By Meghaan Lurtz, Lecturer in the M.P.S. in Wealth Management Program, School of Professional Studies
The discovery meeting is one of the most critical interactions financial advisors have with clients. It's the first chance to uncover the client’s financial concerns, goals, and values while building a relationship that fosters trust and openness. The key to a successful discovery meeting lies in asking the right follow-up questions that go beyond the surface and lead to deeper insights.
Turning Data into Meaningful Insights
While it may be tempting to focus solely on the facts—income, taxes, retirement funds—during a discovery meeting, financial advisors can make a more meaningful connection by asking about the emotions and values behind those numbers. For example, if a prospect mentions they’re worried about a large tax bill, the advisor could simply ask, “Why is this year’s tax bill different from previous years?” But a more valuable follow-up might be, “What is it about this tax bill that concerns you most?”
This kind of question shifts the conversation from the technical details of the tax bill to the client’s underlying emotional response, which might reveal broader concerns about cash flow, future financial security, or even retirement. By focusing on the “why” behind the concern, advisors can start to uncover the deeper motivations driving their clients' financial decisions.
Reflection Questions: Building Rapport and Clarity
Reflection questions are one of the most effective tools for gaining deeper insights during a discovery meeting. These questions encourage the client to reflect on what they’ve just said, helping them to clarify their own thoughts. For example, an advisor might ask, “It seems like you’re really focused on saving for your children’s education. Would you be willing to share with me more about why this is important to you?”
Such questions not only show that the advisor is actively listening but also give the client an opportunity to dig deeper into their values. This process of reflection builds rapport and strengthens the advisor-client relationship.
Creating a Shared Vision
A discovery meeting isn’t just about gathering financial data—it’s about creating a shared vision between the client and the advisor. By asking reflective and thought-provoking questions, the advisor can help the client articulate what their ideal financial future looks like. For example, a question like, “If you could imagine your retirement, what would a perfect day look like?” helps the client visualize their goals, making them feel more tangible and actionable.
This shared vision is crucial for long-term success. When both advisor and client understand each other’s perspectives, the financial plan becomes more personalized and the client is more likely to stay engaged.
Conclusion
Discovery meetings are about more than just collecting financial data—they are an opportunity to connect with clients on a deeper level. By asking reflection questions and focusing on the client’s values, financial advisors can build stronger, more lasting relationships. Creating a shared vision from the start ensures that clients feel heard and understood, setting the stage for a successful financial planning journey.
About the Program
Columbia University’s Master of Professional Studies in Wealth Management program is a 16-month online program with asynchronous instruction specially designed to accommodate working professionals. It is taught by distinguished faculty with deep applied experience in their respective fields. Additionally, it is a CFP Board Registered Program designed to help students meet the educational requirement for CFP® certification.
Learn more about the program here.
