Why You Need to Ask Clients Out-of-the Box Questions

Doing this shows you care and separates you from other advisors.

As you work with clients to plan for a secure financial future, you need to ask them some deep questions that will help you understand all aspects of their financial lives. In this interview, Julie Genjac shares some of these questions, as well as other steps you can take to help them with their financial planning.

Advisor Today: Why do advisors have to ask their clients out-of-the-box questions, such as asking them about their bathrooms?

Julie Genjac: This is a pretty personal topic and might leave some clients uncomfortable and unwilling to talk. First, understanding all aspects of your clients’ situations, not just financial, helps you guide them through various life stages. You are trying to help your clients explore all parts of their aging process — from financial, to social, to safety — to enjoying the quality of their life. As the industry has evolved and advisors have the ability to truly differentiate themselves from others, in addition to managing their finances, helping clients make life transitions, live safely and ensure a great quality of life through all life stages, is a unique approach.

Advisor Today: How would advisors frame that question?

Genjac: When asking clients about their bathroom, be sure to give them the context as to why you are asking this question. This is crucial. Share a personal story or a story of another client (nameless, of course), who maybe slipped and fell in their bathroom or tripped on a set of stairs, and explain how that medical issue diverted their retirement plans.

Advisor Today: What is wrong with asking tried-and-true questions?

Genjac: Nothing is wrong with the tried-and-true questions, but I believe we have all experienced that meeting that we leave and say, “I could have filled all of that out on a form and didn’t need to waste my time sitting there.”

How can you make the meeting time with clients as impactful as possible, and help them think differently about their own life, their future and their options? It is about spurring thoughts and ideas that they would not have had without you prompting them.

In addition, the referability moment is there. When a client speaks to a friend or family member about a topic that you raised and that person asks: “How did you think of that?” and the answer is: “My financial advisor,” that is powerful. Chances are that friend or family member will say: “My advisor has never asked me about that ... ever.” That is a referable moment.

Help your clients understand that you are looking to help them with all aspects of their lives.

Advisor Today: What has happened when you have asked your clients about their bathrooms?

Genjac: Initially, clients kind of whisper the answer but about 10 seconds later, after they have truly processed the point of the discussion, they typically say: “Wow! I never thought of my bathroom as an unsafe area but now that I think about it, it really is horrible!”

Advisor Today: What other out-of-the box questions should advisors be asking their clients if they want to break past an awkward barrier and help them build solid financial plans?

Genjac: Work to understand what relationship your clients have with money. Is there a past event in life that has led them to be very skeptical or behave differently toward their money? Who in their family controls the finances (you cannot make assumptions here)? Who managed the finances in their homes while growing up? You can gather some great insight into their financial mindset, which will be a great path into their current situation.

Advisor Today: What other questions should advisors ask their clients in their quest to help them build effective financial plans?

Genjac: Some great questions to help deepen a relationship with clients/prospects are:

• What professionals do you rely upon the most for advice?

• What makes those relationship the most effective?

• Tell me about the causes that you are most passionate about. How do you support them with your time, or financially?

Advisor Today: What other steps should advisors take to help their clients with financial planning?

Genjac: Understand what your clients are the most passionate about and why. Learn what gets them out of bed every morning and how their ultimate plan can support and cultivate those passions, as opposed to taking them further away from that work, cause, etc.

Advisor Today: Do you have any “words of wisdom” to share with Advisor Today readers?

Genjac: The tried and true adage of “clients don’t care about how much you know until they know how much you care” rings true time and time again. Make sure that you care enough to ask the tough, deep, out-of-the box questions, but also provide stories, examples and context of WHY you are asking. Help your clients understand that you are looking to help them with all aspects of their lives, starting with the financial pieces, and you want to incorporate all details into their plans for the future.