A prospect does not always share all the facts or may at times present false information to the financial advisor at the time of purchase. This may result in rejections in claim settlement and poor client experience. It is, therefore, pivotal for a financial advisor to look for the correct facts before the process begins.  

In this context, Sunil Agarwal, a two-year MDRT member, shared, “Fact-finding is an art. Although we can’t truly rely on the documents submitted by the prospect, getting legal papers and searching them is crucial to gather facts. Thanks to the internet and social media, today we can navigate these platforms or can accumulate information through friendly conversations with the prospect, with the person who referred the client or the relatives of the prospect.” 

Along similar lines, Bahubali Shah, a 21-year MDRT member, said, “Fact-finding is very important before we commence any productive discussion. It clearly means we should know the facts perfectly to synchronize the discussion and achieve a fruitful outcome. In fact, fact-finding can never be just a science as it may become purely mechanical and the desired results may not be achieved. But when we see it as an art, then there is scope for mutual involvement in the subject, and the desired results can be achieved in a genuine manner. So, at the most, we can say that fact-finding is an art to use the brain in a scientific manner.”  

Ruchi Agarwal, a five-year MDRT member, said, “It’s a mixture of both art and science, for you need to read through the client’s mind and get the facts out to offer them the right products. In doing so, you have to use a lot of techniques based on different situations to scan through a client’s mind, and that’s science. Whereas, to find out which technique would work and which wouldn’t, is an art.” 

Clearly, a financial advisor must leverage both art and science to dig deep and extract the right information about prospects and clients. Following this practice will help ensure seamless client experiences and ramp up your chances to expand your client base.  

Contact: MDRTeditorial@teamlewis.com