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5 Questions Advisors Should Be Prepared to Answer

Taking on a new client is a two-way street. Your prospect will be interviewing you, as much as you are them.

While some clients may be more prepared than others, advisors need to come equipped to answer some of the most common questions asked by potential new clients.

Do you know what your answers are?

1. What are your qualifications?

This is information that should be readily available on your website or clearly visible in your office. In any case, not all clients will do their homework or even know what kind of qualifications an advisor needs.

Prospects may also want to learn about your experience as an advisor.

  • How long have you been practicing?
  • Where did you receive your education?
  • Have you ever had any issues with regulators or the law?

These are common questions advisors should expect and be prepared to answer.

2. How do you invest?/What is your investment philosophy?

Be prepared to explain your firm’s investment strategy, as well as what you do and do not do for client. The simpler you can explain it, the better for both parties.

This still allows for plenty of follow up questions without bogging down the prospect with too much technical jargon or lingo.

At this stage, prospects will try to understand if you’re a good match for their needs, so it’s important you are honest and not just giving the answers you think they want.

3. How many clients do you have?

Some clients will feel more at ease with an advisor who has a large client base because it indicates a certain level of success or competence.

On the other hand, some clients would prefer working with a smaller firm, where they’re offered more attention and a boutique-style service.

4. What are your fees?

Naturally, a prospect will want to know what you earn from gaining them as a client. Be explicit in what your fees are, so there is no confusion down the line.

I remember as my firm started to grow, my fees changed and not all clients were on board with that. However, I knew how much my services were worth, and I was willing to lose a few clients if it meant keeping the ones you saw my value, as well.

5. How do you communicate?

A prospect may want to establish a consistent communication strategy, perhaps quarterly, monthly, etc.

Also, do you operate more by phone or email? Can a client expect to speak with you directly or with another member of your team? If so, who will they be speaking with?

It’s a good idea to be upfront about these matters; there’s nothing worse than a client, who expects to speak with you being deferred to another team member, who they may not even know.

Communication is core to the client experience and is an important measure of how your clients trust you.

Read more on this topic:

4 Features Prospects Look for in a Financial Advisor

3 Barriers Blocking Prospects from Becoming Clients

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5 Questions Advisors Should Be Prepared to Answer
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Taking on a new client is a two-way street. Your prospect will be interviewing you, as much as you are them. Advisors should be prepared to answer the most common questions asked by potential new clients. Read on to learn what those questions are.
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