Transform client relationships by asking better questions

When you sell, it implies that the client’s main interest is you. It’s not. What clients want are solutions to help them achieve what they want out of life. They want solutions to their problems and to achieve their goals.

The best way to discover clients’ goals, problems and needs is to invest time in them and ask clients questions that are not product-based. Cross-selling usually naturally happens when you dig deeper and have a more thorough understanding of what they really want out of their lives. Financial advisors can get in the way of these deeper connections, however, when they don’t ask better questions that lead to understanding what’s truly important to their client.

Asking a good question

“What would happen if you died?” is a good client question. However, it’s not telling you what really matters to clients, and you’re not uncovering a client’s true needs and wants. Asking questions that are related to life insurance is not going below the surface.

Asking a better question

Instead, ask prospects and clients, “Who’s important for you to support and protect?” When you ask this, you achieve a deeper engagement with clients and understand them on a personal level rather than a product level.

Asking a good question

Another standard question financial advisors ask is, “When do you want to retire, Mr. and Mrs. Client?” In Australia, everyone’s answer is age 67, which is linked to the government pension. For us, we ask the question in a different way so we can engage with the client about their life and what they really want.

Asking a better question

We ask the clients, “At what age do you want to be in a position to stop working the following day?”

When clients answer that, it’s attached to something that’s meaningful to them. So, we talk to them more in-depth about a financial freedom age where they are free from doing the current things that they are doing, and we’re not attaching it to a government-mandated retirement age.

Goal-setting questions

To tap in to clients’ dreams and move them to action, ask them meaningful goal-setting questions as well. One goal-setting question for our clients is, “What goals do you have that require money and planning?” They’ll answer about goals that are not just product-based goals or based on mandated retirement dates. Instead, they’ll talk to you about their lives.

Everything in life has to do with money and planning. We need to work toward a specific time to achieve something together.

Another element of the goal-setting exercise is asking them in two words to describe how they will feel when they achieve a particular goal. This allows them to attach a feeling to it and they can attach themselves emotionally to achieving it, as well as having an accountability date. It becomes their goal they have set for themselves.

It’s crucial to empower clients to make decisions for themselves. Often there’s a perception — and particularly when you use the word “advisor” — that you are giving advice or instructions. Prospects and clients can resist being told what to do. Instead, empower clients to make their own decisions. Then, give them the tools to be able to do that. It’s the financial advisor’s responsibility to empower clients to grow and make better decisions.

Click here to watch “Go to the next level by empowering clients and focusing on solutions.”

Jamie McIntyre is a 13-year MDRT member from Newtown, Victoria, Australia. He’s also a Court of the Table member.