How to Respond to the Comment ‘I Don’t Want to Lose Any Money’
A while ago I received an email from John in Texas and his email was very simple. He said, ‘Every time I go on an appointment, the first thing out of somebody’s mouth is, “I don’t want to lose any money.” And I’ve been saying, “I don’t know anyone that ever does.” as an ice breaker, but I don’t feel comfortable. Can you give me an idea on how to respond to that comment?”
Watch this video episode or read the transcript below to learn Don’s answer to this question.
So, here are my thoughts in no particular order.
“I don’t want to lose any money,” is an objection. So, you’re going to handle it like an objection.
They want to see you. You’re there in the appointment, so they want to do something about their future. It’s not a be-all end-all objection. But maybe you’re the third, fourth, even fifth advisor, and they’ve lost money with other people. So it’s a serious objection. I’d ask them at some point before leaving, “Obviously, you have a reason for saying that. May I ask what it is?”
Nonetheless, you can’t answer an objection. You must turn it into a question.
“I don’t want to lose any money.”
“If I understand you correctly, you don’t want to lose any money. Is that correct?”
Now you can answer that question. “Well, you know what? Most of my clients don’t want to lose money. None of them want to lose money, in fact. That’s why they chose me in the first place. Let me tell you how I conduct my practice. I don’t feel it’s my goal to make you money, to make you rich. I think it’s my goal to keep you from being poor. And that’s the way I conduct things. So the emphasis is not losing any money at all. How do you feel about that?”
I think they’re going to be fine with that, but try that, John. Just say, “I don’t want to lose any money. Nobody does. I don’t run my practice that way. I don’t try to make people rich. I try to keep you from being poor.” I think you’ll get back on stable ground with him. Thanks.
* This audio episode first appeared on Don Connelly 24/7 – a learning center for Financial Advisors with hundreds more audio and video podcasts that will help you develop superb soft skills for success.