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Sometimes we wish sales was like a vending machine: Prospects choose what they want, insert the money, pick it up and walk away. Selling in the insurance and investment world is much tougher. Similar sounding products can be so different. Even worse, prospects really do have a vending machine. It's the Internet. They search out the cheapest price and buy.

But it might not be the right product for them.

The prospect needs someone to learn their needs and make recommendations. Unfortunately, this can become very confusing, when there are large sums of money or long-term commitments involved.

6 reasons why prospects don't make decisions

Why don't prospects make decisions? In my research I found six reasons:

1. Fear. They are worried about making the wrong decision. They think interest rates will go up the day after they sign on the dotted line. They are worried about losing money. They did something similar before (or so they think) and it turned out badly.

Try this: What's the cost of waiting? If their money is earning almost zero interest and the small return is also taxable, that's not a good place to be. What do they think will happen in a few months that would make it sensible to wait? Compare that with what their money would do in the product you suggest in the meantime.

2. Procrastination. There's no sense of urgency. 'Why do I need to act now? Won't this be available next month? Next year?'

Try this: You might be talking about an insurance product with principal protection. Their money might be in the stock market. The product might be available in a month or a year, but what might happen to their money in the meantime? It might be worth more. Or less. Maybe committing part of the money now is a good idea.

3. Too many alternatives. They asked: "What should I do?" You gave them options. Twelve of them. Each has pros and cons. They are hopelessly confused. Faced with too many choices, doing nothing seems the safest course of action.

Try this: They asked for your best recommendation. Give them one. If they add additional provisions or restrictions on afterwards, then you can go to your second or third recommendation.

4. They don't see the value you add. They think they can buy direct online, cutting out the middleman. That's fine if they are buying a brand-name refrigerator. They aren't. Your expertise has value. They are actually buying your expertise.

Try this: Help them see that similar products often aren't. Prospects have specific needs. This product meets them. It would be awkward if they bought a different product elsewhere, then discovered it didn't offer the coverage they thought it did. Their needs might change over time. You are embarking on a long term relationship with them, to help them.

5. They work with an agent already. They feel it would be disloyal buying from you, when they could buy from their current agent. That might be their brother-in-law. They have one barber. One auto mechanic. One dentist. 'Isn't one insurance agent enough?'

Try this: How many doctors do you have? Different agents have different specialties. You can work with more than one. You identified their need because this is what you are good at doing.

6. Lack of trust. TV and films rarely portray insurance professionals as heroes. They are often cast as greedy, badly dressed and desperate for business. 'Aren't you all the same? Shouldn't I buy online, from a reputable company and eliminate the human factor?'

Try this: Hopefully they came to you by referral: You have a good reputation; you are even well-dressed(!). Lean on your years in the industry, your professional certifications. They aren't gambling when buying insurance, but a casino analogy might help. Gamblers might choose table games, interacting with a dealer or playing the slot machines. The odds of winning are far worse on slot machines. Adding the human element works in your favor. You are an honest agent, experienced and certified, interested in building a long-term relationship and helping your clients.

There are several reasons prospects don't make decisions. You can address them in nonconfrontational ways.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.

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