Questions all financial advisers need to ask: part 1

How well do you serve your current clientele? How best can you meet the needs of a prospective client? Relationships do not just materialise from thin air in the conference room.

Matthew Jarrell, Founder of DocSpot Financial, discusses some key questions that will help you, the financial adviser, uncover the motives of your prospective clients and potentially win you the business.

Enthusiasm is not enough to land a client

“Early on in my career, I was an outside salesperson for an industrial chemical company. Fresh out of college, I was an energetic, wet-behind-the-ears ball of energy, and it showed in every meeting,” said Jarrell.

“I was extremely knowledgeable and possessed a broad enough vocabulary to flood any meeting room with product features, upon which I floated myself back out and into the parking lot. Sunken and disappointed, I had failed to grab onto a life-preserving, relational cornerstone: trust-building. It wasn't until later in my career, after I added the useful technique of listening to my repertoire, that I began to understand I hadn't been approaching this thing the correct way. I quickly changed my ‘pitch’ to ‘catch’. Serving takes understanding.”

Talent alone won't win clients

“A prospective client is likely going to decide in the first five minutes whether or not you are a candidate to help them on their financial journey. If that is true, and to the best of my professional knowledge it is, it has little to do with what you know about your industry,” added Jarrell.

“It certainly has a lot to do with your ability to get to know and understand your prospective client.”

Questions to ask prospects

Here are four effective questions Jarrell suggests you can use to melt even the iciest prospective client and potentially win you the business.

1. Who are you? You wouldn’t ask this bluntly, but it’s the essence of the question that helps clients drop their guard. Instead, say, "Tell me about yourself." This is an opportunity to ask about their career, family, and interests.
2. How is it you would like me to help? The client is talking to you for a reason. Understand their motivation and clarify how your services differ from others.
3. What are you doing now? Before diving in, ensure the prospective client is ready to discuss their financial picture. This opens the door for a detailed conversation.
4. What are you trying to accomplish? Clients have goals for a reason. Engage them in a conversation about their aspirations and help them define their o