Knowing what to ask when a new client comes into your office is the first step toward meeting their financial needs and developing a long-term relationship. But asking the right questions means more than just getting details on the client’s finances. Recently, some MDRT members shared the questions they ask to gain an in-depth understanding of how they can help each client.
Getting to know you
- Where are you from and what was it like growing up?
- What did you learn about money growing up?
- What is the hardest lesson you’ve had regarding money?
- What is the best experience you’ve had regarding money?
- Is there something important I should know about your money?
- What is the best investment you ever made?
- Do you have any political, social or environmental restrictions on your investment choices?
- What would you do with your time if no one paid you?
Learning about family
- Tell me a little bit about your extended family, and if you believe any of them will have an impact — either positive or negative — on your future financial plan.
- Do you anticipate having to provide financial assistance for an ailing parent or grandparent?
- Do you anticipate an inheritance that may have an impact on your retirement plan?
- Do you feel any obligation to provide for nieces, nephews or siblings who may be experiencing financial difficulties?
- Are there any family members with special needs you wish to provide for?
- Do you have a blended family situation where one of your children stands to inherit more than another and you wish to equalize?
How can I help?
- Has anyone ever helped you create a vision for what your financial security looks like?
- What do you expect from a trusted advisor?
- Who do you rely on for advice, and why?
- What do you expect from me?
- If you or your spouse were not here, how would you like me to counsel them? What would you want me to do?
- If I could do three things to help you this year, what would they be?
- If it’s five to 10 years from now, and we look back at our meeting today, what would you have wanted to accomplish financially and with your life?
Talking about risk
- Does the stock market scare or excite you?
- In retirement, how much of your income is OK at risk?
- In retirement, how much of your assets are OK at risk?
- How much risk is OK on a scale of 1 to 10, with 1 being conservative and 10 aggressive?
Making clients comfortable
It’s important to first make sure your prospect is comfortable; otherwise, it doesn’t matter how good your questions are — the meeting won’t be successful.
I have my assistant bring the prospects into my office and offer them coffee or tea. This allows them to get comfortable with their surroundings before I enter the room. When I come in, they feel like I’m coming into their space, rather than them coming to someplace new and trying to get comfortable while I’m there.
The other thing I find very useful is to go through the ground rules of the meeting. The first question I ask after going through the pleasantries of getting to know each other, which usually takes 10 or 15 minutes, is: “During the next 45 minutes, what has to happen for you to view this as a successful meeting?”
I’ve done two things with this simple statement. First, I let them know that the rest of the meeting will only be 45 minutes, and second, I’ve given them the opportunity to tell me what their major concern is so I can adjust the agenda to answer that question.
I think we get wrapped up in asking all these questions rather than getting to the heart of the matter. Once you figure out the bigger issue, it is really easy to get all these questions answered. If you just ask all these questions, but you have not really heard what they need, you will not connect with the prospect.
— Clay Gillespie, CFP, CIM
17-year MDRT member, Vancouver, British Columbia, Canada
