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5 Ways to Escape Client Objections

By Katherine Vessenes.
xx_RES_0614_BusinessLab-resize-600x338Advisors should address concerns before they are raised

A few years ago I researched how to overcome objections—frankly I couldn’t find any decent strategies so I came up with my own. My system is simplicity itself: We design our entire client experience to not have any objections.

In fact, if we do get an objection, I feel like I haven’t done a good job.

Generally, about 90% of our clients follow our recommendations. Here are some of the ways we avoid objections and have such a high success rate:

1. We Take Our Time Getting to Know the Client

It is not possible to build trust instantly—it takes time. Our client experience can take six to eight meetings for us to really understand our clients and for them to have confidence in our recommendations and us. It can take two meetings just to get a financial plan that will meet their goals. It might take another meeting to review our investment philosophy.

By the end of those meetings we will have a plan they like and they will have started implementing it. Holding this many meetings before the client ever pulls the trigger has the added advantage of the clients not feeling pressured. They feel comfortable with their decision and want to move ahead.

2. We Remind Clients Decisions Are in Their Hands

I will tell clients our job is to educate them and run through the pros and the cons of every recommendation. We empower clients by saying: “I know that once you have the information about this investment, you will be able to make a good decision that fits your needs.” Once again this takes the pressure off until they have the data they need to implement a recommendation.

3. We Carefully Match Clients and Investments

This is yet another lesson I learned the hard way. About 18 months into opening our office in Rhode Island, I noticed we had five clients out of 50 or so who decided not to move ahead on one of our recommendations. Treating this like a business, I realized not everyone was going to like our recommendations, but I felt I was missing something in helping these people. It really helped me to put each one down on paper, look for a common theme and evaluate what was going on.

Read the full article on ThinkAdvisor.com to see what part of the list looked like



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