5 Questions Financial Advisors & Planners Should Ask Clients
The difference between an average advisor and an excellent one is often a thin line between which of the two is a better communicator.
Being a great communicator isn’t all about talking, of course; you have to know when it’s time to listen.
But some clients themselves aren’t good communicators. If you want to provide the best possible financial advice, you also have to know how to pull information out of them.
In other words, you have to know the right financial advisor and planning questions to ask clients during meetings.
Questions Financial Advisors & Planners Should Ask Clients
To help you make the most of every meeting, here are the five essential questions financial advisors and planners should ask clients during every meeting.
1. How confident are you feeling about your financial plan right now?
As every great financial advisor and planner knows, it’s important to gauge how your clients feel about their current financial situation when you meet.
This simple client question can have a wide-ranging impact on the rest of your meeting and naturally opens the door for follow-up questions. If your client answers that they feel very confident about their finances, don’t be afraid to ask them why they’re feeling so bullish. Similarly, if your financial advising or planning client gives a less positive answer, that’s a perfect opportunity to ask how you can help boost their confidence.
Understanding your clients’ feelings can help determine the direction of the meeting and empower you to directly address any concerns or fears. Posing these direct financial advising questions is especially important during virtual client meetings, where it may be harder to accurately gauge client confidence than if you were in the same room as them.
2. Have you had any big changes since we last spoke?
Even if you’ve been meeting with a financial planning client for years, this is still an important question that can help bring to mind something they otherwise may forget to mention.
Plenty of outside factors can affect your client’s financial circumstances, such as having children, switching jobs, or moving to a new location. Your plans and advice need to be tailored to your client’s circumstances, making it essential to have a good idea of any significant changes that have occurred between meetings.
Once you’ve assessed what’s changed since your last meeting, then you’ll be able to adjust your existing plan accordingly.
3. Do you have any big changes coming up soon?
Just like it’s essential to determine if anything has changed since your last meeting, it’s also critical to know when your client has changes planned for the future. Switching jobs? Having a kid? They might even want to bump up their retirement date by a year or two.
If your client has a major plan-altering event on the horizon, it’s an easy call to bring fresh eyes to their financial plan.
4. How can I better serve you?
You might think that you’re doing a great job when you’re in the middle of a meeting. However, your financial advising or planning client might have unanswered questions or ideas for improvement.
If you sense a lull in the conversation or think that your client might have some concerns that haven’t been brought up in your discussion yet, make sure to ask if there are any ways you can better serve their needs.
This isn’t a self-serving question that attempts to get you a pat on the back. Instead, it’s an opportunity to demonstrate how invested you are in the relationship.
Great service is the foundation of every great advisory firm, and knowing what type of experience your financial advising clients want can be a helpful building block in providing an experience that resonates more deeply with them.
Even if their suggestions are simple—like asking you to provide clearer explanations—taking their feedback into account will help you provide more effective service and strengthen relationships over time.
5. What is your biggest takeaway from this meeting?
Client meetings can cover a lot of ground and often go in unexpected directions. Before you wrap up, it’s essential to do a quick review of what you covered and make sure you’re both approaching any follow-ups with a shared understanding of what’s most important.
With this simple question, you’ll encourage your financial planning or advising client to do a fresh assessment of their own and evaluate their priorities.
Lastly, by asking your client what they got out of your discussion, you’ll also learn how effectively you’re communicating. If you thought an item was important, but your client didn’t put the same emphasis on it, it might be a flag that you have more education or explanation to provide.
Conversely, clients who can’t offer a coherent answer to this question or seem confused overall may be a sign that you’re trying to cover too much in a single meeting.
Taking the time to assess and improve your conversational skills can make a huge difference in your practice.
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