A word of caution though: You'd better be a black belt with your own answers before you consider this one.
If you are at a point in your presentation where you ask the prospect where you stand in terms of what and whom they are evaluating, and they say, "I'm talking to another financial planner from a larger firm," you might respond, "That's great. Help me to understand your situation better-in which stage are you in this evaluation process? How are you going to make your decision, and which criteria will you use?" "
As I mentioned before, if you know for certain that you are in a very competitive scenario-and this might be perceived as risky, but confident-here's what I would say to your prospect: "Maybe I can add more value to you in your decision process. Write down these seven questions and ask them of the other firm or planner you are interviewing."
Then say to your prospect, "If I had to make an important decision like this, these are the seven questions I would ask in order to make my decision. You should receive nothing less than black-belt answers because you are making a big decision for your future. And if you haven't asked these questions, you need to. You need to respectfully challenge us (advisors), because we need to enhance your comfort level with our value in order to partner with you. This way you are more informed, and you make the best possible decision."
This is a powerful approach. It's important for you, as a financial advisor or planner, to not only ask the right questions, but also to also help your prospect ask the right ones. Remember, though, you shouldn't try this approach unless you already have your own world-class answers and can deliver them with confidence, passion and speed.
One successful advisor I know developed a brochure adopting this concept of educating clients. He took the seven Value Ladder questions and created his own reverse-or probing-model to properly educate some of his key prospects and help them with their own questioning. Here is his list for your review:
Seven Questions To Ask A Potential Financial Advisor
1. Who is this advisor? (What are this financial advisor's credentials and experience?)
2. What does this particular financial advisor do? (What services does this person provide, including specialized services?)
3. What is the advisor's philosophy? (What are his or her core beliefs and principles regarding money management?)
4. How does this financial advisor accomplish his or her goals? (How does this financial advisor implement solutions and is the process unique?