Overcoming Objections

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“Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty…" -Theodore Rosevelt

One of the hardest battles to fight, particularly as a new Finacial Advisor, is the regular day in day out rejection we face with prospects.

When we enter into the business, we sit behind a desk and a computer studying our butts off to pass an exam, and then everything we do after that is the complete opposite.

We have to network, cold call, and market ourselves heavily to try and build a business.

Sometimes we feel like we are making headwind, other times we feel beat. It's very easy to get burned out, especially with the long days and nights we put up front.

That's probably why the turnover rate is so high. There are very few that can bare the struggles, pain, and difficulty.

But, those who do, build a lifestyle and quality of life that is unparalleled.

I know one of those people. He's become a friend over the years.

He is young, early 40's, and has built an empire from the ground up. He manages $250 million in assets and started 14 years ago from scratch.

Every time I meet with this individual, I am reminded of why he is so successful. It's crystal clear and has everything to do with one thing.

A Burning Desire.

Of course, he is optimistic, exudes positive energy, and is incredibly hard working, which all help contribute to his success.

But there is something in him, and you can just feel it, that takes him to that next level.

It's a mindset, determination, a burning desire to succeed.

He doesn't waste time doing trivial tasks; he focuses on the activities that directly impact his revenue.

He doesn't allow anything to stand in the way between him and his goal; he manes his time wisely and takes it very seriously.

And he doesn't allow rejection or "NO" to phase him or bring him down. Instead, it FUELS him and FIRES him up.

The Prospect's View

Before digging in on what to say when you get an objection, let's take a step back and dig a little deeper from the prospect's point of view.

I get calls from telemarketers all the time, and I hate them!

No, I don't want to extend my car warranty Mr.Robot, TAKE ME OFF YOUR LIST (as I'm pressing the number 9, 15 times)!

However, every once and a blue moon, I will hear someone out, because they caught me at the perfect time.

Two years ago, my car insurance company raised the premium on me by $70/month.

The next morning, a local guy from All State called me.

You better believe I listened to everything he had to say and even scheduled a second appointment for a quote.

I didn't end up going with him, but that's beside the point. The point is he caught me at the perfect time, and I was willing to give him the opportunity and make a change if it made sense.

Similarly, as soon as you mention what company you're calling from, or your title, more than likely the prospect has already made up their mind on what they're going to do.

The 5%:

I have found that around five percent of the clients you call will agree to meet with you without any objection. This happens for one of three reasons:

1) They are about to go through a major life event (retirement, birth, death, settlement, new business, selling their business, marriage, inheritance, etc.) and they know they're going to need some help.

2) They are so incredibly unsatisfied with their current FA that they are willing to give their pool boy a shot at managing their investments.

3) They are wasting your time.

The Other 95%:

The other ninety-five percent of people are waiting for you to pause so they can give you an objection and hang up.

Even if they're unhappy with their current relationship, they would rather stay and be miserable then deal with the time, costs, and "unknown" associated with moving over to you.

People are just naturally afraid of change.

So they stay miserable.

We can't change that.

But what we can do, is be prepare and equip ourselves with responses that give us the best probability to get our foot in the door.

How To Give A Good Rebuttal In 4 Easy Steps:

1) Acknowledge - The most important part of the rebuttal process is the acknowledgment. When a person provides you with an objection it's not because they are rejecting YOU, it's because they haven't had the opportunity to understand what it is that you are offering. They likely get sales calls all day, and it's just another call for them that's getting in the way between them and their tasks. Be different by acknowledging them before anything else. 

2) Validate - The next step is to validate their concern. When a prospect gives an objection, they are expecting you to fight back. When you tell them they are right, you throw them off balance. Validate their concern and let them know it is normal and no big deal. 

3) Testimony - People are crowd followers. If you go to a food court and all of the restaurants except for one have NO line which one do you want to eat at? The one with the long line obviously, you want to see what the hype is all about. So after letting the prospect validating the prospect's concern, briefly mention what others have found by working with you. 

4) Pivot - Last but not least, pivot the conversation to a question or closing statement. If you've done steps 1-3 properly, this part is a breeze.

Tieing It All Together:


You: "I can appreciate that (acknowledge). Many of my best clients today were not interested when I first contacted them (validate). But what they have found is that we were better able to address their needs, and by doing so, they were much better off with us (testimony). With that being said, I will be in your area next week, and would love to drop by to introduce myself, would Tuesday or Thursday work best for you (pivot)?

Good Luck!

May the BURNING DESIRE for success FUEL you!


Objections and Rebuttals

Prospect: I already have an advisor!

You: So what you’re saying is you’re already working with someone?

Prospect: Yes.

You: That’s great, and I am not looking to disrupt your existing relationship, as I’m sure it is a successful one. In fact, now that I think of it, my most successful clients were working with another advisor when I first contacted them. But, once they say how we were better able to address their needs, they realized they were much better off with us. I'll be in the area next week Tuesday, and I would love just to introduce myself to you in 10-15 minutes. Does that sound reasonable?

You: I can appreciate that - I would be surprised if a successful investor like you did NOT have an advisor! My intention is just to have a brief introductory meeting so that we can make a connection face to face, I can find out more about your situation, and see if we can compliment what you’re already doing. I am confident, over time, by providing you with value and information, we could partner and build a successful long-term relationship.

Prospect: I’m not interested!

You: I can appreciate that, so what you’re saying is you’re not interested right now?

Prospect: Right!

You: Thank you for being upfront and honest with me _________, I respect that. My only intention is to make a quick connection and find out more about your circumstances so that I can provide you, at no cost, my time, our resources, and our research. I am confident, over time, I could give you more value than you are currently getting. Would you consider giving me that opportunity?

You: You're not alone, most of my clients felt the same way when I first contacted them. But once they were able to see how we were able to simplify their financial lives and they were able to spend more time with their families or on their businesses, they realized they were much better off with us. How about we continue our conversation over coffee next Tuesday morning? What time is good for you?

Prospect: What do you want?

You: The reason that I’m calling is that I focus on helping business owner’s like yourself build a financial strategy to help achieve their goals. Now I know with over 250k registered advisors you’re probably working with someone, but I’m just curious what type of asset class are you currently investing in?

Prospect: Why is my investment strategy important?

You: The reason behind that Mr. Prospect is that my typical client has $250k or more in assets in a portfolio that we're managing on their behalf. Based on what their goals, circumstance, and where we think the market is heading, we provide a strategy that is suitable and customized to their needs. The reason I would like to meet is to share our latest insight with you and see if you can benefit from what we are doing.

Prospect: I don't do business over the phone?

You: I can certainly understand how you feel, I rarely conduct business without first meeting my clients, and I would be happy to meet with you at your earliest convenience. Let's get together so we can learn more about each other and see if there’s any reason we should continue our conversation.

Prospect: How did you get my number?

You: I developed a list of successful professionals who I believe can benefit from our service. My focus is working with professionals like yourself, and I’m calling to discuss ways we can help you craft a successful financial strategy.

Prospect: Why do you want information on my assets?

You: I’m glad you asked me that. You’re assets only represent a picture of where you’ve been, and I’m more interested in getting to know you and where you want your assets to take you. Remember, I just want to make sure that what we talk about, and what I send you through the email are most appropriate and of interest to you.

Prospect: I don’t have any money to invest!

You: I can certainly understand, and I did not expect you would have anything to commit today. My only intention is to have a brief introductory meeting so that we can meet each other, and I can learn more about your business. That way, in the future, if something changes, you know about my firm and I. Does that sound reasonable?

Prospect: Can you just send me something by email?

You: Absolutely Mr./Mrs. Prospect I could certainly send you something by email. However, I don’t want to waste your time as I’m sure you probably receive A LOT of junk email that doesn’t hold your interest. To have that information correspond with your needs and be something that, well you might look forward to reading, can you give me some ideas on what you’d be most interested in learning? For example, as an investor are you more aggressive or conservative? Do you own mutual funds, exchange traded funds, or individuals stocks and bonds? Where are those assets?

Prospect: I don’t like being cold-called, and I don’t want to buy anything?

You: I completely understand Mr./Mrs. Prospect, neither do I. With so much information out there it’s hard to know what’s worth your time. I’m not going to try and sell you anything today. My only intention is to meet you to learn about what it is that is most important for you, that way if you’re ever in the market you have my information. Does that sound reasonable?

Prospect: My money is tied up why would I move it?

You: Can you please explain further so I can directly address your concern. Is it tied up in your business or other investments? Once that’s clear we could discuss your situation more directly once we meet.

Prospect: Why would I meet with you?

You: That’s a great question Mr./Mrs. Prospect, many of my best clients, asked me the same thing. My focus is working with successful individuals like yourself, who want to maximize their benefits, know exactly where they are and headed. Many of my clients have discovered that our process is sensitive to their actual needs and the reason we would meet is to see if what you do is

Prospect: How long have you been with __________, How long have you been an FA?

You: I started with __________ in _____ and I’ve been a financial advisor for _____. Before joining __________ I was a __________ with a Fortune 100 company, but what I want to stress Mr. Prospect is that what’s more important than how long I’ve been here is how long I plan on staying here. There’s nothing more devastating to your financial strategy than when you build trust and a relationship with someone to have that person changes firms or leave the industry. I want to assure you I have no interest in doing either of those things. I am in it for the long haul, and I’d love the opportunity to share more about my background and learn about yours in person.

Prospect: Are you a CFP?

You: Great question Mr. Prospect the CFP is both a process and a designation with that said I’ve started the process and look forward to completing it, rest assured it’s as important to my clients and me, as it is to you.

Prospect: What are the fees for transferring?

You: The cost of transfer depends on some variables. Why don’t we set a time to meet I can learn more about your needs and then we can see if it even makes sense.

Prospect: Track record, how have you done the last couple years?

You: Mr. Prospect although I agree someone’s past performance is critical, I hope that you can understand and appreciate that client confidentially is a paramount concern in my business. With that being the case, I can’t address the performance of other client’s accounts but what I can do is tell you that most people stay with me, not only because they understand my process, but because they are confident in it.

Prospect: I’m happy with my current Financial Advisor?

You: I’m so glad to hear that, just curious if there was one thing you wish your advisor did better what it would be? The reason I ask is that I have many clients who were also happy with their advisors, but once they saw our business process and how we addressed their needs, they realized they were much better off with us. Would you be willing to explore such a possibility?

If rebuttal doesn't work: I completely understand, would you happen to know of anyone else who might be interested in getting to know an honest, hard-working advisor?

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