Why prospects say 'no' to your plan

When you sit down with the prospect, your conversation should not be about the great features and benefits your product has to offer. There is a proper time to discuss the vehicles to help execute your plan, but there is a process. Your efforts on the front side should solely be focused on getting clients to talk about their problems and why they are in your office. They are there for a reason; they want to know how you will help them fix a problem. If you are spending more time on pitching a product, you will miss what they are trying to tell you.

This relates back to phrasing the right questions so you can uncover the pain in their financial life. If your questions are good, you may uncover potential pain they may not have realized is there. Keep this in mind, too: A recent study suggests you are more successful when you are talking only 30 percent of the time and spending the other 70 percent of your time just listening to what your prospect has to say.

4. Hiding behind marketing collateral

If there is one thing our industry is good at, it is producing brochures and marketing materials. This is not necessarily a bad thing, because you do need support material to help explain how certain products work. The key here is that the material is "support," not the centerpiece of the conversation. You need to have a deep understanding of the solution you have for your prospects. The collateral material should support your statements when necessary, but it will not make the sale.

5. Being afraid to hear "NO"

Hearing "NO" is something we try to avoid, which can lead to the mistake of accepting "Maybe" or "Let me think about it" and other phrases that are different ways of saying no. "Maybe" is a nice way of saying no to your offer.

As an advisor, I want to know up front the answers to two key questions. I often ask these questions in my first meeting to let the prospect know what my goal is: 1. Can I help you? and 2. Do you want to be helped? For instance, I might say, "Mr. Prospect, my goal today is to understand your situation and what brings you in, to see if our firm can help solve your concerns and if you would like for us to help you fix them." I would rather know earlier in the sales process whether there is a fit. If you are afraid to hear "No," you will waste too much of your valuable time with prospects who are never planning to work with you.

As always, I look forward to continuing to share different strategies that will help you grow your practice!