Cold call scripts and tips for financial services

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Nothing makes us want to give up on cold calling more than multiple hang-ups in a row. The culprit? Often, it’s terrible cold call scripts for financial services teams.

While important in any industry, it’s essential to get to the root of the call fast within financial services. Bad cold call scripts make you sound like a sales-pitch robot with no respect for your prospect’s time. Instead, you want to come across as a human expert who's calling to help prospects save and make money.

The following are detailed, flexible cold call scripts to help you achieve the latter. Use them to maximize your conversion rate and cut down on hang-ups.

Scripts that make you sound human

Having preplanned statements is vital to successful cold calling. Standardization is the only way to make frequent, high-volume calling sustainable and consistently effective. However, one of the most important elements of a cold-calling script for a financial services caller is the human touch. As in all things, balance is key.

This can be accomplished in a variety of ways while keeping a script intact. Giving yourself flexibility during the conversation enables you to identify and respond to each prospect’s specific needs; a script gives you guardrails to maintain a polished, expert demeanor.

Example script #1: Bulleted highlights

Instead of writing out what you'll say word-for-word, using bullets to remind yourself of the main points you need to get across will help you stay on track while remaining conversational. This creates a human feeling while keeping the important parts.

  • Create a solid opening statement:

“Hi Charles, my name is Joe, and I’m calling on behalf of Seniority Bank. May I have six minutes of your time to talk about [topic?].”

  • Write all major points to hit or have on hand:
    • How much money you can save them or make them
    • Examples of others who you’ve helped
    • Answers to common questions
  • Choose a solid closing statement:

“Charles, I see I’ve hit my six-minute limit. I’d love to set up a time to have a 55-minute, more detailed discussion. Would Tuesday at 2 pm work for you?”

Example script #2: Full bullets

If you want to take bullets all the way, try a bulleted outline with notes — almost like a checklist. However, conversations can take unexpected turns; stay true to the conversation, not your premade list. The goal is to have more talking points than you need to give you plenty of options as the conversation ebbs and flows.

  • Have a list of opening points to hit:
    • Who I’m calling
    • Who I am
    • What I’m calling about
  • Craft an outline of bulleted statements and topics to guide the conversation:
    • “With just $100 added to savings each month, you could make over $1,000 in interest by the time you retire...”
    • “We’ve helped people plan their retirement for 35 years...”
    • Name and story of a customer
    • A few common answers to common questions
  • List a few options for closing:
    • “I’m out of my time. Can we schedule for...”
    • “I don’t want to keep you away from your family for too long... ”
    • “Charles, it looks like it might be time to set up a longer appointment...”

Scripts that put the prospect first

Sorry, Shakespeare, a cold call isn’t your opportunity for a monologue. The goal is to engage your prospect, understand their needs, and demonstrate that prospects can indeed trust you.

According to, “In successful cold calls, there are 77% more ‘speaker switches per minute’ than those that are unsuccessful.” Getting your prospect talking and keeping them at the center of the conversation increases the chances of success within each call.

Example script #3: Full of questions

Try to add in as many questions as reasonable to keep your prospect talking with you. Both open-ended questions and “yes or no” questions help to continue the feeling of a conversation rather than a sale.

  • Create an opening statement with a question:

“Hi Apollonia, I’m Larry calling with Green Retirement. Can we talk for seven minutes about your plans for the future?”

  • Answer questions asked while creating continued conversation: >“That’s a great question; our credit union is located right here in Sharpsburg. Our goal is simple, to help local community members like you in all ways financially. What's the single most important thing you look for in a bank?”
  • Repeat and confirm questions:

“You said [rephrasing.] Did I understand that correctly?”

  • Emphasize that the conversation is about them, not the product:

“Is there anything that you want to know or that you have questions about?”

  • Pose questions during the closing statement:

“Alright, Apollonia, I appreciate your time today. Could we schedule a thirty-minute conversation on Friday at 10 am to continue this conversation?

Example script #4: Using psychology

A few psychological tricks — such as using a prospect’s name and title — go a long way to build trust and win them over.

  • Research how to pronounce a prospect’s name, and don’t be afraid to ask if you got it right:

“Apollonia, my name is Larry with Green Retirement. First, I wanted to make sure I’m pronouncing your name correctly. Also, can we talk for seven minutes about your plans for the future?”

  • Accept any correction gracefully:

“I apologize, Dr. Ranvier. Earning your Ph.D. is quite the accomplishment, and I’ve written your preferred title in my notes.”

  • Repeat their name throughout the conversation, especially when answering questions:

“Dr. Ranvier, we aim to help you feel secure about your financial future through [service.].”

  • Mention details, big and small, during closing to show them you’ve been listening, too:

“Dr. Ranvier, I appreciate your time today and don’t want to keep you away from your granddaughter’s birthday party. Could we schedule a thirty-minute conversation next Friday at 10 am to continue this conversation?”

Scripts that facilitate respectful encounters

Use the tenets of relationship selling by keeping an ear on your prospect’s mood via their tone and phrasing. Use this to know when they’ve had enough of you before they have to say anything explicitly. Ending the conversation before they are frustrated or distracted keeps you on their good side and shows you care about them, not just the sale.

Example script #5: Respect privacy

It’s imperative to respect boundaries when cold calling as a financier, as money is generally a confidential topic. Ensure you drive home your respect for their privacy, especially if the prospect starts to sound skeptical.

“First, thanks for lending me this time, Dr. Martin. Second, I want to assure you I do not want any specifics about your monetary situation or finances. Here at Castle Retirement, we never ask for personal information over the phone or to anyone who’s not sitting with us to sign papers.”

Example script #6: Close with respect

It’s important to break from the planned script with grace when you notice your prospect becomes detached from the conversation.

“Samantha, I see we’ve been on the phone for some time now. I don’t want to take you away from your responsibilities since I called out of the blue. Perhaps we could schedule a time for a longer conversation about [topic]? Are you free next Tuesday at 2 pm?”

Scripts that leverage research to create trust

As cold calling implies, you’re reaching out to people who didn’t ask you to call. Create a positive environment right off the bat by utilizing a tenet of sales enablement — target audience research. Doing just a small amount of research ahead of time lets them know you provide personalized services.

Keep in mind that most people don’t know how much of their personal life is easily accessible on the internet. Be sure not to sound like you know too much, or they might become concerned or defensive.

Example script #7: Use LinkedIn research

If you found your prospect on a website like LinkedIn or through their own website, there could be great information you can use to your advantage throughout the conversation.

  • Develop an open that shows you’ve researched them:

“Hi Gregory, I was doing some research about [their city] and noted [relevant fact they posted about on LinkedIn], so I wanted to reach out. I would love to talk to you for eight minutes about [proposition].”

  • Reiterate what the prospect finds important when you answer their questions:

“Great question, Gregory. I noted you live in Boston; perhaps you like the Red Sox? While we have many perks, my favorite is exclusive deals to local games and other events — including the Red Sox.”

  • Create a closing that keeps their time zone in mind:

“Alright, Gregory, I know it’s getting to be the end of the day, and I’m sure you’re ready to leave your office. Could we schedule for Monday at 4 pm EST for a longer conversation?”

Scripts that skip right to the value proposition

Many cold calls start with generic statements designed to build trust through small talk. Demonstrating you did your research is good. But you don’t want to waste too much time showing off how much you know about them.

Since the most critical part of the call is within the opening, start with a value proposition to show your cold prospect why they should trust you by telling them what you offer first.

Example script #8: Value first

Talking about the product can shift the conversation into a sales pitch. Instead, talk about the results to show them why they should care.

“Hi, my name is Steve with Hillside, a mortgage broker, and my goal today is to spend five minutes with you to determine if a longer meeting about lowering your monthly payment and freeing up your income would be in the cards.”

Example script #9: Emotion first

Sell the idea or feeling rather than talking about your services. Think about using this approach when a lead is leaning toward being a warm lead — someone you know is interested in a product like yours, but they don’t know about you.

“Hi, my name is Steve with Hillside, a mortgage broker. My goal today is to spend five minutes with you determining how we can help you feel more secure and confident by lowering your mortgage payment and freeing up more of your income.”

Take cold call scripts for financial services with CallRail

Scripts are a good first step, but flexibility and adaptability are the keys when talking to financial prospects. Each person’s needs and situation are different, so going to a deeper level and understanding why some calls worked and others didn’t will support continual improvement.

That's where conversion intelligence comes in with CallRail. CallRail’s Conversation Intelligence starts with a live call transcription. After the call ends, the transcription is analyzed by an AI, where insights that help improve service and train staff are created. Try it for free today!