Top Financial Advisor Fails: Fear of Prospecting

Top Financial Advisor Fails: Fear of ProspectingEd Note: This article is the first in a series focused on mistakes made by financial advisors.

Prospecting is the essence of a healthy, growing financial practice, yet many financial advisors – new and seasoned – avoid it due to fear.

Fear of rejection, fear of failure and fear of success are real and abundant in the financial industry. Everyone has fears. But if your fears are causing you to perform below your potential, hide out in your office and not prospect avoiding seeking help, this can quickly spiral into failure.

So what is it about prospecting that becomes so overwhelming? Sales coaches say that it goes back to common childhood fears of not fitting in, fear of rejection and other deep-rooted anxiety. Unfortunately, prospecting has a way of bringing all those fears and paint that you thought you overcame back to the surface. Additionally, the more “no’s” you hear, the further you develop a fear of rejection and a dread for prospecting.

Here are some tips from top sales leaders that could help you overcome your fear of prospecting.

Get Good Sales Training and Keep Up the Personal Development. Starting out with great skills can help build your competence and your confidence, removing any fear of failure and shred of doubt that you can succeed for yourself, for your company, and for your client. Personal development is the key to unlocking the confidence and the courage to succeed in sales. Your prospects and your dream clients will recognize these attributes and skills in you, because you recognize them in yourself. [Anthony Iannarino]

Start Out Expecting the “No.” Sales is a world of “no.” Ninety eight percent of your calls will result in “no.” Get used to it; expect it and don’t take it personally. Prospecting is simply discarding all the unqualified leads and retaining the “gold.” [Steve Harper]

Be Well Prepared. Have a compelling reason for the call. Reference something relevant to your prospect’s business or their industry. Use personalized information in your openings and voicemail, coupled with on-target value statements. Practice your phone presentation. Record yourself and call others who will give you honest feedback. Having a compelling reason and a compelling message can help reduce your fear tremendously. [Paul Castain]

Break Your Call Blocks into Small Chunks and Set Goals for those Chunks. It is much easier to set a goal to make 10 calls rather than 100, or to dial for 15 minutes rather than an hour. It is much easier to overcome your initial fears and trepidations a few calls at time. You can get your mind around these small chunks. [Jeb Blount]

Accept that you are Dealing with Their Reality, Not Yours. Once you accept this, you can get over your hang-ups about rejection and objections. Prospects are not rejecting you, they are rejecting what you represent – an unwanted interruption. The objection is not to your “value proposition,” but to being taken off track. Their response is intuitive, not intellectual, so it is up to you to deal with it on that level, rather than worry about it and get hung up. The question isn’t about how you can avoid it, but how do you use it to your advantage to get what you want, namely grabbing their attention long enough to get a new prospect engaged. [Tibor Shanto]

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Summit Brokerage Services is a member of Cetera Financial Group, RCS Capital Corporation’s (NYSE: RCAP) retail investment advice platform.

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