Are You Asking Enough of the Right Questions?

Are you asking enough of the right questions?

Asking questions and listening well, will…

1. Help you learn more about your clients. Since money intersects all aspects of one’s life, the more you learn – the more context you have – the more value you can bring to them. (And the more referable you become.)
    
2. Help your clients learn more about themselves. They will question their assumptions, gain financial literacy, and see the gaps in their plan to take them where they want to go – financially and otherwise.
    
3. Help build mutual trust. Nothing builds trust faster than genuine interest and caring exhibited through thoughtful questions.
    

Below is a BIG LIST of questions for you to consider asking your prospects and clients. But probably NOT in one sitting! This is not an inquisition. This is a process of learning about your prospects and clients so you can serve them better.

NOTE #1 – Please don’t stay on the surface with these questions and answers. While some of these are closed-ended questions, don’t settle for a “yes” or “no.” Your goal to is learn more. Use the magic words, tell me more, (or similar verbiage) to go deeper.

NOTE #2 – This is by no means a complete list. You probably ask some of these already in some form or another. And you probably have some favorite questions not on this list. I’d love to hear from you with some of your favorite questions.

These questions are structured to cover various aspects of your clients’ financial lives, from their current situation to their future aspirations. You will never ask all of these questions. Some of these questions overlap or ask the same thing in a different way. Take the ones you like and leave the rest. And don’t forget to listen deeply.

Personal Background

1. Can you tell me about your career path (or path in business)?
2. What are your major life goals or aspirations?
3. If you had a bucket list, what would be on it?
4. If you were to create a dream board, what would be on it?

Financial Situation

1. What are your current sources of income?
2. Can you outline your main expenses and spending habits?
3. Do you have a budget or spending plan in place (and do you follow it)?
4. What are your current assets?
5. What are your current liabilities (debt and other obligations)?
6. What is the approximate value of your retirement accounts?
7. Do you have any other significant financial assets, such as real estate or collectibles?

Insurance and Risk Management

1. What types of insurance coverage do you currently have (e.g., health, life, disability, long term care, property)?
2. Are you satisfied with your current insurance coverage? If so, why?
3. Do you have an emergency fund? If so, how much do you have saved?
4. What concerns do you have about potential financial risks or emergencies?

Retirement Planning

1. What are your retirement goals and when do you plan to retire?
2. What do you want your life to look like when working becomes optional?
3. How comfortable are you with your current retirement savings?
4. Have you thought about how you’ll cover healthcare expenses in retirement?

Estate Planning

1. Do you have a will or an estate plan in place?
2. Have you established any trusts or made arrangements for estate taxes?
3. How do you want your assets distributed after your passing?

Career and Business

1. What is your current occupation and how do you feel about it?
2. Are you planning any career changes or new business ventures?

Family and Lifestyle

1. How do you see your relationship with your partner impacting your financial planning?
2. Do you have children or dependents? What are their ages and what financial support do they need?
3. Is there anyone else in your life for whom you have a financial connection?
4. Are there any upcoming major life events (e.g., education expenses, weddings) that could impact your finances?
5. What are your plans for supporting or caring for aging parents or other family members?

Goals and Aspirations

1. What does financial success look like to you?
2. What are your short-term financial goals (next 1-5 years)?
3. What are your long-term financial goals (beyond 5 years)?
4. Are there specific goals or dreams that you are currently saving for or wish you were saving for (e.g., travel, buying a second home)?

Use the magic words, tell me more.

Fears and Concerns

1. What are your biggest financial worries or anxieties related to money?
2. Are there any specific financial situations that keep you up at night?
3. What is your method for handling financial stress or uncertainty?

Financial Philosophy and Preferences

1. How would you describe your approach to risk in investing?
2. Do you prefer a more conservative or aggressive investment strategy?
3. Are there any specific types of investments you’re interested in or want to avoid?
4. How involved do you want to be in managing your investments?

Communication and Collaboration

1. What are your expectations from a financial advisor?
2. How often would you like to review and discuss your financial plan?
3. On what financial topics or areas do you feel you need more education?

Additional Considerations

1. Have you worked with a financial advisor before? If so, what was your experience?
2. Are there any specific financial strategies or tools you are curious about?
3. How do you currently measure your financial progress?
4. Do you have any charitable goals or plans for giving back?
5. What would you like to achieve through our financial planning relationship?
6. Is there anything else about your financial situation or goals that we haven’t discussed that you think is important?

What are a few of your favorite questions? I’d love to hear them. Send me an email or if you’re seeing this on LinkedIn, post a comment!

BONUS TIP – Use a few (no more than 21) as a checklist with prospects to help both of you determine if there are any gaps in their planning. Odds are, there will be. Then you, and your team of professionals, are there to close those gaps.

Related: Is Email Marketing for Financial Advisors Dead?