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By David RichmanManaging Director, Advisor Institute

Make no mistake; a prospective client's stated objection is not always the real objection. For example, when the objection is your fee, your prospect may think it is easier to say that than telling you he thought the competitor seemed a better or more informed advisor.

Consider a scenario involving a prospect deciding to move forward with a competitor due to price. What if you were to pose a follow-up question to be sure the fee was really the objection?

Advisor: "Do you mind if I ask you a question?"

Prospect: "What's that?"

Advisor: "If our fees were identical, would you then be leaning toward moving forward with us?"

Prospect: "Well ... yes, I would."

Advisor: "Would you mind sharing what about us appealed to you more?"

Try it next time. Always make sure the objection presented is the real objection.

Bottom line: When your instinct is to respond to an objection with a statement, ask a question instead.