How you handle objections shows your clients that you prioritize their best interests. The following method can help you become a more effective advisor who communicates care for clients.
Concerns and objections from the client are expected. This four-step process will help you overcome client objections:
Step 1: Acknowledge the client
When clients raise an objection, be receptive and empathetic when acknowledging their concerns. For example, if a client objects by saying, “I need to consult with my wife before purchasing a life insurance policy,” accept the objection without getting defensive.
Step 2: Ask relevant questions
Asking questions related to the objections of your clients will help them think better about your offering and will help you gain an edge over your peers. For instance, your questions could be, “Do you think your wife would tell you to not protect her and your children?” or “Don’t you think she would be happy to know that you are planning for the family’s future well in advance?”
Step 3: Provide solutions with examples
To help your client understand the value of financial planning, provide hands-on solutions to their problems. For instance, you might tell your client, “A situation may arise where you speak to your wife about the insurance plan. You may not be able to answer all her queries regarding the plan. For further clarity, you, your wife and I can set up a meeting to answer your questions regarding life insurance plans.” Understanding the parameters of the problem is important to arrive at a solution.
Step 4: Make the example relatable
Married couples tend to make financial decisions together since it directly impacts them, with the spouse most likely being the beneficiary of any plan. When you encounter this objection, acknowledge it but, at the same time, counter it by offering something such as a free-look period. You could tell them, “I can give you practically free insurance until the time you talk it over with your spouse. Why would you want to miss out on coverage while you’re deciding?”
If the client decides to go ahead, good; if not, the coverage can be canceled with a full refund. This will help you win the confidence of the client and sell your product as your bond of trust is being built.