14th August 2024

How to start a financial planning conversation

There still seems to be a substantial number of advisers and firms that kick off a client conversation with some version of ‘Let me tell you about me (my firm, my process, etc)’.

The problem with this is not that a client does not want to know this information. Maybe they do or maybe they don’t.

It’s that it doesn’t communicate to the client that their problems, their thoughts and their feelings are the most important thing to the adviser.

This would be like going to the dentist because you have toothache and the dentist giving you a presentation on themselves, the practice, and what it can do for you.

When all you really want is to be pain free!

The number one rule for a good conversation

The number one rule is – do not focus on yourself. 

What this means is that your needs, wants, and outcomes are not in your mind. Your personal agenda is not influencing what you say and what you do.  

If you allow self-orientation to permeate your communication, it will cause you all sorts of unnecessary problems.

How to start a financial planning conversation

The one thing you do know is that when a client agrees to a meeting and think it worth their time, they have something on their mind. You want to know what this is and avoid, at all costs, making assumptions.

So, once a client is settled and comfortable then a direct, client-centred question is:

“What’s on your mind?”

In the book, ‘The Coaching Habit’ by Michael Bungay Stanier it says about this question:

“It’s a question that says, let’s talk about something that matters most. It’s a question that dissolves ossified agendas, sidesteps small talk and defeats the default diagnosis.”

What does this question accomplish?

1. It gets right to the point of why the client is in the meeting.

2. You are not the subject of the conversation – it is entirely client centric.

3. You are respecting the client’s choice of what to talk about.

Be willing to probe for more answers

What you will find is that the first answer you get from your client is useful but may not be the real issue. Learning to be comfortable digging deeper is essential.

For instance, a question that you can follow up with is:

Is there anything else you want to share about this?

More often than not there will be more, so it is useful to ask this more than once and finish by asking:

Have you shared everything you want to about this?

The main point is…

Above all, the aim is to create an environment where your client or potential client is willing to open up and talk about what matters most to them.

For this to happen most smoothly, easily, and as quickly as possible everything must communicate to the client that they are front and centre.    

The questions you ask are important and so is the way you listen and, most importantly of all, the spirit behind your communication.

P.S. Did you enjoy this article? 

You can download a FREE copy of ‘Magical Client Meetings Every Time.’ You will discover the ten essential keys and use the score sheet to immediately decide your next steps. Click here to download. 

Business Development, John Dashfield, Dashfield Coaching & Development Ltd