Give the Gift of Choice

Nick Bond   |   December 2021   |   2-minute read

If you’ve worked in our industry for any length of time, you’ve probably learned that giving your clients choices can be tricky.

Too much choice leads to analysis paralysis, indecision and frustration.

Too little, though can lead to a gift receipt mentality.

If the client isn’t involved in the decision and is just given a product, they might be tempted to take it back. But, if handled correctly, choice is powerful.

The key is to effectively involve your client in the decision-making process by supplying and presenting enough options to give them a voice. But not so many that they are overwhelmed.

This starts with gaining an understanding of their goals, needs and concerns, and then narrowing it down to a few well-thought-out solutions. With this approach, you not only gain their buy-in to what you are proposing, but you also limit the probability of future objections.

Presenting multiple options without overwhelming the client can be easier than you think. Suppose you’ve determined which product line will best serve your client. The options you present could include different features or durations within that product line. Or you could present a few different products within the same suite.

No need for a gift receipt here

To give a gift the recipient will love, you need to know your audience. Have you ever returned a gift you didn’t love? If you didn’t choose the gift for yourself, there’s a chance it isn’t what you really wanted. It might be the wrong, size or color. As the gift giver, you get better results when you do your homework. The same is true here.

So, here are few key points to keep in mind when presenting multiple choices to your clients:

Understand your client’s goals

Profiling and discovery are hugely important when determining what is going to be a good fit for someone. Spend time listening to them, researching what’s available, and then tailoring solutions to fit your client personally.

Know who needs to be involved

If you’re working with a couple, make sure both spouses are on board. If you’re working with someone who lives alone, find out if there’s a son, daughter or sibling who should be part of the decision.

Present only options that make sense

It’s a situation of quality over quantity. The goal is not to impress the client with how many quotes you can run, but to show them thoughtful solutions that matter. And to be able to explain the options in a way that they understand.

Sell confidence, not product

If you can successfully involve your client in making a sound decision that’s right for them, you’ll not only increase your chances of hitting on the right solution the first time, but you’ll also have a happier, more confident client — one that will choose to keep working with you in the future.

And remember, you can reach out to any of our Retirement Income Consultants at (800) 589-3000 if you need help narrowing down the choices.

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