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September 23, 2015 at 11:09 AM
Life would be so good if you could identify prospects, learn about them, deliver a proposal and get an answer. Even if they said “no” you would still have closure. You could move on.
Unfortunately, many advisors and prospects get caught in the endless “Let me think about it” loop. Why don’t prospects make decisions?
Let’s ask the audience
In preparing for a recent training seminar, I surveyed and interviewed successful advisors in the field. Six reasons became prevalent in these conversations:
1. Fear:
They are worried about making the wrong decision or specifically, taking an action that will cost them money. If it involves investing, the stock market might be too high right now. If the market is moving in the other direction, they think it will go down further. They may have lost money previously.
Point to make:
They might assume sitting tight is the “safe” choice. If their money is in a bank savings account, that might be true. If it’s already invested in securities, they are subject to market fluctuations on their current holdings. They are making a decision when they choose to sit tight. That decision is them saying their current holdings are a better way forward than making the changes you are suggesting. Do they realize they are doing that?
2. Delaying:
People procrastinate. We put decisions off because this issue isn’t on the front burner. They have more pressing problems. If the doctor told them they have the early symptoms of a serious disease, it’s unlikely they would ignore the advice because they weren’t showing any symptoms.
Point to make:
Because something hasn’t gone wrong yet is not a good reason to take no action. You’ve heard about the fellow who jumped off the Empire State Building and said “So far, so good” as he passed the tenth floor on the way down. Reiterate why you feel the actions you recommend are better than the status quo.
3. Too many alternatives:
Agents and advisors are sometimes scared the prospect won’t like their suggestion, so they include a couple more. Others want to show a sophisticated prospect they are smart, so they present a universe of solutions. Faced with many, some of which they don’t understand or never considered, they choose none.
Point to make:
