Would you like to know how to handle every objection a prospective client raised? Would you like to know how to build such amazing relationships with your new clients that you close more cases and receive at least two or three referrals (or personal introductions, as I prefer to call them) from every meeting?

Great! Then the next six minutes might just change the way you do business.

The biggest single reason why advisors get objections (“I want to think about it” being the most common) is because the prospective client has unanswered questions: “Do I trust this person? Can I buy cheaper elsewhere? I’m not sure I understand what I’m being told or how much this will really cost me.” Of course, it is very difficult to handle an objection if we don’t know what the objection is going to be because prospective clients do not freely provide us with such information.

So, what’s the solution? Well, the most obvious is not to give the prospective client reasons to raise an objection in the first place!

Typically, most advisors have been conditioned to start fact-finding meetings with icebreaking. Put simply, that’s the bit where we talk total nonsense about things that have very little relevance to what we are going to be talking about in the next hour and a half or so. It adds no meaningful value.

If we are conducting a meeting and we want to be seen as professional, then, after the initial pleasantries, let’s get into the habit of establishing the rules for a successful meeting.

Over the last 30 years, I’ve learned clients need two things: to understand whether they like and trust the advisor and also to find out whether there is a need that can be met. But I’ve also learned that we need to understand if this prospective client is one whom we like and trust too, because good relationships develop when two people are fully committed.

Before I share this simple but hugely effective way to position yourself for success, allow me to give everyone permission to change the way we mentally approach first meetings. Over the centuries, financial advisors have adopted a rather subservient role in the process, with success or failure being determined by whether or not a prospect says yes or no. Simply adopting a “you need me more than I need you” approach dramatically changes the dynamic within the relationship between the advisor and client and thus ensures every meeting is controlled by the advisor, which is essential.

Once we are ready to start the meeting proper — but before we even introduce the fact find — we need to establish the rules.

“Mr. and Ms. Prospective Client: I believe there are two reasons for us meeting today. The first is to see if we like, trust and wish to work with each other.”

At both a conscious and subconscious level, what we start by saying is that both parties get to decide if this relationship develops. The prospects have the right to choose or reject us, but we have the right to choose or reject them. Clients hate rejection just as much as we do, so we have to let them know we have equal rights to hire or fire.

“The second reason we are meeting is for me to see if I can help you achieve greater financial success. I do this using a confidential financial review. However, it is important to remember the quality of advice I am able to give you is based entirely on the quality of information you give me.”

With this part of our second rule, we are making our prospects accountable for their own advice, which means, by design, we ensure that we eliminate the “I’m not sure I want to give you that information” objection.

Of course, there are other things we may want to mention at this stage: “Can I just check how much time we have available? The meeting is without obligation. Everything we discuss is, of course, confidential. I suspect the reason we were introduced by Mr. and Ms. Client is because they value the quality of advice and the commitment I make to building long-term relationships.”

At this point, we are simply looking to add any other points that help our prospect build a picture of our process, principles and working practices.

Now, it would be foolish to think that if we look really young (which I did when I started out at age 21) that this thought won’t be in the prospect’s mind. So, deal with it.

“I know you’re thinking I look young, but I can offer something most other advisors cannot: long-term service.” And the prospect might smile or laugh, but the elephant has now been removed from the room.

“I believe in transparency. Before we go any further, allow me to explain how I get paid. I receive a fee or commission if I am able to help you, and a recommendation results in us establishing a financial plan that benefits you. I also get paid through personal introductions because my clients are always kind enough to introduce me to others when they are happy with what I have done for them.”

In approaching these matters upfront, we are removing the potential barriers that lead to the “I want to think about it” objection.

Other objections include:

• “I gather you have not had the best experience with your previous financial advisor. Please allow me to explain why your experience with us will be very different.”
• “I appreciate that much as been written about my broker-dealer network in recent weeks. Please allow me to explain why it is the name above the door and not the organization sitting behind it that is the most important factor.”

Remember always: We are the professionals providing a service that will most likely transform the lives of the people we are meeting. So, take control.

And please remember one more thing: Before we write anything in our fact find, ask this question: “Mr. and Ms. Prospect, what do you want?” Because the moment we ask prospects to dream or imagine an ideal outcome, we engage the right — the emotional/creative — side of their brain. First, what people want will always be greater than what they need. Second, to get a prospect to yes, we have to balance want and need — a desire to do something and the reason to do it. Connect those two things, and you will get a commitment from every prospect.

Finally, and to remind everyone: They need us more than we need them. Success is not based upon the “yes” or “no” but upon communicating with as many people as possible, and then positioning ourselves for success.

Alessandro M. Forte, FPFS, is a 22-year MDRT member with two Court of the Table and 22 Top of the Table qualifications. A Trustee of the MDRT Foundation and a Royal Legion of Honor Knight, he has served in numerous Chair and DVP roles and has spoken on Main Platform and in various other capacities for MDRT over the last 20 years. Forte runs one of the most highly regarded and successful financial services practices in the U.K. and has written a bestselling book, “Dare to be Different.”