Buying financial products on the internet without advice is like buying prescription drugs on the internet with a doctor’s advice.

It’s quite ironic that the longer you can answer a prospect’s questions, the longer the presentation goes on and the further you are from opening the account. Next time you have someone coming in to discuss opening an account, try this. If you intend to present a proprietary product, call your firm’s point person and make sure he or she will be by the phone during the expected time of your appointment. If you intend to use non-proprietary products, make sure your wholesaler’s backup person will be available. When a question is raised, say “I’m coming to that.” If the question is important, it will be raised again. Look the person in the eye and say, “I don’t know. I will call someone who does.” Call your point person and get the answer. Before your let that person off the phone, ask the prospect what else he or she needs to know in order to make a decision. This will draw out any questions the person may have.

Ed runs his own account. He pays no commissions. His neighbor, George, has a Financial Advisor and pays commissions and fees that amount to a few pennies for each dollar invested. Ed reads a lot and spends a lot of time doing what he feels is extensive research. George doesn’t do those things. His Advisor does. As well, George’s Advisor has given George a thorough financial education. He tries his very hardest to generate profits for George while minimizing losses. After many hours of discussion, the Advisor has a complete understanding of George’s goals. Every year he helps George lessen his tax bill. By controlling George’s emotions, he keeps George from making undue investment mistakes. He will provide George with a financial plan should George so desire. Ed has none of that. But he did save a few pennies.

We have said over and over that selling involves closing. To tell without closing is teaching. I doubt that a prospect is going to cut you off in mid conversation in order to write you a check. So when a client says the timing is not right, I need more information, I am afraid of losing money or I just want to wait until things get better, turn that comment into a question, answer the question, ask if there are any other questions and ask for the order.

There is a natural hesitation when it comes to meeting someone new. It’s not always easy to walk into a roomful of strangers. But that’s exactly what a sales person does figuratively every day. We spend our careers meeting strangers. If you feel you could be better at meeting new people, let me suggest an exercise that will get you beyond any doubt and hesitation. Just spend one day introducing yourself to strangers. It’s fun, it’s a bit zany and it’s a great exercise. The fear will be gone.