Lesson 1 | Possible Objections and How to Handle Them (2:59 minutes)

If you follow the process and get at the clients WHY, then it would be rare that you would hear any objection to the fee. We want you to be well prepared though, so let’s cover some objections that are common roadblocks that advisors have in their heads and how to handle them. We cover all of these and more in the Why and How of Charging Fees Whitepaper, so you can reference that if you’re looking for the language.

Here are some objections or questions you could get, and the responses:

Client Objection: What do I actually get for this fee?

Advisor Response: We’ll go through a process to help you get clear on your values, your vision for the future, and the goals you want to accomplish. We’ll come up with a plan to see if you’re already on track or how we can help get you there. You’ll receive a tangible plan that includes all of this, plus our recommendations for the best course of action.

Client Objection: Your fee seems high.

Advisor Response: Our fee reflects the amount of time and expertise it takes to complete a comprehensive plan. We are very efficient in what we do and know based on the complexity of your situation we can estimate how much time it will take to complete your financial plan.

Client Objection: Don’t you already get paid a commission?

Advisor Response: As your advisor, I’m paid a fee to design a financial plan for you. As I have outlined for you, I collect your financial data, but also sit down with you to learn about what goals you want to accomplish and how I can help you reach those goals. Then I create and deliver a financial plan. I can also assist you in implementing your financial plan if you choose to work with me on implementation. For example, I can help you choose specific products that can help fit a specific need. This is a separate service that I receive commissions for.

Client Objection: This seems like a time-consuming process.

Advisor Response: We are interested in building a long-term relationship; therefore, we are willing to make a significant commitment up front to be sure we are a good match.

As we mentioned, it’s rare that you would hear these types of things once you have walked them through your Approach Talk, but having possible objections handled in your mind will help you feel confident and prepared.

Here’s your Action Task: Write down any additional objections that you may still have lingering, and come up with how you would respond. If you’re not sure how to respond or need some help, please reach out to us.