The most important key to successfully selling a client on any product, or service, is to overcome objections. Here are some of the best phrases to overcome objections from a Wall Street powerhouse firm.
Responses to NOT INTERESTED
1) You are interested in a buy confirmation at (price) and sell confirmation at (higher price) aren’t you? Of course you are!! See you are interested, and you didn’t even know it.
2) (Prospect) I have never in my life met anyone who wasn’t interested in making serious money. (Firm) is making more serious money for people that anyone out there. It is not that you are not interested, something else is bothering you. I am a problem solver. Perhaps if you tell me what your actual concern is, I could help.
3) NOT INTERESTED! What is it you are not interested in? (Stock) is a great company. All of my clients are happy with it and are even happier when I make them money. I don’t know how your money manager is performing, but I am just looking to showcase my performance. Pick up (shares) and I will show you how I make money OK?
Responses to I ONLY USE SOMEONE LOCAL/SOMEONE I KNOW
1) Bottom line, I don’t care if I am sending you smoke signals from Alaska as long as I make you money. 90% of business today is done over the phone or the internet. You’ve ordered Italian and Chinese food over the phone haven’t you? Then you have done business over the phone. Believe me, it wont be long before we meet face to face and you start sending me real money, for now start small on my firms minimum.
2) (Firm) has the ability to show you certain situations that your local broker just because of his geographical location is unable to bring to you. Let’s face it, (firm) is in the middle of the financial universe not the heart of a shopping center!
3) Have you ever flown in an airplane (prospect)? Did you know the pilot? Did you know that there are over 50,000 moving parts in an airplane? Anything can go wrong at any given time and your very life is dependent upon the ability of a person who you’ve never spoken to. You don’t know what he did the night before, in fact, you probably didn’t even know his first name did you? All I am asking you is for one vote of confidence, give me a shot! If it doesn’t work out, I wont ask you for another trade but when I come back to you in three months and the stock is up, I want you to tell me where our relationship goes from there fair enough?
4) Do you think I am on Wall Street because I want to be? If it didn’t matter, I would be doing business from the beach in Tahiti. Why would I want to spend a fortune to buy an apartment in the financial district and pay NY state and city taxes? I am here because I have to be. Information is king and nothing happens on Wall Street without me knowing about it! Pick up the (shares) let me introduce you to my world OK?
5) I can respect that and you might be happy with the 15% on your money your local broker is showing you, but I have clients in your area that felt the same way. At first we started small, now they’re some of my biggest clients. Believe me, they don’t work with me because I sound good, its because I make my clients money!
6) If I were sitting behind my desk looking at you eye to eye would the idea make more sense to you? Look I like to do business eyeball to eyeball as well, but sometimes to work with the best you have to go out of town. I am not asking for serious money. Don’t dive into this investment head first, just stick your big toe in the water on my firms minimum.
7) (Prospect) with all due respect, I am on Wall Street. I don’t just have my fingers on the market’s pulse, I am part of it. Information passes through my office and by the time it gets to your broker in (prospects location) it is not news, its ancient history!
8) (Prospect) at risk of being brash, I will say something you will eventually appreciated. I am not here to be your friend or have breakfast twice a week with you, although I might enjoy it. I am here to make you money and show you performance- that is the reason I must be in Manhattan and at the heartbeat of the financial universe. Let me have that one opportunity to show you the performance that you deserve. You will not regret it!
Responses to I ALREADY HAVE A PRODUCT/SERVICE PROVIDER
1) I think you will agree that no one broker has a monopoly on all of the good ideas in the market.
2) Great! I prefer to deal with qualified investors
3) You are probably judging your broke on 10-20 positions. I am asking you to judge me on 1 position. At the end of 90 days, you are either going to work with me bigger and better in size or you are going to take my card and file it in that trash can next to your desk. I realize that! My worst nightmare is to lose money for my clients. I am risking a long term relationship on this one trade, but if I am half right, you are going to want to work bigger and better in the future. I will also want referrals from you, but only after I have earned them. Fair enough?
4) I am sure your goal is to maximize your profit potential, isn’t it? (Prospect) the most astute investors understand that diversification is the key to success. What I am suggesting is for your own financial well being, you need another perspective and I can provide that prospective for your.
5) I realize you have enjoyed a long term relationship with your present broker and its my goal to establish the same kind of relationship. Put me in competition with him and down the road based on performance, you can make the decision who you want to invest with.
Responses to LET ME THINK ABOUT IT
1) Well then, I assume you want to think about it in order to reduce the risk of making the wrong decision, whether its to go ahead or not, isn’t that right? Would you agree that the length of time you think about it is not the important part? (Prospect) the reason we called you is because you are a successful business man. If I’m reading you right, your prime concern is to be as certain as possible that you make the right decision, regardless or whether you think about it for two weeks or two minutes. You’re concerned about doing what’s right, aren’t you?
2) That’s fine (prospect). Obviously you wouldn’t waste your time thinking it over unless you were very interested would you? Since you are interested, can I assume that you will give it careful consideration? (Prospect) you’re not telling me this just to get rid of me, are you? Just to clarify my thinking, what is it that you wanted to think about, is it the integrity of the (firm)? Is it my integrity? Is it that (stock) trades well below book value?
3) You and I both know the best time to make a decision is when the facts are fresh in your mind. Now, I just went through a very thorough presentation that you yourself agreed makes sense. Pick up the (shares) and allow me to showcase my talents in a way you have never seen before.
4) I can appreciate that you want to think about this, but please remember we get paid for our thinking. Before we ever shared this recommendation with you we did extensive due diligence on (stock’s) financial statements, balance sheets, and their management. We know this company inside and out. Our decision to accumulate the stock at this price was reached very carefully. WE do not buy stock haphazardly by any means. At this pricing and timing we can achieve substantial results, and by not working on our timing it could work against you. Now, lets pick up (shares) and investment of (price) due over the next week. You judge me on my information and timing, you will be very impressed!
5) Wouldn’t it be nice for once in your life to get there ahead of the major institutions? I’d like to start a relationship with (firm) and buy (shares) or (stock).
6) (Prospect), when you from (firm), we’ve already made a decision not only as to the value of this investment but also to the timing. These are the only two requirements you have to satisfy to be successful whether you buy antiques, paintings, real estate or any other investment. To be successful all you have to do is get a good value and buy at the right time. Certainly you understand that (stock) is a good value. In terms of timing, if (firm) felt that we could make this investment 30 days from now, we would have called you 30 days from now. The timing on (stock) is such that we cannot over look opportunity today at these levels.
7) I want you to think about it, very hard! I especially want you think about the results. Clearly the decision to buy (stock) is not a major decision. This company is clearly undervalued. (Prospect) I am asking you for a business decision here. The question is not whether or not this is a good company or whether this is the time to buy because clearly we spend more time to get the right answers than even our institutional clients do. The decision is to give us your trust and confidence just this one time.
I am certain you see that this investment, from a logical standpoint, makes sense. However, I think emotionally you cant make a commitment now right? When do you thin most mistakes are made? When people act logically or emotionally? Now act logically and pick up the (shares)
8) You are a business man, I am a business man. I am sure you would find that most of your business decisions are made when the ideas are fresh in your mind. I would rather see you own less at the right price, then more at the wrong price!
9) That is great, but let me reiterate there is nothing you are going to find out about this company that we have not already found out. We have spent extensive time researching this particular stock. Like I told you before, I don’t come to you with an idea every other week, respect me for that. I only call my clients 5 or 6 times a year with an opportunity like this. If I cannot answer any question you have about this stock, don’t buy it. I do this for a living sir. You know your business; I would never tell you how to run your company. Believe me, this is my area of expertise. I want you to own the stock on my pricing and timing and my research. That is why my clients retain me. The time its going to take you to research this company only to find out what I already know, you are going to pay higher for this stock. Own the stock here, give me the shot to show you what I am all about, give me 60 to 90 days and believe me, you will be very impressed!
10) (Prospect) it seems as thought you reaction is very common with new accounts and referrals. I mean, lets fact it, we have been following (stock) for six months and you know of me for 60 seconds. But this is the same type of conversation we had with many of the new accounts on an earlier recommendation this year of a company called (companies name). We gave this recommendation to all the new accounts and referrals here at the firm and aside from being a good earnings story, we were hearing the company was up for a sale. In less than 2 weeks from when we started recommending (company) they were bought out by (buying company). Our clients literally made a fortune and those who chose not to participate missed out.
Responses to CALL ME BACK
1) I have been in the business long enough to know that call backs do not work. Not because you are not interested, but because you have other things to worry about. From the office to family, you have more important things to worry about. I am asking you to let me do the worrying for you!
2) By delaying, you restrict our ability to do our job. Ultimately, the only true test is results: when to buy, when to sell. I am asking you to judge me on that and that alone.
3) Please understand, the secret of our program is matching timing opportunity. If we thought next month was the time to buy, I would not be calling you today. I would be calling you next month. You need to understand what we are doing here. I can appreciate now may be a bad time, but unfortunately the market is not going to wait for you. Lets be honest, when I call you back you will ask me to call you back again, then it will be tax time. To make exception returns, you must but on value and at the right timing.
4) You know what sir? Your worst nightmare is to work with a broker who brings you a winning situation and is willing to play phone and mail tag with you. We both don’t have time for it. The reason my clients retain a broker like myself is for my exact pricing and timing. Without these 2 tools, you are tying my hands behind my back I may as well work at Charles Schwab. If I was coming to you with a mutual fund, which is a long term hold, I would send you out multiple packets of information because obviously there is no big rush. When you position yourself in a situation like this, a short term play, the most important factor is pricing and timing.
5) You know what? A few hours either way does not make a difference to you or me, maybe, but if I put a dollar in a jar for every time someone was going to call me back, I would have retired 5 years ago. I don’t work on callbacks specifically because I know you are a busy executive. You and I both have a hundred other things to do. Employees to take care of, staff meetings, etc. I am going to move to other clients. 2 or 3 hours probably will not make a difference except for the fact that I wont be able to get you on the phone and you wont be able to get me on the phone. My 2 tools are my pricing and timing. You take those away from me and you are tying my hands behind my back. The reason my clients retain a financial consultant like myself is for my exact pricing and timing. Buy the stock here, make your phone calls, I will confirm the order today, you still have a week to pay for the trade. You will have a FEDEX package on your desk tomorrow, my assistant will call you in an hour to confirm the price. Go ahead and make your phone calls, but let’s get the order in now, on my pricing and timing. Believe me, in 90- days when I call you with my next idea, you are not going to want to make any phone calls. Own the stock now, you will be very impressed.