How to handle common customer objections

By Helen Fisher on February 27, 2019

How should you handle common objections from potential financial advice clients?

You’ll receive objections from new enquiries every day.

Getting financial advice can be a new and confusing experience for people. Many people will have concerns, so it’s important that you address these in a straightforward, engaging way.

We’ve taken a look at a few common objections and some suggestions on how to deal with them.

“I only wanted a quote.”

Be assumptive and assertive in this situation and tell the customer how you can help.

It’s a good idea to point out that ‘quotes’ for financial or pension advice are almost impossible to produce. Financial advice is complex and needs to be tailored to individual needs and circumstances.

Here is an example of how you could answer:

“OK that’s great, I’m a financial adviser at Lead Tech Financial Services. I can help you with this and that’s the reason for my call. What specifically was the quote for?”

“I didn’t realise somebody would call.”

All lead providers have to adhere to GDPR (General Data Protection Regulation) and the recent pension cold-calling ban. This means that lead providers should make it explicitly clear to those who submit details that they will receive a call.

At Lead Tech, we never cold-call leads and we make sure leads know to expect a call when they submit an enquiry.

Here are some ways you could answer:

“I’m sorry you weren’t expecting a call so soon. I believe you were looking to speak to a financial adviser about [AREA OF ADVICE]. I can help you with this…”

“I’m sorry to hear you weren’t expecting a call from an adviser – you placed an enquiry on [LEAD SPECIFIC BRAND]. Can I ask what prompted you to make an enquiry?”

“I do apologise. It can be annoying when you receive an unexpected call, it happens to me all the time.

But whilst I have you on the phone, I’m calling about the enquiry you made on [LEAD SPECIFIC BRAND] about [AREA OF ADVICE]. I’m a financial adviser and I can help you with this.”

“I submitted the enquiry by mistake”

To generate an enquiry on one of Lead Tech’s brands, the customer has to complete a profiling form, which features about ten different criteria. This takes up to five minutes to complete. This is usually the case with online lead providers, so it’s very unlikely for an enquiry to be made in error.

It’s more likely that the potential client has changed their mind and decided they no longer wish to speak to an adviser. Our experience tells us that some customers have simply been contacted at an inconvenient time (e.g. they may be on their way out). The quickest and easiest way for them to end the call is to say they are no longer interested.

Consider sending an email that shows how you could help them, offering them to get in touch when it’s more convenient.

Here is an example of how you could answer:

“It’s unfortunate that you feel that way, it happens to me sometimes. What information were you searching for on the website?”

“I was only browsing/information gathering”

A potential client who is browsing or looking for information on finances is probably about to make an important financial decision.

Offer them a free initial consultation, and stress the fact that they’re under no obligation to take advice. If they reject your offer, they may just feel uncomfortable talking to an adviser, and are worried about being pressured into a decision. Adopt your nurture strategy: make a good first impression and build trust.

When a customer is actively looking for information it shows they’re in the market for a product or service. Your expertise can help them achieve their financial goals, whether now or in the future.

Here are some ways you could answer:

“Well, I’m delighted that I received your enquiry then, what questions were you hoping to get answered?”

“I’m qualified and regulated to answer most or any question relating to your personal finances, what is worrying you about it?”

“I thought I was on the Pension Wise site”

This is a common objection from pension leads. The lead is clearly in or approaching the advice stage for retirement and needs more information. It’s likely that in the near future they’ll need regulated financial advice for retirement, which you could help them with.

Pointing leads in the right direction of the Pension Wise site isn’t a bad thing. Think about your nurture strategy and how you can build trust and make a good impression on the lead. If they aren’t ready to book an initial consultation with you, you can still ask for permission to keep in touch with them and they could become valuable clients in the future.

Lots of customers gather information from various places. You can help them by making sense of it all.

Here are some ways you could respond:

“Apologies for the confusion. You were actually on the {LEAD-SPECIFIC BRAND} website, and your enquiry was directed to an FCA-regulated adviser.

Can I ask, what information were you after? I have [X] years’ experience working with similar cases.”

“Did you intend on setting an appointment with Pension Wise? If so, when is it scheduled for?

I would suggest you hold on to my details, as from experience, depending on your scheme type and contribution accrued, Pension Wise may recommend that you seek advice from an FCA-regulated adviser like myself”.

These responses are tried and tested ways of dealing with some of the common objections our partners experience. Use these objection handling tips to help you prepare when making contact with any enquiries.

Our partner success team provide support and training for all our partners to help them make the most of our leads. Get in touch to find out we can help you grow your business.

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