Conversations That Empower Clients

These questions will show them that you are capable of being their co-pilot.

When prospective clients are trying to make the most of their finances—especially over the course of a lifetime—working with an experienced professional can make a real difference. However, many don’t know where or who to turn to, and the range of choices can drive some to throw their hands up in despair.

In trying to find a financial representative who is a good fit, prospective clients are looking for someone who takes the time to explain things fully and offers several options to address their needs.

Consider these conversation starters to show your clients that you’re capable of being their co-pilot.

• What keeps your client up at night; what are their financial worries?

The financial-services industry, which includes anything from banks to investment companies to insurance firms, represents one of the biggest sectors of the U.S. economy. Prospective clients are approached for their business everywhere from big box stores, neighborhood banks to online solicitations. That makes for a lot of choices. As a financial representative, it is your job to reassure the client that working with you will help him reach financial security. Provide an overview of the products and services you are equipped to discuss. Offer specifics as to how you will manage their money and investments and how those solutions will pertain to their life now and for years to come.

• Do they currently have the right protection in place? Are your clients participating fully in their workplace benefits? Where are the gaps? They may have limited long-term disability insurance through work, but what if the disability occurs while they are “off the clock”? How long can they and/or their family survive on shortterm disability payments? Voluntary life insurance through work is a great start, but what about permanent, individual coverage? Is your client a business owner? Are the right safeguards in place to protect the business? If the unforeseen happens (illnesses, accidents, or worse) most people want to be sure that their family, loved ones or business partners would be financially secure.

• Is your client saving enough for the future, and in the smartest way? Reassure your client that there’s no single answer to this question –everyone’s goals are different. As the financial rep, though, you should probe your client about their current budget and lifestyle. Truly listen to their responses and show them what is possible today, five years from now, and further out in the future.

• Can they easily track their financial progress, even when some accounts aren’t managed by the same company? Financial progress is a lot like watching water boil—it tends to happen gradually. At the beginning of the relationship, take a live snapshot of everything going on in your client’s life—from total compensation statements to retirement savings to life insurance to savings accounts— and let the client know that you will use this information to guide annual check-ins. For many clients, this may be the first time they will see all of this information arranged in a single document.

• Is your client concerned about “risks”? Discuss the types of risks your client may be taking on with certain products. How could this impact your client—both positively and negatively— in the long term? Are there any ways to guarantee more stability? Are there other tools they can use as back-ups?

• Does your client fully understand how life insurance works? Most are familiar with term polices, but need more education on the benefits of whole life insurance. In addition to providing a legacy, financial representatives need to emphasize that there are other benefits of whole life policies, such as acting as savings vehicles that can provide a source of retirement income or be used as a rainy day fund.

Many clients understand the need for term life insurance for coverage during a specific period, but don’t know when