By DR. SANJAY TOLANI
Sometimes, when advisors present a new product to a client, the client will agree with the product and the reasoning behind it and offer no objection to the sale. As an advisor, you may think you’ve done your job. But if a client does not give you an initial objection, you should be worried.
Everyone has an objection, whether they voice it or not. If they agree with your solution but don’t buy, it’s your job as an advisor to uncover the underlying reason for the objection and find an answer. I’ve created an easy process called the Universal Objection Circle (UOC) that will help you efficiently find solutions for all of your clients’ objections.
Uncover The Objection
After presenting a concept to your client, tell them that if there are no objections, you’re free to move forward with selling them the product. Tell them the next step is to simply sign on the dotted line. If clients haven’t already shared an objection or questions, at this point they will, and you’ll learn their reasoning. For example, a client may say they need to ask their wife first before finalizing any decisions. Now you know the objection and you can begin to problem-solve.
Once you hear a client’s objection, you’re free to begin the UOC. First, acknowledge your client’s objection, don’t push the sale on them. Simply listen and let them know you understand their perspective. In the instance of your client needing to share this planning option with their wife, tell them, “I understand you want your wife involved in the decision making. That’s a very logical approach, and I want to help you achieve that.” Make them feel heard, and they will be more comfortable and willing to talk through the objection.
Next, ask them the right questions. If you don’t, you won’t get the response you require. Be strategic in your questioning and ask your client, “Do you think your wife would appreciate you wanting to protect the family?” You can then talk through the objection on a deeper level. Your goal is to thoroughly understand the problem and therefore provide a personal solution.
Offer A Solution Or Relatable Example
The next step is to provide a solution with an example. The example is most likely a simple analogy that your client can relate to. For instance, you could use the example of a doctor and tell your client that you, as their financial doctor, are responsible for their financial health. Therefore, it’s important that you help the family with a “financial checkup.”
The solution to the problem above would be to tell your client that you know it’s important for his wife to be involved in the “financial checkup” and that you’ll bring her into the decision with a free trial period for the product. This offers them a few weeks to discuss the product and make the decision based on their needs. Many products offer trial periods, which can be a great solution to objections or concerns.
The final and most important step is to keep the example you provide relatable to your client. If they cannot relate back to the example, they will not take the call to action. If they can, however, this will make their decision easier.
Remember that what matters most is helping your client find the best solution to keep their financial future protected. Helping to instigate the objection and then instituting the UOC will allow you to serve your client better.
Dr. Sanjay Tolani became the youngest member of MDRT at age 19 and the youngest life member at age 28. He has 12 Top of the Table Qualifications. Currently he is the CEO of Goodwill World with offices in seven countries. He is the author of five books, including The Objection Playbook and 28000 – Make Every Day Count, which has been translated into five languages. The proceeds of three of Dr. Tolani’s books benefit the MDRT Foundation and can be found in the MDRT bookstore.