If you think that sounds a little corny, keep in mind that he manages over $3 billion dollars. Maybe his understanding of context has something to do with his success.
The Means Or The End?
I met a successful financial planner who begins his meeting by asking, “Is money a means or an end for you?” He says 99% of the people he asks will call it a means—to which he answers, “If money is a means, then before I make any suggestions as to how that money be invested or managed, I need to know to what end. Would you mind if I took some time to learn more about the people and things in your life?”
From there, the conversation moves into matters that are meaningful to the client, and he’s created an emotional core for the topics he’s going to discuss.
As far as the other 1% who said money is the end, he says you may want to think twice about working with them. They can be difficult to please.
What Is Most Important To Me?
Our industry has made clients believe they should behave a certain way and talk only about certain things. Many advisors say they want to have more meaningful dialogues with their clients but then they quickly get dragged into the mundane “money stuff.” How can you pivot to a more meaningful conversation in your very first client meeting?
First, you should tell them what’s most important to you when it comes to helping them.
I took these conversation openers from one advisor I met with a robust practice:
“I’m not comfortable advising people on what to do with their money until I have a better idea of who they are. Would you mind taking some time to help me learn more about you?”
“Before we talk about where you’re going, I feel that I need to have a good idea of where you’ve been. Can I ask you a few questions about your background?”
Developing Biographies
Once you have let your clients know what you really want to talk about—their experiences, hopes, dreams, and life satisfaction—now you can play the role of biographer.
Try opening with this:
“In order for me to do a good job and to tailor my services to you and your life, I’m going to ask a few questions about you, the people important to you, and the things going on in your life. Is that OK with you?”
If the client or prospect responds, “No, I just want to buy a bond fund,” then you can either help them find the best bond fund possible—or let them know you might not be the best fit for them.
My experience, however, shows that most people are not only willing to engage in this sort of financial life dialogue but that they hunger to do so.