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Dec 2, 2008 7:15 pm

What are some of the most common objections you guys (and gals) are getting right now, and what is the best way you’ve found to overcome them?

Dec 2, 2008 7:33 pm

Don’t want to xfer because I am down so much

Dec 2, 2008 7:52 pm

Don’t want to xfer because I am down so much

  How do you help them overcome that?
Dec 2, 2008 8:26 pm

[quote=Squash1]Don’t want to xfer because I am down so much

  How do you help them overcome that?[/quote]

It depends upon what you're moving them from and what you're moving them into.
Dec 2, 2008 8:53 pm

i need to talk to my wife first…

  grow a pair and show her you can actually make $!
Dec 2, 2008 9:00 pm
Vin Diesel:

i need to talk to my wife first…

  How about this:
Prospect:  I need to talk to my wife first?

You:  Sir, did you f*** your wife on your honeymoon?

Prospect:  Uh, yes.
You:  Then f*** her again, lets do this.   jk
Dec 2, 2008 10:51 pm

Don’t want to xfer because I am down so much

  It's funny you say this.  I just got off the phone with a guy I pitched a VA to back in July or August for his IRA.   He hesitated, I didn't really go after him.  So I called him back just now and said, "That recommendation I made a few months ago would've been great, and it's still a great idea for you because you'll lock in gains when the market goes up, instead of riding it up and down".   He says he doesn't know if he would do anything because he is down and thinks it is best to hold on instead of selling low.   So I tell him, no, it's not like you're just selling low.  Because you'd still be invested in equities, you'd be selling low and buying low.    So we set a meeting for tomorrow, I don't know if he'll do anything.  It just amazes me the objections people have.   I told him, "If you had new money to invest, would you invest the same way as you are now?"  He understood that, thank god.
Dec 7, 2008 4:35 am

I’m finding a lot of people that are just frozen in shock “I’m not going to make any changes till the market settles down” or “I don’t want to move anything until my account comes back up”.

So I point out to them that we’re making a lateral move “We’re selling low and we’re buying low” or I give them my old story about "If you needed to move across state for a job opportunity and you had to sell your house for 20% below what it was worth two years ago but you were buying a new house for 20% less, you wouldn’t hesitate to do it, would you?"

Dunno if that helps or not, but there it is.

Dec 7, 2008 1:13 pm

Just promise to use the same stock market that they’ve been using. 

Dec 7, 2008 3:11 pm

Hank and Snags are right on with this one.  They need to understand, switching investments isn’t buying high and selling low. 

  However, it's rare that I'm talking to a prospect about switching investments.  I talk to clients about switching investments.  If I talk to a prospect about switching investments, my thought is that it would be easier for him to do it with his existing advisor.   In other words, I want the client to agree to work with me and then we worry about the investments.  We transfer the account in-kind and then talk about investment changes.  Clients get specific recommendations.  Prospects don't.
Dec 8, 2008 4:44 pm

Don’t want to xfer because I am down so much

  I'm not recommending that you come out and stay out. I'm recommending that you update your portfolio to reflect the new world in which we find ourselves. Blah blah blah, let's meet blah blah   Or   We need to rebalance portfolios to what's working today and will work going forward, not stay with what's not working. Wouldn't you agree that's a good idea? Blah, blah ,blah, let's meet, blah blah
Dec 8, 2008 5:38 pm

Don’t want to xfer because I am down so much

  If this is a prospect   "I'm not asking you to make any changes.  I'm recommending that you get an unbiased (haha) opinion from a 3rd party professional who can give you sound advice in any market.  If you like my ideas then we can talk about next steps, and if you don't like my ideas then we can thank each other for our time.  It is always going to be your money, though.  Why don't we set aside some time either next Tuesday or Thursday blah blah blah..."