Avoid this argument at all costs


Does someone have very negative feelings about the reverse mortgage? Try this approach instead.

3 comments

Dick Diamond January 24, 2020 at 8:16 am

Shannon, I think you hit the nail right on the head with this one. Back to sales basics: there are two kinds of objections (1) perceived ones and (2) real ones. HECM objections usually fall into category number one, and that gives the mortgage professional the opportunity to explain the real facts and move the interview forward.

Great video.

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John A. Smaldone January 24, 2020 at 3:17 pm

Shannon,

You brought up very good points, to many fall into the trap. If anything, go into a financial planner expecting to get some negative feed back, it is how you combat it will depend on your success with your potential client!

Go in prepared, be ready to agree, but disagree with very good ammunition as a come back to support your case. We have many benefits that the HECM can offer to the Financial Planners daily handling of his or her clients needs. We have to be smart, understand the financial planners world and understand he or she is there to protect their client! This is precisely why we must understand they will be in a somewhat of a defensive mode.

Thanks Shannon,

John A. Smaldone
http://www.hanover-financial.com

Reply
the positive realist January 28, 2020 at 2:03 am

John,

Here is your contention: “… We have to be smart, understand the financial planners world and understand he or she is there to protect their client! This is precisely why we must understand they will be in a somewhat of a defensive mode.” Note you use client, singular. That is clearly the situation when meeting with a financial planner who is the gatekeeper for a prospect who is in your pipeline but not so much so when it is your first meeting with a financial planner you want to add as a source of referrals and there is NO specific prospect to discuss. When there is no specific client of the financial planner to discuss, the experience is a type of cold calling.

If the financial planner has professional liability insurance, that person will generally be more concerned about his own situation than that of his clients. in that situation, when the topic of reverse mortgages, most financial planners will reflect on their professional reputation risk, e.g., their client is kicked out of their house for violating some obscure covenant, how their reputation be impacted not only among existing clients but also in the community at large as well as their .

To the financial planner you not only bring a potentially valuable product but you also represent a lot of risk to the practice of a financial planner. For example, could you somehow offend a client and that client is so hurt that the client finds another financial planner.

You have to be prepared to meet some insurmountable scheduling challenges as well. Monte Rose, who is no longer with us, had some wonderful anecdotes about meeting financial advisers and planners for the first time and then proving to them, he was going to pan out. I do not know how many of those experiences were ever recorded but it would be a major service to the industry if all such available recordings were compiled so that others could benefit from those experiences.

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