Questions that build better financial futures

Questions are powerful. They allow financial advisors to understand their clients and their loved ones better and, therefore, create better-protected financial futures for them. Questions also can evoke a moment of discovery when clients see financial risks they were previously unaware of. This awareness can allow clients to be more open to your advice.

Try these questions to help clients understand the need to build a protected financial future with you.

Business exit plans
Let’s assume I am talking to a business owner. I will ask the following, “One day, because of death, disability or retirement, you will exit your business. Do you have a business exit strategy? How, specifically, do you plan to get the capital out of your business in the event of your death or disability?”
Matthew Charles Collins of Mona Vale, New South Wales, Australia, is a Top of the Table qualifier and has been an MDRT member since 2000. See more in his Annual Meeting video, “Questions that make prospects clients”.

Protecting net worth
“Do you have any plans in place to protect your increasing net worth from either taxes at death or medical facilities if nursing home care is required?” Prospective clients will often start talking about someone they know who lost a fortune to death taxes or a nursing home. Isn’t it always nice when our clients help set the stage for our sale?
– Sarah J. Kaelberer, CFP, ChFC, of Wayzata, Minnesota, was a Top of the Table qualifier and MDRT member. See more in her Annual Meeting video, “It’s all in the questions.”

Estate reductions
What percentage of estate reduction is acceptable for you? How did you arrive at the amount of life insurance you currently have? Is that amount still valid, based on current income and debt?
MDRT Past President Brian H. Ashe, CLU, of Lisle, Illinois, is a Court of the Table qualifier and a member since 1972. See more in his Annual Meeting video, “Move clients to action with the right questions.”

Envisioning the future
From the MDRT guide “Ask the right questions” 

  • If I could do three things to help you this year, what would they be?
  • If it’s five to 10 years from now, and we look back at our meeting today, what would you have wanted to accomplish financially and with your life?
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