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 at the end of a promising initial prospect conversation is deflating.
It’s 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 felt you didn’t “get them” at a deep level or your approach was like other advisors they’ve already spoken with.
They’re reacting to how you’re selling, not to what you’re selling.
Advisors are 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 reignite the conversation?
You lose your authority and leverage as an expert when you chase prospects. 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 into what they need.
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 it.
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 will 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.
This is your best chance at recovering a potentially lost sale.
To learn more sales conversation strategies and principles like it, order your complimentary book and private consultation below.