Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Annuities

They Said No. Now What?

Your article was successfully shared with the contacts you provided.

Recently, I came across some good, practical advice from one of our top advisors. Mike R. is from Michigan and year to date he’s on pace for $21 million in FIA sales, $5 million added under management and $300,000 in target life insurance. All that while working only three days a week with clients. (He doesn’t work Fridays and reserves one day a week for strategic planning.)

One of Mike’s keys to success is his sales processes. Not just “winging it” during appointments, but making sure that he has systems built for any scenario. And it’s been huge for him. Which brings me to the practical advice; specifically, what does Mike do when a prospect doesn’t buy?

A year ago Mike met with a pair of prospects who appeared to be perfect potential clients. Things were going according to plan and everything felt in order until the low-pressure close. That’s when they said no. It didn’t make sense practically or emotionally for the clients to not hire Mike, but the bottom line was that the prospect thought he could manage their money better on his own and he wanted to take more of a market-based position than Mike was suggesting. Anyway, a year later, they came back around to do business. What changed? Why did he call Mike back?

Mike gives three simple reasons that could be slightly morphed to your own business. Following these steps would give you a plan of action versus simply hopping back on that hamster wheel and onto the next prospect. Here are Mike’s thoughts:

  • “We left the door open. We told him that if he ever changed his mind, we would be happy to re-engage in a conversation.”
  • “We gave him a method to continue receiving our message, keeping us at the top of his mind. He watched my TV show weekly.”
  • “We provided a low-resistance path for him to continue his education. He went through my online information class and webinars.”

Adapted for you, this could be:

  • Leave the door open. Tell prospects that if they ever changed their mind, you’d be happy to re-start a conversation.
  • Give them a method to continue receiving your message—keeping your firm at the top of their mind. For example, you can easily send weekly eNewsletters and regular hard copy communications with calls to action.
  • Provide a low-resistance path to continue their education. Offer a few educational “modules” on your website, invite them to future topical workshops or encourage them to listen in to various topics covered on your radio show.

I know many of you likely have a drip system in place for “not nows,” but this is an easy 1-2-3 for those who don’t. You probably won’t see an immediate benefit from it either, but you have to trust in the process. Building an ongoing, scale-able process is the important part. Without it, the money and time you spent acquiring that prospect goes to waste. Be a better business person and trusted professional than that.

For more from Matt Neuman, see:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.