How to Handle "We're Already Working with Someone Else" in Financial Services & Fintech Sales
Expert framework for overcoming the "We're Already Working with Someone Else" objection in Financial Services sales. Proven 3-step method with industry-specific examples.
ScriptFly AI Team
Expert Sales Trainers
How to Handle "We're Already Working with Someone Else" in Financial Services & Fintech Sales
Every financial services sales rep knows that sinking feeling. You've got a perfect pitch, you're talking to your ideal prospect, and then they drop the dreaded line: "We're already working with someone else." It's the objection that can kill momentum faster than a compliance audit derails a product launch.
Why Financial Services Prospects Say "We're Already Working with Someone Else"
In the high-stakes world of financial services and fintech, prospects don't just choose vendors—they form strategic partnerships. This objection isn't a simple brush-off; it's a carefully constructed defense mechanism rooted in risk aversion, institutional inertia, and a deep-seated fear of disrupting existing workflows.
The Real Reasons Behind This Objection:
- Perceived stability of current vendor relationship
- Fear of integration complexity and potential system disruptions
- Comfort with known (even if suboptimal) solutions
- Organizational inertia and decision-making bureaucracy
The Wrong Way to Respond (That Most Reps Do)
Most sales reps crumble when they hear this objection. They become defensive, start arguing, or worse—they apologize and walk away. This approach screams amateur and guarantees you'll never get a second look.
Don't:
- ❌ Directly criticize their current vendor
- ❌ Get defensive or confrontational
- ❌ Immediately start listing your product features
- ❌ Beg or sound desperate
The 3-Step Framework That Actually Works
Step 1: Acknowledge Without Agreeing
Validation is your first weapon. You're not challenging their current relationship; you're showing sophisticated understanding.Example Response:
"I appreciate you've already got a solution in place. Most forward-thinking financial institutions like Morgan Stanley are always evaluating their tech stack. What's working well for you right now?"
Step 2: Reframe the Conversation
Transform the discussion from a vendor comparison to a strategic exploration.Example Response:
"I'm not here to replace your current provider. I'm interested in understanding how we might complement or enhance what you're already doing—especially given the rapid changes in financial technology."
Step 3: Ask a Diagnostic Question
Questions are your precision tool for uncovering hidden opportunities.Power Questions to Ask:
- "What metrics are most important in your current financial technology evaluation?"
- "If you could improve one aspect of your current solution, what would it be?"
- "How are your current tools supporting your compliance and security requirements?"
Real-World Example: Apex Financial Group
When the sales team at Apex Financial Group encountered this objection with a mid-tier investment firm, they didn't panic. Instead, they deployed a strategic approach.
What Happened: The rep acknowledged the existing vendor relationship, then asked a series of probing questions about data integration, reporting capabilities, and compliance tracking. By the end of the conversation, they'd revealed several gaps in the current solution.
Key Takeaway: The prospect wasn't looking to switch vendors—they were looking for a partner who truly understood their challenges.
Industry-Specific Considerations for Financial Services & Fintech
Financial services isn't just another industry—it's a complex ecosystem with unique dynamics that dramatically impact sales conversations.
- Regulatory Compliance: Your solution must demonstrate rock-solid adherence to complex regulations
- Average Deal Size ($100,000): High-stakes environment requires deep trust and precise value articulation
- Typical Objection Triggers: Data security concerns, integration complexity, and institutional risk management
5 Variations You Can Use Tomorrow
Variation 1: The Empathy Reframe "I completely understand. No one wants unnecessary disruption. What would make you consider exploring a complementary solution?"
Variation 2: The Social Proof Angle "Many of our clients initially felt the same way. Would you be open to hearing how other financial institutions have strategically expanded their technology stack?"
Variation 3: The Risk Reversal "We're so confident in our solution that we offer a comprehensive migration support package with zero upfront risk to your existing systems."
Variation 4: The Future-Pace "Given the rapid evolution of financial technology, how are you ensuring you're not missing potential competitive advantages?"
Variation 5: The Direct Challenge "Most innovative financial leaders aren't just satisfied—they're constantly looking to gain a strategic edge. Which category do you see yourself in?"
Common Follow-Up Objections (And How to Handle Them)
"We're happy with our current solution" → Respond by exploring specific pain points and subtle inefficiencies.
"Our contract runs for another 18 months" → Position yourself as a strategic advisory resource, not an immediate replacement.
"We don't have budget for another solution" → Reframe the conversation around ROI and potential cost savings.
The Bottom Line
Handling the "We're already working with someone else" objection isn't about winning an argument—it's about opening a strategic dialogue. Your goal is to position yourself as a knowledgeable partner, not a pushy vendor.
Quick Win: Practice your reframing technique. Record yourself. Get ruthlessly good at turning objections into conversations.
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Common Questions About This Objection
When is the best time to use this objection response?
Use this response immediately when you hear the objection. The key is to acknowledge their concern authentically before reframing it. Timing matters—respond too quickly and you seem dismissive, wait too long and you lose momentum.
What if this script doesn't work for my specific situation?
Every prospect is different. Use these scripts as frameworks, not word-for-word responses. Adapt the language to match your industry, product, and the prospect's communication style. The underlying psychology remains the same.
How do I practice these responses effectively?
Role-play with a colleague or record yourself. Focus on tone and delivery—confidence matters as much as the words. Practice until it feels natural, not scripted. The goal is to internalize the framework, not memorize lines.
Can I combine this with other objection handling techniques?
Absolutely. These responses work well with techniques like the "Feel, Felt, Found" method or the "Boomerang" technique. Layer multiple approaches for complex objections, but keep it conversational—never sound like you're running through a checklist.
How many times should I try before moving on?
If you've addressed the same objection 2-3 times using different angles and they're still not budging, it's likely not a real objection—it's a polite way of saying no. Know when to pivot or disqualify the prospect to focus on better opportunities.
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