Financial advisors have a duty to assist clients to make better and well-informed decisions when it comes to their financial planning. With that, there will be objections from clients or prospects as we try to find the best solution for them. Here are some ways Malaysian MDRT members deal with rejection in a healthy and productive manner. 

Rejection will always happen; try to minimize it 

Prior to a sales pitch, a financial advisor should consider all options to minimize any complications that may occur during the pitch process. To help minimize rejection, get to know your prospects or clients in intimate detail. Know exactly what they are looking for before they even know it and show how your proposal works for them. Before working on a proposal, a tip is to draft some detailed questions to confirm their preferences.  

Four-year MDRT member Choong Yen Teng shared: “Being one or two steps ahead of your clients will help prevent rejection from occurring during the job. This can help prevent rejection with clients as you keep giving them information that keeps them interested and relevant to their life.”  

Even if they say no, expect it, as rejection happens. It is part of the process — take it as an opportunity to learn from it. Alex Chua, another four-year MDRT member, said: “I love handling rejection because this is an indication that the client shows an interest in what we are doing and could potentially lead to closing the sales.” 

Find out why the rejection 

When clients seem disinterested or flat out reject your proposals, this is an opportunity for you to be better. From rejection, we learn what clients do not want and then we are better equipped to identify their priorities.   

Chua said, “Objection or rejection is not a definite no. It’s only an opportunity for us to show clients what we’re made of.” 

You can’t figure out what you did wrong unless you ask. There could be a small detail in your proposal that turned them off. And it could be something that you can easily change or correct.  

As the world is changing, some clients may reject you due to your inability to be relatable to them. In this case, learn how to mold yourself into their life by adapting to different client preferences. Especially with the younger generation, they have different ways for going about their financial planning.  

For instance, Choong learnt an important lesson from her experience during the first year of the pandemic. “If I don’t start learning how to work online, clients may opt for other solutions away from you because it’s more accessible to them,” she shared. 

Reassure your client that you are not giving up 

Rejection should not be a reason to stop when clients are not satisfied. It should be a motivator to go one step further to meet clients at their level of happiness.  

Chua said, “If my client says my premium is too expensive, ask them if they’re willing to take a longer term to bring the premium to their comfortable level. If client still says they need to think about it, ask them why they’re hesitant and say you are the best person to find a solution.” 

Keeping clients satisfied should be the priority but it will not help financial advisors be motivated enough to keep selling if all else fails. The key is to never give up.  

Tung Lai Keng, a three-year MDRT member, believes “persistency, consistency, and determination are characteristics a financial advisor like me should have to achieve goals more effectively.”.  

When you hear a no from your clients, that is a sign for you to dig deeper into their life. You need to know what they dislike about your proposal and discover what they would prefer. This could include asking more questions and maintain constant communication until they feel confident to take the deal. Clients need to know that you tried to earn their trust and you have stepped into their shoes.  

It never feels good when something doesn’t happen the way you wanted it to. Reminding yourself that rejection is just a normal part of life and the job — something all of us will face at some point — it may help you manage it better. 

Contact: MDRTeditorial@teamlewis.com