How To Overcome Objections As A Financial Advisor

As an advisor in financial services, you are constantly putting yourself out there. Consequently, you will come up against a lot of objections from prospective clients. Prospecting can be intimidating and difficult, especially if you don’t know how to reply to objections to the offers you make. However, prospecting is key to keeping your appointment book busy, so let’s learn some ways that we can turn objecting prospects into trusting clients.

Learn What Objections People Have

Most objections to financial advisors boil down to these:

  1. The prospect already has a financial advisor.
  2. They are not currently in the position to invest.
  3. They are not interested in investing.

Once a prospect offers an objection or concern, take the opportunity to explore it. If they already have an advisor you might then follow up to ask about their satisfaction with their current advisor. That way, the prospect will talk more about what they value as well as offer some possible concerns. With this information, you can then discuss what you have to offer and build a relationship. If they express that they have no money to invest or are not ready to take that step, you might follow up with questions about their concerns or what would persuade them to invest in the future.

It is key to understand what a prospect’s objections and concerns are. Once you have learned what the concern is, you can discover more by asking questions, and then respond to their answer in a trustworthy and likable manner. Make sure that your approach is focused on active listening and customer satisfaction. By doing this you will create a level of trust that can grow with continuing interactions.

Avoid Spamming People With Information

If a prospect is interested in reaching out to a financial advisor but is intimidated and unsure about this next step in their financial life, the worst thing you can do is to bombard them with lots of information. If you further confuse a hesitating prospect, then this may cause them to further delay investing. The financial world is confusing and intimidating to many, so it’s important to employ your listening skills to understand where a potential client is at and to help you offer specific and helpful information.

Instead of employing rote information and numbers, consider using stories and examples to help people understand what you can do for them. With a personal approach, you won’t scare potential clients off with a barrage of bewildering facts and figures. Inundating them with information might sound impressive, but it may not make you seem likable or personable.

Strengthen Your Soft Skills

To build trust, as well as to communicate skills and confidence, you need to invest efforts to strengthen your soft skills. It is important to be knowledgeable and have skills, but if a prospect does not find you likable, then you won’t even get to show those skills off. Here are some soft skills that you can work on:

  • Be an active listener. This will help you inspire trust in prospective clients and understand what they want. If they feel heard, they will know that you genuinely care about them and their success.
  • Be an engaging storyteller. When you do talk about your work, you want to be engaging. Listening is great but you may not be as effective if you bore or confuse a prospective client when you start talking.
  • Keep an arsenal of analogies and stories on hand. You need to communicate the possibilities for a prospective client’s financial future, and you need to do it in a way that is easily understood by anyone–whether or not they have a lot of financial know-how. A great way to do this is through analogies and stories. You can use a mix of real-life experiences as well as stories you have read or heard about-–just be clear about whether you are sharing something that is fact or fiction. This is also a good time to use examples of mistakes or failures to communicate your experience and build trust.

Make an Offer

Using good listening and questioning skills, you should be able to understand the root concerns of a potential client’s objections. Be clear about what you can do for the client and follow up with an offer. You won’t turn prospects into clients if you don’t at least make an offer. Maybe it won’t work out, but you should take your shot regardless.

It can take time to learn how to handle objections, but when you do, you’ll be better prepared to meet your clients’ needs and you’ll establish yourself as someone who is approachable, credible, and trustworthy. These are the magic qualities for attracting more clients.

Need help knowing how to market yourself as a financial advisor? As a business coach for financial advisors, I can help you on your journey to realizing your goals and building the career and life you’ve dreamed of.

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Financial advisors must excel at overcoming objections to build trust and maintain a solid client base. Understanding objections, such as existing advisors or hesitancy to invest, is crucial. Responding with trustworthiness, likability, and active listening is essential. Avoid overwhelming prospects with excessive information; use engaging stories to showcase expertise. Strengthen soft skills like active listening and storytelling. Uncover concerns through questioning, offering compelling solutions. Handling objections enhances approachability, credibility, and trustworthiness, attracting more clients. Seek guidance from a business coach to market effectively. Persistence in building trust yields rewarding relationships.

4 Strategies to Overcome Financial Advice Objections Infographic


How To Overcome Objections As A Financial Advisor