handle objections Archives - Don Connelly & Associates

How to Respond to the Comment ‘I Don’t Want to Lose Any Money’

August 29, 2022 / by Don Connelly / Best Practices, Connelly Corner / 0 comments

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.

How to Tell When a Prospect Is Ready to Become a Client

May 30, 2022 / by Don Connelly / Prospecting / 0 comments

In their interactions with prospects, financial advisors reach a critical juncture when they must determine when or if a prospect is ready to become a client. If they make the wrong determination, it will likely result in a missed opportunity. Trying to close prospects before they are ready can push them away, while waiting too long can cause them to lose interest.

Wouldn’t it be nice if, when they are ready to buy, prospects would just pipe up and say, “I’d like to get started?” Unfortunately, it rarely happens that way. Your prospects are just as apprehensive about making a buying decision as you are asking them to buy. Most people need to be held by the hand and reassured that they’re making the right decision. Some may need a stronger nudge. But in almost every instance, financial advisors must know when the time is right and take the appropriate action.

If you bring a prospect far enough along in the process, it means you’ve probably done a lot of things right—built rapport, discovered their pain, explained your process and how you bring value, etc. Then it becomes a dance. Like that girl or boy you’ve been staring at across the dance floor, they will provide clues or buying signals when they’re ready to be asked. Here are a few such signals or clues.

Use the Perspective of Time to Move Your Prospects to Action

June 14, 2021 / by Don Connelly / Presentation Skills / 0 comments

Undoubtedly, you are familiar with the theme: You have a prospect in front of you with a clear objective. After gathering all the facts and probing them on why it’s important to them to achieve the goal, you present an iron-clad solution that checks all their boxes, throughout which they nod in agreement. You lay out the steps to get started and ask them for their approval to move forward. When they shift back in their seats, you know what’s coming—the pause, the hesitancy, and the anxiety over making a decision, leading to the standard, “We’d like to think about it.”

After addressing their concerns, walking them through how your solution helps them achieve their objective, once again with approving nods, they again shift in their seats and confide that they just don’t think it’s a good time to start investing.

That’s a very good sign—a strong indication you’ve done your job—up to this point. But your job is not complete until your prospects take action to improve their situation. All they need now is a reassuring nudge. All they might need is some perspective—some time perspective.

Prospect Objections Are Often a Cry for Help. Your Job Is to Help Them.

May 31, 2021 / by Don Connelly / Prospecting / 0 comments

As a financial advisor, you are valued for your expert knowledge, but you are only as effective as your ability to get your prospects and clients to act on your recommendations. If you can’t, their situations won’t improve, and neither will yours. Many financial advisors in that situation might chalk it up to them being “bad” prospects and move on, but aren’t they abdicating their role as an advisor?

Certainly, advisors shouldn’t use strongarm tactics to turn their prospects around, but shouldn’t they at least understand the reason behind the objection? Could they learn some valuable insights that would help resolve the issue, if not for the prospect in front of them, but for similar situations they encounter in the future?

In the financial advisory business, objections come with the territory. They’re often just knee-jerk reactions from clients hesitant to make a change. Prospects often don’t understand the real reason behind their objection—they’re just not comfortable moving forward. As an advisor, your job is to help them acknowledge the real reason so they can place it in the context of what you have offered them.

The First Client Meeting: Are You Making Any of These 10 Common Mistakes?

March 11, 2019 / by Don Connelly / Managing the Relationship, Prospecting / 0 comments

The First Client Meeting - 10 Common Mistakes

It’s all too easy to slip up in the first meeting and lose any opportunity to open the account – and this is especially true for new advisors.

In this post we’ll help you identify mistakes you could, without realizing it, be making. Take an honest appraisal – do you recognize yourself doing any of the following? If so, take action to fix these mistakes.

Three Types of Prospects Most Likely to Object and How to Win Them Over

February 4, 2019 / by Don Connelly / Prospecting / 0 comments

During your career, you will meet with prospects who are ready with a reason not to invest. It’s up to you to recognize what camp they fall into objection-wise, so you can counter with the right response. Make it your aim to deal with their objections before you give your presentation.

Here are three types of prospects – and objections – to look out for.

How to Respond to the Comment ‘I Don’t Want to Lose Money’

November 26, 2018 / by Don Connelly / Presentation Skills / 0 comments

I received an email from John in Texas with an interesting question. He said, “Every time I go into an appointment now, 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 a suggestion how to respond to that comment?”

Watch the video or read the transcript below to hear Don’s thoughts on how to respond to this question.

5 Steps to Improve Your Sales Skills

April 9, 2018 / by Don Connelly / Marketing Yourself / 0 comments

Advisors often dislike being known as ‘sales people’ – they see the act of selling as somehow disreputable. In fact, this couldn’t be further from the truth.

Selling is essentially the art of persuasion. If you are to get people to open accounts with you, you need to convince them it’s the right thing to do. You need to become proficient at selling if you want to grow your business.

Top advisors are inevitably skilled salespeople. Make it your aim to become great at selling by taking the following steps.

4 Fears Prospecting Can Eliminate for You

January 1, 2018 / by Don Connelly / Prospecting / 0 comments

Prospecting is the backbone of your business. Nothing happens until you get yourself in front of potential clients – which is why the most successful advisors are generally those who regularly prospect right through their careers.

The more you prospect, the more proficient you will become and the more business you will secure. The act of prospecting also empowers you and helps you to overcome your fears.

Here are four such fears that prospecting can eliminate for you.

Four Common Client Objections and How to Counter Them

September 11, 2017 / by Don Connelly / Presentation Skills / 0 comments

There’s so much uncertainty surrounding investing that people postpone the decision. Clients and prospects can think of a multitude of reasons not to invest: Whether it’s tax time, retirement looks too far away or they want to buy a new car or kitchen.

However, when clients say they’ll ‘think it over’ it doesn’t mean they’ve found a good reason to delay investing; perhaps it means they don’t trust you enough yet, perhaps they don’t understand what you said or perhaps you simply haven’t convinced them to act. So how do you get them to do the right thing and start securing their financial futures?

Here are some common objections you’ll face – and how to answer them.

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