By Meghaan Lurtz, Lecturer in the M.P.S. in Wealth Management Program, School of Professional Studies
In the world of financial planning, building a strong connection with clients is crucial. Advisors often emphasize the importance of listening, but equally vital is knowing how to ask the right questions to drive meaningful conversations. Questions, when thoughtfully crafted, serve as powerful tools to deepen relationships, uncover client values, and motivate action.
This article explores how financial advisors can improve their question game to foster stronger connections with clients.
The Power of Questions
Questions shape the quality of conversations. The right question can unlock a client’s true feelings, while the wrong question may close off communication. Research has shown that closed-ended questions can, inadvertently, cause stress as they prompt the brain to search for a “right” answer. On the other hand, open-ended questions, especially those in the command form, allow clients to explore their thoughts more freely, giving financial advisors better insight into their goals and concerns.
- Question: How, What, Why
- Command: Tell, Detail, Share
Imagine meeting a client for the first time and asking, “How are you today?” Instead of eliciting a brief “good” or “fine,” a more open statement like “Tell me how you’re feeling about your financial situation today” invites the client to speak more deeply about their state of mind. This shift can set a different tone, encouraging honesty and trust from the outset.
Moving Beyond Open and Closed Questions
While open-ended questions are vital, advisors have access to a broader tool kit of questions that can enhance client rapport. Projective questions—such as “Tell me, if money were no object, how would you live?”—allow clients to think beyond their current limitations. Scaling questions, another powerful technique, can gauge a client’s readiness or comfort level. For example, “On a scale of 1 to 10, how ready do you feel to take action on the goals in your financial plan?”
These types of questions encourage reflection, creativity, and deeper engagement. When used strategically throughout the financial planning process, they can make the conversation flow naturally while yielding valuable insights.
Avoiding Interrogation: Pacing Your Questions
Asking too many questions in quick succession can overwhelm clients. Financial advisors need to balance the conversation, giving clients time to reflect and process their thoughts. Pacing is crucial; after two or three questions, it’s helpful to summarize or reflect on what the client has said, ensuring they feel heard.
For example, after asking a client how they feel about their retirement plans, an advisor might pause and say, “It sounds like you’re a bit anxious about the future. Let’s explore that more deeply.” This reflection demonstrates that the advisor is paying attention, not just moving through a checklist of questions.
Conclusion
Improving your question game is about more than just collecting information; it’s about fostering an authentic, trusting relationship with clients. By using a mix of open-ended, projective, and scaling questions—and pacing them thoughtfully—advisors can deepen client conversations and build the kind of trust that leads to long-term engagement. The result? More personalized advice and happier, more satisfied clients.
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.
