Most people avoid confrontation. As an advisor, you have approached people who don't want to do business. They rarely if ever say: "Go away." There's often an objection. Because we feel the concern is legitimate, we try to respond.
One of these objections might be "I'm thinking of using a financial planner." What now?
You are not the first financial advisor they've ever met. They might have had a bad experience previously. If not, maybe their father-in-law did. They might group financial advisors in the same category as insurance agents. Unfortunately they put used car salesmen, auto mechanics and personal injury lawyers into the same bucket. Why? Because they feel all these professions share one characteristic: They are out for themselves.
They've heard the words "financial planner" and "fiduciary" used in the same sentence. They think this is a more objective way to invest. They feel an FP is more professional than an FA.
5 Responses to 'I'm Thinking of Using a Financial Planner'
Let's assume the comment is legitimate, not an excuse to terminate the conversation. Bear in mind "I'm thinking of…" implies they haven't taken this step yet. They might have been "thinking" for years.
If you offer financial planning, they might not be aware of that. This could be an easy conversation. Maybe they will get a plan elsewhere and be left on their own to implement it, or a "plan" that's a sales tool in disguise. What's really happening here? You need to draw them out.
1. Share your designation.
You tell them the good news: You have earned your certified financial planner designation. You can be that planner!
Your logic: The prospect has assumed financial planning is a separate profession. Electricians don't do plumbing and vice versa. You've let them know you have achieved the CFP designation and adhere to its high ethical standards.
