Having your proposal turned down by a prospect is an inevitable part of the financial advisory business. It is not fun, but learning how to deal with rejection can make you a better advisor, according to Rosemary Smyth, a business-building coach and founder of Rosemary Smyth & Associates in Victoria.
“Getting away from the need to always have approval,” she says, “is what’s going to take you from good to great.”
Here are four methods to help you develop the emotional strength to turn a “no” today into more “yesses” in the future:
1. Be gracious – it can lead to future success
Never become defensive toward anyone who has rejected one of your overtures, whether you approached them through a cold call, an in-person meeting or a networking event. A negative reaction can cut off possible future opportunities.
Depending on how well you know the prospect, Smyth says, you can still broach the possibility of staying in touch.
For example, maybe you have been pursuing a prospect who was waffling about whether he should leave his current advisor to work with you. Ultimately, he decides to remain where he is. You can ask the prospect if he is open to receiving newsletters or invitations to your seminars. Should this person someday change his mind, he may come back to you because he has been kept informed about your practice.
2. De-sensitize yourself
The more you expose yourself to an uncomfortable situation, the less disturbing it becomes to you, Smyth says.
For example, if you dread making cold calls because you have heard “no” too many times, keep making those calls. You will eventually adapt. The real benefit is that continuing to make those calls will allow you to explore ways to improve your approach so you will receive fewer negative responses.
3. Keep your energy up
You probably will be more animated with your first few calls or meetings than you will with the tenth one, Smyth says. So, figure out a way keep that energy level up, which will help you sound more confident when dealing with others.
Suggestions include taking a coffee break, going for a refreshing walk outdoors or making a quick call to a friend to get your mind off work for a few minutes.
Also, keep count of how many meetings or calls you have before the negativity begins to creep in. Try scheduling just that number of calls, then switch to other tasks for the rest of the day.
4. Try to end each day on a positive note
It’s always a good idea to leave the office with a good memory, Smyth says.
Suppose you had a rough day in which most of your prospect meetings did not go as planned, but a late appointment went well. Instead of pushing yourself to make one last call, let that positive experience be the official end to your workday.