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 simply part of the process. Each advisor in our firm has faced rejection, overcame 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

It’s important to go in with the mindset that your prospect’s answer very well may be a “no.” And that is a perfectly acceptable answer.

Being direct in your approach or why the work you do is important for them and meeting until their answer definitive helps you avoid wasted time and energy. Remember, uncertainty or no response at all…is still an answer. And this uncertainty takes away from energy spent on other prospective clients.

Those “no” responses will lead to yes’ down the road.

So, 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: Get Comfortable Being Uncomfortable

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 Can You Collect More Yes’ As A Financial Advisor?

If you have to collect no’s, how can you also collect that 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

Your activity VASTLY correlates to your success, hearing that ‘yes.’. 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.

More irons in the fire.

More meetings.

More referrals.

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, not products, is a foundation 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?

Fearing rejection is a perfectly normal feeling. But, can you handle this when it comes to your efforts to build a practice?

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 a yes.

If you can overcome the fear of rejection, talk with a team member on what your first year might look like at CP.

 

 

Exp. 11/2027
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Consolidated Planning, Inc. is an Agency of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 6115 Park South Drive, Suite 200, Charlotte NC 28210, Phone # 704-5528507. PAS is a wholly owned subsidiary of Guardian. This firm is not an affiliate or subsidiary of PAS. This material is intended for general use. By providing this content Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity.