There Are Only Three Objections You Will Ever Get
Generally speaking, there are only three objections you will ever hear: I don’t have any money, I already have an Advisor and a third catch-all category we’ll call “I’m not interested.” Obviously, there are many more objections, such as “I can get it cheaper elsewhere.” But those specific objections fall into the catch-all category. Telling you that a discount house is cheaper than you is a way of someone saying he or she is not interested.
Let me teach you what I was taught years ago in a course called Securities Selling Skills.
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Declarative sentences form a statement. They are not invitations for rebuttal. In order to address the client’s concern, the declarative sentence must be rephrased as an interrogatory sentence and then addressed. Interrogative sentences form a question and questions are meant to be answered.
When someone says to you, “I already have an Advisor, she’s with Merrill Lynch, and I’m happy with what she is doing for me” rephrase the sentence. “If I understand you correctly, you have an Advisor at Merrill with whom you currently do business and you are pleased. Is that correct?”
When someone tells you that you are correct, congratulate the person for being an investor. Explain that Merrill Lynch is a wonderful firm and you agree the person is doing a good thing by doing business at Merrill. Then ask if that person agrees with you.
“I agree with you that Merrill is a terrific firm and I know you are happy with your Advisor. I also know that not any one person or firm has a corner on all the good ideas. Do you agree? If I can give you one idea that will increase your income, reduce your taxes or both, may I compete for part of your business?”
I have found over the years that a lot of clients are not thrilled with their Advisors.
They are not happy or unhappy as much as ambivalent. They don’t leave because they don’t want to rock the boat. If they have a bad Advisor, they won’t know it until they get a good one and that good one might just be you.
If someone tells you they can’t see their way clearly to invest right now, rephrase the declaration. “If I understand you correctly, you have commitments that prevent you from setting up a retirement account at this time. Is that correct?”
Explain to them that many of your clients felt the same way when they started with you. In fact, that’s exactly why they started with you. Then explain that retirement is not going to wait for someone who is late. You teach your clients to treat themselves just like a bill. You’re going to pay yourself like you pay all your other bills, but you are going to pay yourself first.
If someone tells you he is not interested, find out what it is he is not interested in. Rephrase the sentence and address the question.
Objections are your friend because they let you know what the other person is thinking. There is no need to get uptight. Relax and answer the question.
Purchase the replay of Don Connelly’s webinar – it’s all about objections!