I have heard it said that the only objection you have no chance of overcoming is an objection you don’t hear. Let me give you two objections you may never hear but could be on the prospective client’s mind:
1. “I have dealt with my FA for a lot of years. I can’t stand the possible confrontation when telling him that I am leaving.”
What do you do with this? You aren’t being very sensitive if you tell the prospective client not to worry about it. If it is real to the client it had better be real to you. How about sharing this thought process (script) for your new client to use if/when their old FA calls:
I appreciate your calling me. It is important that you know this was not a decision I made quickly. I have been in discussions for a couple of months and have asked (name of gaining firm) a lot of questions. After a lot of thought I have come to the conclusion that this is the right thing for me right now. I am comfortable with my decision. If (name of gaining firm) doesn’t deliver what I think they will, I would be open to talking with you again.
If the losing FA is still wanting explanations:
I am not comfortable having this discussion right now. I have started the transfer process and as I said, I am comfortable with my decision.
2. “Moving my account to another firm will be a hassle. It sure was last time I moved.”
That may be the case. Several years ago an FA who I worked with lost a big piece of new business and he couldn’t figure out why. He had a great solution to the prospect’s problem, he had made a great presentation and his price was competitive. When he asked the prospect why they had chosen the other firm he was told his competition had made it clear to the account how simple the transfer process would be. Ouch! Make sure that as a standard practice you proactively tell prospective clients that you have a member of your staff who is excellent at making the transition process go smoothly. Make sure the prospective client knows that this member of your staff has done this many times before.
By being proactive with these two objections, you may overcome the objection you never heard.