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How to manage and overcome delay tactics successfully
How to manage and overcome delay tactics successfully

May 16 2022

How to manage and overcome delay tactics successfully

Even after investing significant amounts of time, effort, and energy into a prospect, it is not uncommon to find that they are unwilling to commit to a purchase, or they might stall for time by saying they need to think it over. Lawrence Ee, an MDRT member from Singapore, shares how you can successfully overcome this type of objections.

By Audrey Heng

Topics covered

In an uncertain and rapidly changing world, financial advisors have a unique opportunity to become a beacon of trust for prospects to navigate through important life and financial decisions. Yet, for many prospects faced with these decisions, the knee-jerk reaction is to delay taking action.  

When faced with these objections, Lawrence Ee, an 18-year MDRT member from Singapore, taps into his personal and professional experiences to convince them and successfully close the sale.  

Personal experiences make powerful testimonies 

Having been in the industry for four decades, Ee has been faced with various forms of indecisions. He shares that one of the common phrase prospects use when stalling for time is “Let me think about it.” While prospects typically do genuinely want additional time to consider the proposal, Ee is aware that once he leaves the space, many will simply set it aside without giving it much further thought. Therefore, when communicating to the prospect, he focuses on the unpredictability of the future and shares a personal testimony of his. 

“I’ve helped people who are very young who have passed on. I knew a (prospect) who wanted to buy but didn’t because he felt that he had different (and more pressing) priorities at present. He insisted that he would buy it a year later — unfortunately, before he bought any, he developed cancer and lost all the potential critical illness coverage he could have gotten.” 

Ee went on to share that his brother passed away when he was 25 years old. “He had three bank accounts with less than a hundred dollars each, but he bought for his adopted mother 20 years of his income.” This ensured that she is financially secure even in her later years.  

To further highlight the sense of urgency and motivate prospects into action, Ee might ask, “Are you going to assure me that in a year nothing is going to happen to you? If you knew that something is going to happen within the next six months, you would buy from me beforehand, right? But the question is, do you know? Nobody really knows.” Therefore, Ee advises that when you are faced with an objection or question, respect that the final decision is ultimately up to your prospect, but you can help them process their concerns and guide them to a decision.  

Knowing your prospects’ hot buttons 

Ee also believes that objections may at times also indicate a buyer’s interest. But to overcome that objection, financial advisors must successfully convince the prospect: “Why must I buy (the product) and why must it be from you?” 

From his experience, it is common to be turned down the first time you approach a prospect. However, the ball is then in your court to establish a need for your product. He shares, “You need to build that rapport to have that trust and credibility with your clients; and to establish that trust, you need to know their hot buttons.” For example, the policy could be for their family or business. Regardless, advisors need to be prepared to find out their needs, problems, budget, and so on. “I always consider the possible questions that the prospect might bring up. When I’m well-prepared to answer these questions, it can help to successfully overcome the objection,” Ee adds.  

An insight he has gained over the years is that even before an objection surfaces, one can pre-empt it. Like a game of chess, if you understand and know what moves your prospect will make, you can be ready to effectively address any of these concerns they might have.  

In conclusion, overcoming objections is part of the job. As an MDRT member once told Ee, “After getting ‘no’ 32 times, I got a yes and closed the sale the 33rd time.” Keeping this in mind, Ee strongly believes persistence and preparedness is key to successfully overcoming any objections you might face. 

 

Contact: MDRTeditorial@teamlewis.com