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More advisors are running into this roadblock every day: “We’re talking to other advisors, we’ll get back to you when we’ve made our decision”.
Hearing that out at the end of a promising initial prospect conversation is deflating and it can feel like a gut punch.
Should you just passively accept it, smile, and say: “No problem, it was a pleasure meeting you.”
I don’t think so.
The need to “shop” other advisors is a form of resistance, and there is one possible reason it continues to come up for you in your initial conversations.
They may have felt you didn’t “get them” at a deep level or your approach was similar to other advisors they’ve already spoken with.
Chances are they’re reacting to how you’re selling, not to what you’re selling.
Most advisors find themselves at a crossroads in this situation.
When you hear: “We’re talking to other advisors, we’ll get back to you when we’ve made our decision”, what should you do?
Should you wait for them to get back to you?
You know deep down they probably won’t.
Should you let them go and tactfully follow up later, to hopefully re-ignite the conversation?
You lose your authority and leverage as an expert when you chase prospects, and given the very low conversion rates that result from this behavior, it’s not an effective use of your time.
Here’s some insight on this situation.
Psychologically, your prospect is approaching their financial issues the same way people shop for a car, wanting to visit a few car lots, to get an idea of what they want.
What make, model, color, style of car do they want exactly?
They’re in “browsing mode” because they have an idea what they want, but no insight in what they need.
So, here’s what you can say in response...
“May I ask, what is the criteria that’s most important to you, which you feel is a requirement, to finding the advisor you want to work with? If you were to boil it down to one thing, what would that be?”.
That profound question is bound to stop them in their tracks, because that is probably the first time they’ve ever been asked that question.
Up until this point, they’ve been approaching their situation passively, believing that gathering information and seeing other advisors will help them solve their problem.
It won’t.
Seeing multiple advisors only overloads them with information they can’t process on their own, and they’ll rarely feel 100% confident about making a final decision.
By asking them the above question, you’ll shift them out of their disengaged mindset.
You see, other advisors are unlikely to challenge them in this way – this differentiates you as a bold truth seeker.
In fact, this is your best chance at recovering a potentially lost sale.
Related: Are You Still on the “Give Free Value” Bandwagon?
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Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net worth/lead generation expert for financial advisors. His newest book, “Trust In A Split Second” has become an instant best-seller among financial advisors worldwide – you can get a Free copy of Ari’s book here and, when you click the “YES” button in the order form, you’ll also receive a complimentary “plug up the holes” lead generation consultation.