Overcoming Client Objections: A Guide to Confidently Positioning Lumiant

The Discovery conversation is one of the most critical parts of the advisory process, where advisers uncover what truly matters to their clients. However, it can often be met with objections—whether due to uncertainty about the approach, perceived irrelevance of certain tools, or logistical challenges.

This guide equips advisers and practice managers with practical solutions to confidently address these common objections. Here, you will find actionable strategies, tailored scripts, and positioning techniques to help streamline conversations, boost client engagement, and amplify the value of Lumiant's tools.

Key Objectives:

1. Equip advisers with actionable strategies to address common client objections.

2. Provide scripts and approaches to effectively position Lumiant across diverse client profiles.

3. Enable advisers to confidently adopt value-based conversations and integrate Lumiant into their workflow seamlessly.

Each section includes scripts, resources, and real-world examples to empower advisers and practice managers to address objections with clarity and confidence. By leveraging this guide, advisers can position Lumiant’s tools as indispensable for fostering meaningful client relationships and achieving exceptional outcomes.

Positioning Lumiant with Existing Clients

Advisers sometimes encounter doubts when introducing Lumiant to their existing clients. They may question whether their clients would be interested in this new experience or inadvertently let their personal feelings and biases hinder them from offering it. To assist you in effectively positioning Lumiant, follow these steps to navigate the conversation seamlessly.

Objection:

"How to position Lumiant with existing clients?"

Solution:

When introducing something new to clients, address three key questions before they ask them:

“Why are you making a change?” (Phase 1)

“What is changing?” (Phase 2)

“Why should I care?” (Phase 2)

By proactively answering these questions, your clients are more likely to embrace the change.

Phase 1:

Begin by framing the conversation positively. Highlight the top three achievements in your client-adviser relationship over the past five years. Then, convey the need for change.

You might say:

“We have been working with each other over (X) amount of years and over that time I think you would agree our firm has done a great job at (you need to decide on these 3 things) being responsive, being proactive and at delivering excellent performance portfolio results. But things are changing. We’ve got markets that are at record valuations, interest rates are at an all-time low, we’ve got Covid and as well as we’ve done in the past, it’s the opinion of the firm that we simply must do better.”

Phase 2:

Show your client that their opinions matter.  

You might say:

“As my best client, there’s no one I would rather get their input from than you. You’ve always been someone who has helped me evolve, been candid with me and if I wanted anyone’s perspective it’s yours.”

“We’ve done a tonne of research, and we’ve trained a new process to use with our clients. As a valued client of the firm, I just want you to know upfront you don’t need to change anything. Our relationship will stay the same, but this is the way we’re going to be working with our new clients going forward. And as our best client, we wouldn’t want to withhold an option from you that we would give to someone you could refer to us tomorrow.” 

“So, I’d like to give you a test drive and you can let me know after if it makes sense for you and your family.”

Positioning Lumiant effectively is crucial to gaining commitment from your clients to come on board with your new process. Use this script as a foundation for your personal introduction. Practice with every existing client and adjust it as needed.

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Additional Resources:

• Read more about positioning Lumiant from our Lumiant Coach, Mark Ciucci.

• Tune into our podcast featuring Mike from Enlighten Financial Solutions, to hear about his transformative journey from initially avoiding such conversations.

Relevance of Your Life Survey 

An objection that we often hear from Advisers is that some of their clients feel or communicate that the Your Life survey isn’t relevant to them, especially when the client might be older or in their retired life stage. 

Objection: 

Some clients feel or communicate that the Your Life survey isn’t relevant to them, especially when the client might be older or in their retired life stage.

Solution: 

Within the Your Life survey for each dimension of wellbeing, a client is positioning with two questions. The first is “How important is x to you?” for example: 

• How important is pursuing education?

• How important is supporting your family's educational needs?

• How important is working with purpose, whether at home, in your career, or in your career?

Some clients may initially think, "That doesn't pertain to my situation." However, these questions are intentionally included because they do apply to people at all walks of life. The intention is to cover a broad spectrum of values and life stages, ensuring that the survey is relevant to all clients, regardless of their age or life stage.

If a client answers five or below (on a scale where zero indicates not important and five is the midpoint), they won’t be prompted with follow-up questions to track their progress regarding that dimension. This mechanism ensures that the client’s life score is not impacted by dimensions they deem not important. Instead, the survey adapts to each individual’s priorities, removing sections that aren’t relevant to them. This approach allows the client to decide which dimensions of wellbeing they find significant and which they don’t.

The Your Life Survey acts as a precursor to the Values session, capturing what’s important and not important to the client at that moment. It serves as an assessment tool designed for quick thinking, not a traditional survey experience. This adaptive nature of the survey enhances its relevance and usefulness for clients at all life stages, particularly for those who may be older or retired, making it an integral part of the advisory process.

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How to position the Your Life Survey

You might be asking yourself what the best way to position your life survey is with elderly, retired clients, or even an existing client. 

Objection: 

“How do I position the Your Life Survey?”

Solution:
When positioning the Your Life Survey with elderly, retired clients, or even existing clients, it’s important to normalise the fact that some questions may not initially seem relevant to them. This is a positive outcome because it helps to pinpoint their specific needs and priorities. Here are three effective ways to position the Your Life Survey:

1. “We’re going to send you out a little bit of homework before you come in so that we can spend more time in the meeting, actually talking about you rather than getting some of this really basic type information. It will also help position what’s important to you and why you’re seeking advice.”

   • This approach frames the survey as a preparatory tool that focuses the conversation on the client’s needs, helping them to reflect on what truly matters.

2. “I am going to send you a survey to be completed that is built for everyone. You might feel that some of the questions are not as relevant to you and that’s okay. Just take it as it comes and go with your gut feel. We will go through the results together and use this to identify what’s important to you.”

   • This positioning acknowledges the universal nature of the survey, encouraging clients to engage naturally without overthinking their responses, and emphasises the collaborative process of discussing the survey results.

3. “We’re going to go through an exercise, and this may validate the things we’re doing already—which is great. That means we’ve got all our bases covered. But it may also invite you to think about things a little bit differently and consider ways that we could help a little bit differently, so let’s hold space for that too.”

   • This framing presents the survey as an opportunity for both validation and growth, allowing the client to explore new perspectives and align their personal goals with the advice they are seeking.

A simple way to get started is to use a script for consistently introducing the Your Life Survey. Regardless of the client’s age or life stage, following a script minimizes nervousness and concerns about the intricacies of the client’s situation. By practicing and utilizing the same communication approach each time, it ensures that the client is fully briefed on their next steps, making the process smoother and more effective over time.

Addressing Reservations for High Net-Worth Clients

You might have concerns about engaging with specific types of clients with Lumiant, especially high net worth individuals. The fear of missing out on new opportunities or stumbling through unfamiliar processes can be daunting. We will explore effective strategies to overcome these worries and establish strong, lasting client relationships. 

Objection: 

I have concerns or hesitation about engaging with specific types of clients, particularly high net worth individuals, due to fear of missing out on new opportunities or struggling with unfamiliar processes.

Solutions: 

Conducting a "Your Life and Values" session with a progress client, particularly when you have a strong rapport, can provide a sense of comfort, even if occasional mistakes happen. While the goal is to transition all clients to the new process eventually, it's perfectly fine to begin with a progress client if that's where you feel most at ease is entirely acceptable. This approach allows you to comfortably ease into the new method.

By utilising Lumiant's tools, you have the chance to demonstrate to your new prospects and clients that their financial planning experience will be exceptional. You can align yourself with advisors who consistently receive high feedback scores because they conduct value-based sessions, showcasing your expertise and experience. Knowing your clients better improves the quality of your advice.

It's absolutely okay to fumble or make mistakes in your advisory role; we all do. These moments should be viewed as opportunities for growth, learning, and becoming a better advisor. Remember, acknowledging imperfections is a crucial part of the journey towards excellence in advising.

Suitability for people without the internet or people that are not tech savvy

Addressing the needs of individuals without internet access or lacking tech proficiency is a critical aspect within the financial advisory landscape. This guide aims to explore various strategies and solutions to overcome these common obstacles while enhancing the advisory process.

Objection:

Clients who lack internet banking or email addresses pose challenges in conducting sessions effectively.

Solution:

Recognizing the varying levels of tech proficiency among clients, there are adaptable ways to assist those less familiar with technology. One such solution is a collaborative approach, tailoring the experience to meet the individual's needs. Rather than insisting on digital methods, being present in the office and guiding clients through surveys personally or utilising paper options can create a more personalised experience. The Your Life survey typically takes 5-10 minutes, with an additional 10-15 minutes for those needing assistance. The Values session, an advisor-led experience, can take place either before or during the meeting if the Values survey has not been completed beforehand. 

Furthermore, advisors are not solely responsible for guiding clients through the Your Life survey or Values Experience. Relationship managers with strong interpersonal skills can facilitate these conversations and relay pertinent information to advisors for further analysis.

Dennis Moses Williams (http://www.moseleywilliams.com) advocates for personalized experiences, likening businesses to stages where every individual plays a crucial role, creating a rehearsed and tailored experience for each client. Imagine a financial practice where support staff warmly greet clients as they enter, guiding them through initial steps and paperwork. Advisors engage clients, ensuring a smooth process. While this approach may not fit all scenarios, adaptability is key.

Embracing this concept, advisors prepare themselves as if for a theatrical performance. They adopt a ‘game face’ mindset, ready for every act, smoothly following a structured script. This method delivers different responses each time, relying on an automated thought process that facilitates engaged conversations and active listening. Such a systematic approach eliminates the need for constant searching, creating an automated yet personalized experience that meets the unique needs of each client.

The challenge of engaging clients without digital access has spurred innovative solutions. Advisors now focus on personalised, theatrical, and automated methods to ensure inclusivity and engagement. Despite digital limitations, creativity and collaboration foster tailored and empowering experiences, enhancing client engagement and the overall advisory process.

Time Efficiency and Length of the Process

Advisers often raise concerns about client onboarding meetings when they combine collecting financial information with discussing personal values. These combined activities can extend a typical 1.5-hour meeting to 2 hours or longer, raising questions about efficiency and time management.

Objection: 

“I’m hesitant to incorporate the Your Life Survey and Values session into my client meetings as it takes too long to complete’. 

Solution:

Lumiant offers a variety of surveys like the Foundations and Values survey which can be sent out to clients before discussions are held to gather the majority of the necessary financial and fact-find information. This approach limits the time needed during the initial meeting to finalise essential data collection, allowing more time for a values-based conversation. Leveraging Relationship Managers (RMs) and Client Service professionals to handle detailed data collection between sessions is also a crucial way to save time in the client onboarding process.

Mark Akeroyd, Head of Product at Lumiant, shares two anecdotes for further consideration.

Anecdote 1:

Good experiences are similar to wisely spent time, but exceptional experiences elevate this further by investing time wisely. Efficiency is crucial for advisors providing services. However, for those dedicated to creating extraordinary experiences, the emphasis shifts to making each moment valuable and productive. This is achieved by utilising their positioning, expertise, and other elements to craft exceptional interactions with clients.

Anecdote 2:

Rob Morrison, the Vice President of Strategy and Innovation at Savant, challenged his teams to identify the ten most critical tasks in the client advice process. However, he added a crucial condition – if these tasks didn't fall within the top three priorities, he questioned the company's direction. This highlights the importance of prioritisation and focus on financial advising, urging advisors to concentrate on what truly matters and align with their company's goals and client-centred approach. As advisors, it's essential to streamline processes to dedicate ample time to these top three priorities. Achieving this balance involves a blend of practice management, process design, and leveraging tech efficiency.

In conclusion, balancing efficiency and exceptional client experiences while addressing concerns about extended meeting durations is crucial. Akeroyd's and Morrison's anecdotes stress the value of time investment, prioritisation, and understanding clients deeply. Advisors must streamline processes while emphasising comprehensive client understanding. 

You can learn more about our Foundations Survey here or take a look at our Surveys module here.

My client has a specific advice need, going through the values isn't suitable

In the realm of financial advisory, addressing clients' unique needs is a delicate art. While some are eager to dive into in-depth discussions about life and values, others are seeking swift solutions to immediate concerns like investing or managing urgent financial needs. Advising clients often involves balancing immediate financial concerns with deeper discussions about life goals and values. Some clients may prioritize quick solutions, such as investing, while others are more interested in exploring their values. This guide provides a nuanced approach to navigating these varying needs.

Objection:
“I just want to invest this money or I just want to manage my immediate need”

Solution:

There are instances where addressing that immediate need is crucial, right? Will this be the case every time? Not necessarily.  Not every client might be ready for an in-depth life and values conversation. Sometimes, clients seek quick solutions, like investing money, without exploring life and values. And not everyone may be prepared for those deeper conversations initially. It’s acceptable to assess the situation and start by addressing the immediate need, returning to values at a later point.

In emotionally charged situations, such as the loss of a spouse, prioritising practical matters is essential. However, in less emotional contexts, striking a balance is key. While quick investments have their place, discussing broader financial goals often holds more significance. Flexibility is key; you can tailor sessions and modules based on what the client requires at any given moment.

By offering a flexible approach, you can tailor sessions based on the client’s needs at any given moment. The life survey is available on demand, allowing you to quickly gather essential information when needed. For clients who are not yet ready for a full values session, you can introduce the concept and provide an opportunity for them to explore their values at a later time. For those clients ready to engage in the process, the values session can be scheduled as part of the onboarding, offering a deeper understanding of their priorities. Meanwhile, the goals module allows you to swiftly add and address any client goals within the Lumiant platform, providing a streamlined approach to addressing immediate concerns. Lumiant’s modular system grants you the freedom to adapt your process to each client’s preferences and priorities.

Click here to learn more about How to introduce and run through a Values session.

As you implement these approaches, remember that every objection is a chance to deepen trust and strengthen your client relationships. Each thoughtful response you provide reinforces your role as a trusted partner in their financial journey. With Lumiant by your side, you're not only meeting their immediate advice needs but also creating a tailored experience that aligns with their values, priorities, and long-term goals. This positions you as more than an adviser—you become a guide who empowers clients to make meaningful decisions and live their best lives.