4 questions all financial advisors need to ask

In the crowded field of financial consulting, clients have many options when hiring investment professionals who they entrust to manage their assets. Therefore, consultants must do their best to understand the needs of potential customers in order to win new business.

The first is to listen more and speak more and ask the right questions to let you understand the needs of potential customers. Financial advice is more than just making investment decisions. This is about overall financial planning, so be prepared to understand everything about your customers’ lives, as it is about money, and help them find the right solutions that fit their values.

Key points

  • When meeting clients or potential clients, good financial advisors will ask the right questions in order to provide them with the best service.
  • Cultivate a deep understanding of the needs of potential customers to gain trust.
  • Prepare a few routine but personalized questions to learn more about your customers and how you can help.

The following four questions can help you win the coldest potential customers:

1. “Can you introduce yourself?”

This open-ended question puts customers in a dominant position, allowing them to naturally express the most important elements of their lives, whether it’s career, children or hobbies. They may discuss what you have in common, which may organically lead to deeper conversations.

This should be an enjoyable exercise for you. After all, this is a customer service business, and if you are not interested in understanding the success of other people, please consider changing your career. Knowing your client’s family, career, and personal life can help you determine where you can help. Do they own a business? Then maybe estate planning or tax minimization is a topic to discuss. Do they have children? Maybe talk about life insurance.

2. “How can I help you?”

Now is the perfect time for potential customers to determine their main motivation for looking for you. This is also an ideal time for you to explain the scope of your services and describe how our skills differ from other consultants.

Remember, the job of a consultant is to advise clients and put their goals above yours-this may mean placing them on cheaper products with lower commissions or common sales burdens. In the fund. This may even mean keeping them out.

When you know how to help them, make sure to stay focused and don’t try to sell them unnecessary products or services that may not directly help them—may even get them into trouble.

3. “Have your current goals been achieved?”

This question can help you understand the temperature of potential customers and manage their expectations for the future. The spouse may disagree, which is good because it invites them to deal with their ideas in a healthy and constructive environment. But no matter what their stated goal is, you should show that you understand their point of view and that you are eager to help. It is wise to tell them their concerns and let them know that you are paying close attention.

For example, you might say: “I know your portfolio is underperforming, and you are worried that you are not ready for retirement.” Then give a hypothetical example of how you can help them solve the problem.

4. “What do you hope is the next step?”

No matter what they say, you should supplement their suggestions with your own thoughts-even some trivial words: “I want to suggest that we meet again and discuss some details that I can help.” Then book the next appointment, Then and there.

Finally, before you say goodbye to your new client, shake hands, hug or do anything that feels comfortable.

Bottom line

Before meeting with potential customers, you are essentially a stranger to them and you must build trust from the ground up. This can be achieved by engaging with individuals in a sincere and thoughtful manner, in which case both parties have an equal right to speak.


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