, I spoke to over 100 financial advisers about their first meetings. Given the average lifetime value of a client, this is often the most profitable hour you as an adviser can spend.
And yet, many aren’t converting as often as they wanted or hoped. Here are the five most common challenges shared with me.
1. Communicating value effectively
In the top spot was conveying you’ll make a difference.
Yes, value is subjective. But one thing remains true: “When value exceeds price, people part with money,” as Grant Cardone says. We uncover value through asking questions.
But not any old questions. Questions that we have earned the right to ask.
Therefore, the timing of our query is crucial. The sequencing is an art. We start with those that are relatively easy to answer and progress from there.
If it’s challenging to convey value, then discussing fees can feel clunky. Asking for money is often difficult
An effective question can bring clarity, connection and fresh thinking, all while creating an experience where they feel safe. And one in which they leave feeling excited, hopeful and reassured.
Yes, you can answer expensive technical questions. But facts don’t move people. Feelings do.
Many advisers were confident in their technical ability, enjoyed cash flow modelling and diving into spreadsheets. However, people need empathy, understanding and clear communication – so they can leave that meeting feeling comfortable and confident to hand over their life savings.
2. Discussing fees clearly
The second stumbling block was talking about money: charges and fee structure. If it’s challenging to convey value, then discussing fees can feel clunky. Asking for money is often difficult. It can make us feel vulnerable.
As a result, some avoided the conversation altogether, saving it for a later stage. Others rushed it – wanting it over and done with. Not only that, those advisers whose fee structure is changing often found it difficult to explain.
Advice firms only spend 35% of time on client meetings
They were concerned how to manage responses about previously “overpaying”. Some – keen to avoid being seen as expensive or over charging – couldn’t say how much the work would be without lifting the bonnet.
But avoiding the fee discussion can create mistrust. Prospects want transparency. They also want to feel that the investment they make is justified. Nobody likes feeling they’re overpaying.
To help ease this conversation: remind yourself of how you change lives and rehearse rehearse rehearse!
3. Asking for the business without sounding pushy
No one wants to sound like a second-hand car sales person.
As a result, some would end the meeting with a vague phrase such as: “Let me know if you have any questions.” While well-intentioned, this can leave the prospect in limbo, when certainty is what they need.
If you’ve understood what they’re after, their challenges, gaps and motivations, then moving to the next stage is logical.
4. Following up when prospects go quiet
Ghosting was another big theme.
Many advisers mentioned having had a great first meeting. The prospect was making all the right noises. Then crickets. Radio silence. A lot of nothing.
If you’ve understood what clients are after, their challenges, gaps and motivations, then moving to the next stage is logical
Not wanting to appear desperate or intrusive, they struggled to know what to send to get a response. It’s very normal. And yet once you have a few psychology-informed polite phrases up your sleeve, you can expect next-day responses.
5. Filling the pipeline with the right prospects
Finally, getting in front of an ideal audience was the last challenge.
The key here is clarity in positioning. Firms with impressive conversion rates were clear about those with whom they worked well, the problems they solved and the impact they had. This made it easy for referrers as they also had a process for asking for them.
They also had simple screening steps in place, to filter leads before booking a longer meeting.
Melissa Kidd is director of Motem Ltd
