Overcome Objections Before They Come Up

There is a simple strategy to overcoming any and every objection a client—or potential client—can have about moving forward with purchasing a financial product from you (or, from any adviser), and you can learn it in about 20 minutes. But, like anything else, perfecting it will take some practice.

Once an adviser starts working with our marketing company, we frequently hear questions about how to overcome objections. Fees, busy schedules, having their CPA look it over, etc., are all objections that can—and do—come up during appointments along the way to selling a financial product. Now, we could spend a couple of days addressing every known objection the clients can come up with, and have advisers practice and memorize all of the responses, but that is painfully time consuming and boring. Instead, we have learned that the best way to overcome ALL of a client’s objections is to make them go away before they are ever brought up.

The key to overcoming every objection before they are even asked is in the questions you ask during the first client appointment. If you ask the right questions, you will build a list of the wants and needs that the clients have for the assets that you are trying to help them reposition. If you spend the right amount of time talking with them about the right things, you will develop a list of things they want their money to do differently, and you will even be able to prioritize the list according to their preferences and objectives. When you have their commitment to the list they have helped you create, then you can begin to describe to them the financial asset that you feel is best for them—and exactly why. You simply start with the highest priority item on the list and very briefly describe how the product you are going to recommend accomplishes that need. Then, continue down the list until all needs/wishes have been addressed. This is where the objections begin to die before they are ever even spoken.

Once you have shown the clients how all of their needs are going to be met by the repositioning of funds into the product you recommend, you simply ask the clients if they feel that they would be happier if you could reposition an asset that would do all—or most—of the things they listed. Then you tell them that you are going to take the information from the list of needs and go research to find the very best versions of the financial product available on the market today, and then put together numbers and comparisons so you can bring the data back and review it with them in order to choose the one that you all agree would be the best fit for them. And, finally, you ask if there is any reason at all that they would not be willing or able to move forward with repositioning the assets?

Every potential objection that needs to be addressed will almost certainly come out once this question is asked. And, if for some reason there is an objection later, you are able to help them recall the conversation and their assurance that there would be no roadblocks to moving forward with moving to the new financial product you brought to them. There are a few additional techniques to review and practice—like, reviewing the list of needs again at the beginning of every appointment until the sale is done. But, the essence of the strategy is basic, simple, and honest. Best of all, you don’t have to remember the answers to 50 different potential objections—just a few comprehensive responses that address multiple objections.

We know this technique works because of the feedback we get from advisers after they try it a few times. Not only do their sales increase, but the number of client visits required for each sale drop significantly as well. They end up closing a higher percentage of cases, and taking less time to do it. We have also noticed that their referral rates seem to be higher, but that is to be expected as a result of closing more sales.