The man who asks a question is a fool for a minute, the man who does not ask is a fool for life.

Do you ever question your specific approach to your market? By that I mean your questioning strategy to open opportunities???I read an article recently in the Harvard Business Review about the process of asking open questions in negotiations with prospects and clients.??You will all be aware of the importance of asking open-questions when interviewing prospects and clients.??However, it got me thinking. I listen to people asking open questions in sales situations and often find there is no real focused, structure to these questions or at least, no structure that leads to emotionally intelligent possibilities and conclusions. Unlike professionals such as solicitors, journalists, and doctors, who are taught?how to ask questions?as an essential part of their training, I find that some Financial Advisors rarely think of questioning as a skill that can be honed or consider how their own answers to questions could make their conversations more productive. This is a missed opportunity. Sequential questioning is a uniquely powerful tool for unlocking interest with clients. It spurs curiosity and the exchange of ideas, it fuels innovation and performance improvement, it builds rapport and trust among people.?

Some people find questioning easy. Their natural inquisitiveness, emotional intelligence, and ability to read people put the ideal question on the tip of their tongue. But most of us don’t ask enough questions, nor do we pose our inquiries in an optimal way.??We all need to actively listen more to what is being said to us.??We need to listen to understand, not just to hear. There is a difference. The good news is that by asking questions, we naturally improve our emotional intelligence, which in turn makes us more interesting to talk to.?So, with Financial Advisors in mind,?here are some opening, open-ended questions that might help you further engage with your prospects and clients.

1. What prompted you to contact me today?

At the initial meeting with a prospective client, it’s tempting to list all the reasons why you should be the one to help them with their financial problems. However, rather than clicking straight into salesperson mode, begin the meeting by asking this valuable question. Your prospect will have the opportunity to explain what they need help with, offering you the chance to respond.

2. What would be a great outcome for you in working with a financial planner?

This will prompt them to set out their expectations for how they believe a financial planner can help them. I often found asking; “what do you want to happen today or what do you NOT want to happen today?” to be two great questions.??If they say; “I don’t want to make a decision today” you can put their mind at ease and say; “I wouldn’t expect you to make a decision today” – thus putting them at ease. Essentially, they will tell you what they want from you, giving you a chance to deliver (and exceed) their expectations.

3. What would be an ideal outcome from this meeting today??

This is a great question as it gets the prospective client to think about what they actually want to achieve today.??If they don’t have an instant answer, they might ask you what they should expect and that sets the scene perfectly for you to outline your process and service in detail.

4. What are your biggest worries and concerns right now??

Most people are worried about something in their lives, now or in the future and most of these worries affect their financial situation. Their answer/s may result in you recommending a completely different strategy for them than the one you were initially planning.??Getting people to talk about their worries enhances their desire to rid themselves of those same worries.??I believe fear of loss questions are better than promise of gain when asking open-questions at the initial meeting.?

5. How do you see the next five years developing for you and your family??

Predicting the future is impossible of course, but your client may signpost landmarks that are going to happen like, them becoming self-employed or children’s need for educational funding, or their working arrangements potentially changing in some way, or perhaps their partner giving up work to raise a family or their desire to move home. These developments will frequently change their financial outlook and priorities.??Being aware of these challenging, scenarios enables you to present solutions in prioritised order to your prospective client.

How to Ask Open-Ended Questions

If at the end of the meeting, you ask a prospect or client, "Did you find this meeting helpful?" (a closed-ended question) it will be probably be answered??"yes" or "no." And while it's good to know that they found the meeting helpful or not, unless they volunteer some elaboration to their answer, you don't know in what ways they experienced value. Maybe they're just being polite. On the other hand, you could ask, "(Name of client), we've been through a process to get to this point, can you tell me the value you feel you've received by going through this entire process?" Your prospect or client can then articulate their perception of the process. This helps you to get a clear picture of what they value. In addition, asking your prospects and clients about value actually helps them reinforce it in their own minds. The net result is you become more preferable and earn the right to ask for referrals.

Prospects answering open-questions requires them to make a choice about where to fall on a continuum between privacy and transparency. If they answer, they will consider how forthcoming should they be? What should they do when asked a question that, if answered truthfully, might reveal a less-than-glamorous fact or put them in a disadvantaged strategic position? In negotiations, withholding sensitive information (such as the fact that their alternatives are weak) can help you secure better outcomes. At the same time, transparency is an essential part of forging meaningful connections. Even in a negotiation context, transparency can lead to value-creating deals; by sharing information, participants can identify elements that are relatively unimportant to one party but important to the other—the foundation of a win-win outcome.

A conversation is a dance that requires partners to be in sync—it’s a mutual push-and-pull that unfolds over time. Just as the way we ask questions can facilitate trust and the sharing of information—so, too, can the way we answer them.

By really listening to what your client is saying about their goals, concerns, and dreams, you’ll be able to deliver a sound financial plan that will get them to where they want to be. And by connecting with them on a personal level, you’re more likely to build a solid long-term relationship with them too.?