The Top Three Questions for Each Step of the Client Journey
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Asking great questions is a superpower.
Skeptical? That’s totally understandable.
So, I’ll ask you this:
Name a skill or technique that:
1. Increases likeability;
2. Builds instant trust; and
3. Yields personal, sensitive information about someone.
Those three things are crucial for anyone who works with human beings and their money.
In fact, a financial advisor without the ability to do any of these three things would be like a basketball player that can’t pass, shoot, or dribble.
And that’s why asking questions is a superpower.
Asking questions is a proven, tested technique to increase likability, build trust and uncover personal, sensitive but valuable information.
Once you embrace the superpower of asking questions, the next step is this:
Okay, but what questions should I ask?
And, while that’s a good place to start, there’s a secret the best question-askers know that most people don’t.
More important than what you ask is when you ask it.
A great question asked at the wrong time is no longer a great question.
Let’s go through six different steps of the client journey and the three questions to use at each stage:
1. Intro call
2. Discovery meeting
3. Onboarding
4. Implementation/recommendations
5. Review meetings
6. Every conversation
- Intro call
This is the meeting where you’re talking with somebody for the first time about their money.
It might be someone referred by a client or COI, from a website inquiry, or someone you’ve known for years finally reaching out with a question.
The whole purpose of the conversation is to understand what’s on their mind and if it’s a good fit.
The questions:
- What prompted you to reach out?
- Why now?
- Let’s assume it’s April 1, 2024 (one year from today), what has happened that tells you this was a success?
- Discovery meeting
This is the meeting where you’re seeking to better understand their goals, what they want to accomplish, what’s important to them, etc.
The questions:
- What's important about money to you?
- If money were no longer an issue, what would your life look like?
- What's the #1 thing you want to avoid in the future?
- Onboarding
Depending on business model and process, onboarding happens at multiple different stages.
The key is to ask these questions at some point before a prospect becomes a client to set expectations.
There are also advisors who use these questions in their “Intro” conversation as a way to screen out certain individuals with unrealistic expectations.
The questions:
- What's important to you in a relationship with an advisor?
- What role do you want us to play in your lives?
- How often do you want to hear from us/get together?
- Implementation
These questions apply for any step where you’re implementing advice or any time there is a recommendation or a discussion that requires the client take action and execute.
The questions:
- What do you want to focus on first? (Primarily for the first implementation meeting when you have a laundry list of recommendations.)
- On a scale from 1-10, how confident are you that you can ___?
- What's one small step you can take today to ____?
- Ongoing client service
Use these questions to add a little zest into the routine and mundane client review meetings when everything is on “cruise control.”
The questions:
- What was money like for you growing up?
- On a scale from 1-10, how satisfied do you feel with your finances?
- What’s possible now?
- Every conversation
These are called “staple questions,” because they can and should be asked at the beginning of every conversation you have with every prospect and client.
It instantly signals that it’s their meeting and you’re there to help them.
- I'm curious what's on your mind.
- What do you want to make sure we talk about today?
Don't ask: "Is there anything you want to talk about?" (The brain is wired to automatically respond “No,” so you’re subconsciously discouraging them to answer.)
Final thoughts
Those questions will undoubtedly transform your conversations, relationships, and ultimately your business.
But here are two more things that will take your question-asking abilities to the next level:
A great question without great listening is no longer a great question.
Questions will increase likability, build trust, and yield personal, sensitive information (but only if you listen).
If you fail to genuinely listen to the answers, it will do the opposite of all three:
- Decrease likability
- Erode trust
- Stonewall information
The most powerful question you can ask is a follow-up question.
On the flip side, there’s a way to amplify all the benefits of asking questions.
By asking a follow-up question – a curious question that asks the client to elaborate further on what they just said.
Doing this immediately signals to that person that you’re listening and care about what they have to say.
A great question asked at the right time will impact your clients and your practice in ways that a great investment never could.
Brendan Frazier is the founder of Wired Planning, the host of The Human Side of Money podcast, a keynote speaker, and was named one of Investopedia’s Top 100 Financial Advisors.
He’s also the creator of The Ultimate Discovery Meeting, where he teaches advisors a framework for seamlessly converting prospects into clients in one meeting. Follow Brendan on LinkedIn or Twitter.
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