See if you've ever experienced this before: Everything goes great in the sales process with a new prospect. They are thrilled to be working with you and to be implementing the plan that you've created. You go forward with the paperwork, the clients are looking forward to working with you, they leave your office and you're now just waiting for funds. Everything looks great.
A week later, those same prospects call you, seemingly distraught, not wanting to go forward with the plan after all. You're completely baffled. What went wrong? What has changed since last week? You thought everyone was on the same page?
Frequently, the problem is the "silent killer"-the incumbent advisor. He or she may have shown your prospects "all the problems with annuities" and explained to them that they were making a huge mistake and should leave their money where it was. The prospects may have been coached to stop the transfer and cease communication with you at this point. Now you are sick. Most of the time, you can't even get another meeting to discuss the issue any further with them.
I've heard this story many times. Yet a simple discussion at the end of your closing meeting will generally stop this whole problem from happening in the first place as well enhance your own credibility.
Start by letting them know that the ""easy part" is now over. Inform them that it's now time to discuss "the hard part." Explain to them that the other advisor is not going to be happy with their decision. When he or she finds out this is taking place, in " your experience" there are two common reactions the other advisor most likely to have:
- "I can do this, too."
- "This is bad."
Ask your prospects how they would feel if their existing advisor said "I can do this, too" upon seeing your recommendations. If he or she knew this plan would be good for you, why didn't he or she bring it up to you in the first place? Is it because he or she didn't know or didn't care enough to take the time to do it?
With regard to the possibility of the incumbent bringing down your plan, telling your prospects how bad it is for them or asking them to implement the plan with him or her instead of you, simply ask them this question:
