{"id":3136,"date":"2019-04-04T20:51:54","date_gmt":"2019-04-05T01:51:54","guid":{"rendered":"https:\/\/www.rixtrema.com\/blog\/?p=3136"},"modified":"2019-08-31T11:46:34","modified_gmt":"2019-08-31T16:46:34","slug":"questions-every-financial-advisor-should-ask-new-clients-why","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/questions-every-financial-advisor-should-ask-new-clients-why\/","title":{"rendered":"Suggested New Client Questions for Financial Advisors"},"content":{"rendered":"<p><a href=\"https:\/\/www.rixtrema.com\/blog\/wp-content\/uploads\/2019\/04\/question-mark-2492009__340.jpg\" data-rel=\"lightbox-image-0\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3137 aligncenter\" src=\"https:\/\/www.rixtrema.com\/blog\/wp-content\/uploads\/2019\/04\/question-mark-2492009__340.jpg\" alt=\"\" width=\"680\" height=\"340\" srcset=\"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2019\/04\/question-mark-2492009__340.jpg 680w, https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2019\/04\/question-mark-2492009__340-300x150.jpg 300w\" sizes=\"auto, (max-width: 680px) 100vw, 680px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">There are a lot of questions must be asked by advisors when they meet with a qualified prospect or a new client. Here are a few that are quite important, along with some reasoning behind them.<\/span><\/p>\n<h3><span style=\"color: #000000; font-family: Verdana, Geneva;\">Background Questions<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">Have you ever used an advisor before? <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">Why do you think you need professional help? <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">Why did you choose me? <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">What would it take for you to fire me?<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">These types of questions will allow you to discuss and remove any unrealistic expectations at the beginning of the relationship. This will help to prevent any disagreements in the future because you will always be able to refer back to what was discussed during that first meeting. Another advantage of these types of questions is that it allows the advisor to have the client to start to think about the value in which the advisor provides.<\/span><\/p>\n<h3><span style=\"font-family: Verdana, Geneva;\"><strong><span style=\"color: #000000;\">What is your risk tolerance?<\/span><\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">Knowing the risk tolerance of a client helps to set the path to designing a comprehensive plan to achieve financial goals. It must be clear to a client that additional investment rewards come with more risk asserted in the investment portfolio. It is utterly impossible to make a lot of money without taking much of the risk because there is no magic bullet when it comes down to investing. An advisor can prepare various asset allocation options to go over with the client explaining potential risk and reward ratio based on the financial goals set to be achieved. <\/span><\/p>\n<p><span style=\"font-family: Verdana, Geneva;\"><span style=\"font-weight: 400; color: #000000;\">Additionally, risk tolerance must be explained in the frame of the big picture taking into consideration other individual factors like age, income, family status, financial goals, etc. This is important since the risk profile would be different for a young professional who starts on the path to building an egg nest th<\/span><span style=\"color: #000000;\">an someone who is approaching a retirement with enough wealth accumulated in their accounts.<\/span><\/span><\/p>\n<h3><span style=\"color: #000000; font-family: Verdana, Geneva;\"><strong>Where do you currently stand?<\/strong><\/span><\/h3>\n<p><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">Any client is a person looking for advice on their investments, so the first questions asked should be about their current investment portfolio, whether they are invested into a 401(k) plan or if they look to roll over into an individual retirement account (IRA). Knowing your client\u2019s investments is a key to successful communication, as you\u2019ll be able to provide a high-quality assessment of their risks and give a good piece of advice on the improvement. <\/span><\/p>\n<p><span style=\"font-weight: 400; color: #000000; font-family: Verdana, Geneva;\">When you get your clients\u2019 portfolio you can kindly provide your help and suggest any steps that could potentially save their wealth from a crash. As soon as they\u2019re convinced and start trusting you, you\u2019ll get their attention and they\u2019ll be more likely to sign a contract with you. Don\u2019t hesitate to share some free advice on the first step of your communication, as trust is worth more than money, and successful communication is the key to success.<\/span><\/p>\n<h3><span style=\"color: #000000; font-family: Verdana, Geneva;\"><strong>Build trust through questions<\/strong><\/span><\/h3>\n<p><span style=\"font-family: Verdana, Geneva;\"><span style=\"color: #000000;\">When it comes to interaction with a prospect or a new client establishing a relationship based on trust is impeccable<\/span><span style=\"color: #000000;\">.<\/span><span style=\"color: #000000;\">\u00a0Yet while you<\/span><span style=\"color: #000000;\">\u00a0cannot build trust in one day, you can start building a foundation for it from the start. In addition, to your usual questions about their financial vision and goals, make room for questions with a light scent of psychology to establish a good advisor-client relationship. For example, to get your client to open up you may start by asking about their vision of a good advisor-client relationship.<\/span><\/span><\/p>\n<p><span style=\"font-family: Verdana, Geneva;\"><span style=\"color: #000000;\"> This will reveal if you blend well to work with the client and what steps to take towards a comfortable relationship. <\/span><span style=\"color: #000000;\">Open-ended questions about a client&#8217;s dreams\/hopes will enable you to learn more about how you can help your client. Also, ask your new client what keeps them up at night. This way you will help then to prioritize top concerns and help yourself when thinking of a plan tailored for that person. <\/span><\/span><\/p>\n<p><span style=\"color: #000000; font-family: Verdana, Geneva;\">Side questions to get to know their values and hobbies will also work well to reveal the type of person your client is.\u00a0 These are just a few general suggestions that are a great first step in establishing a long term relationship with new clients for years to come.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are a lot of questions must be asked by advisors when they meet with a qualified prospect or a new client. Here are a few that are quite important, along with some reasoning behind them. Background Questions Have you ever used an advisor before? Why do you think you need professional help? Why did&#8230; <\/p>\n<div class=\"clear\"><\/div>\n<p><a href=\"https:\/\/rixtrema.com\/blog\/questions-every-financial-advisor-should-ask-new-clients-why\/\" class=\"excerpt-read-more newsstand-button\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":3137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[200],"tags":[],"class_list":["post-3136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-prospecting"],"jetpack_featured_media_url":"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2019\/04\/question-mark-2492009__340.jpg","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v15.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Suggested New Client Questions for Financial Advisors<\/title>\n<link rel=\"canonical\" href=\"https:\/\/rixtrema.com\/blog\/questions-every-financial-advisor-should-ask-new-clients-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suggested New Client Questions for Financial Advisors\" \/>\n<meta property=\"og:description\" content=\"There are a lot of questions must be asked by advisors when they meet with a qualified prospect or a new client. 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