I just completed the second Selling Without Wrestlingô
Teleseminar Series. My plan is to do at least 2 trainings per year. We
had a great new group of 49 financial advisors and another 100 people
were invited to participate as well (coaching clients and the class of
Ď07 from last fall). They had some good questions for me as usual. In
the last teleclass I was asked, "What do you say when your
telephoning and your prospect says they already have a financial
I have written on this topic but for those who have not yet purchased
any of my books or CDs, here are some quick ideas.
First, donít panic. This is a "knee-jerk" or automatic response. Itís
like saying, "I already own a television." It doesnít mean anything.
Everyone with any money has been approached by financial advisors.
Also, it doesnít necessarily mean they have a "real" relationship with
an advisor even if they have purchased something.
My favorite response is: "Tell you what, I will spend an hour with you
and teach you the latest and greatest on how to maximize what you are
doing with your money plus answer any questions you have. Then if you
like the information I have given you, you can share it with your
financial advisor and see what he or she thinks. Fair enough?"
This is a fun response because you get to find out if the door is open
for another financial advisor. If the prospect agrees, he or she is
saying their current relationship is not that strong or they want a
second opinion or they are just open to new ideas. All good things for
you as the prospector.
The second part of the question I was asked was, "What if you are with
a prospect for the first time and after a few minutes of small talk
they say they already have a financial advisor." My response was again,
donít panic, and donít give up yet.
It is always good to poke around in areas where you know there is some
lingering doubt. Your response could be, "Could I ask you a couple of
quick questions?" Prospect says sure. Then try one of these questions:
"Is your money really doing everything you want it to do? Are you
really happy with the return you are getting?" or,
"Is there anything you want that you donít have related to money?"
If your prospect still insists that they are good shape. Then you hit
Ďem one final time with some reverse psychology. You say, "You must be
doing really well with your money and you must have a really smart
financial advisor. It is rare that anyone tells me they donít think
they could do better with their money. My congratulations to you!"
If the prospect still doesnít budge, you didnít have a chance anyway.
They had already made up their mind they were not going to let anyone
new into the picture. What you are hoping for at this point is that
the client will admit that they are doing well but they could probably
always do better and then ask you what some of your ideas are. I can
hear the squeak of the door hinges opening just a crack!
Have a productive April,
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Sales Performance Coach to Financial Advisors