How Do You Overcome The Fear of Rejection As A Financial Advisor?

Experiencing rejection is something we all face in our lives, to one extent or another. As a financial advisor, the meaning of rejection doesn’t necessarily have the same negative connotation that we all assign to it.

So how do you take this so-called rejection with a grain of salt and actually become successful from it?

Advisors at Consolidated Planning are equipped with the support to fully understand that rejection, or a no, is a part of the process. Each advisor in our firm has faced rejection, overcome it, and can attest that it’s what makes us better individually, and as a whole.

In the article that follows, we’ll address ways to deal with perceived rejection, how to gain more yes’, and if a career as a financial advisor is right for you, whether you’re new to the business or are a more seasoned advisor.

3 Tips to Deal with Rejection As A Financial Advisor

 

Tip #1 Expect No’s

Always expect a prospect’s answer to be no. By putting this mindset in place you avoid setting yourself up for disappointment. Getting to the answer of ‘no’ requires being direct with your prospect. For example, try explaining to your prospect why the work you do is important for their financial wellness and ask them to meet until their response is a yes or no, not maybe. If you’re being upfront in what you can do for them, uncertainty or no response at all is still an answer.

A ‘maybe’ turns out as wasted time and effort as a financial advisor building your practice. No’s are perfectly acceptable answers. Especially early on in your career, you will hear no more than yes, however, more no’s lead to more yes’.

Go collect your no’s.

 

Tip #2 It’s Not Personal

Your prospect’s no, is not personal. They are saying no to an opportunity for financial balance, not to you or your firm. For career changers, this may require a paradigm shift from your previous ways of thinking and ultimately fulfilling your goals. If you’re holding onto the answer of no, you will miss opportunities to learn, grow, and cultivate meaningful relationships that turn into the word you will love to hear, “yes.”

Go collect your no’s and move forward.

 

Tip #3 You May Not Overcome Rejection

You might not overcome your fear of rejection. At Consolidated Planning, you might follow our 10-4-2 process. This means you will collect 10 new names every week, 4 of those will result in meetings, and 2 will move forward with you. That’s 80% failure. 80%. You have to learn to be okay with this rejection of no or this might not be the best career for you.

Go collect your no’s, move forward, and get comfortable with rejection so you can focus on future prospects.

 

How Do You Hear More Yes’ As A Financial Advisor?

If you have to collect no’s, how can you also collect those rewarding yes’? While every no gets you closer to a yes, there are a few areas that will help you convert those prospects in our 10-4-2 funnel to clients.

 

High Activity Level

Activity is something in the financial industry that contributes to your level of success as a financial advisor. Activity is anything that doesn’t involve sitting behind a desk – client meetings, client events, networking, prospecting, volunteering, and more. 

A high activity level will have you maintaining relationships with your current clients and continuing to prospect, both of which will lead to more clients.

 

Lead With People Not Product

You should expect to have 3-5 meetings with a prospect before you pitch a product. Leading with people and not products is part of the philosophy at Consolidated Planning. Planning means looking at the client’s entire financial well-being and stepping into the future together with a plan. This requires you, as their financial advisor, to fully understand their assets, lifestyle, and financial goals.

Earning money as a financial advisor is the byproduct of helping people.

 

Can You Overcome The Fear Of Rejection As A Financial Advisor?

If you’re fearing rejection, or how rejection feels, you may be asking yourself if this is something you can handle in your career, day in and day out. The fear of rejection may stop you from putting yourself out there, or switching careers altogether. Partnering with the right firm can make all the difference in your career as a financial advisor.

No’s are a necessary part of the process in a career as a financial advisor.

Whether you’re new to the business or a seasoned advisor, you will never stop hearing no. Some would argue that if you’re not hearing no, you’re not trying. Financial advising is one of the industries where failure is simply a byproduct of the business. It’s unavoidable.

But, it’s also an industry where every no gets you that much closer to more yes’.

Now, it’s time to decide if you can overcome the fear of rejection as a financial advisor. If you think these no’s can fuel your fire to a successful career, reach out to our team of recruiters to learn more about a career with Consolidated Planning.

 

 

 

 2022-147928   Exp. 12/2024