Prospecting Questions to Uncover Dissatisfaction

Prospecting Questions to Uncover Dissatisfaction

Disgruntled clients are great targets when you’re looking for new business, and if you understand why affluent clients give their advisors the boot you’ll have a useful advantage.

Most clients don’t know what they’re getting until they realize they aren’t getting what they were promised, and it’s as this moment that they become juicy prospects. If you know how to ask the right questions and listen to the answers, you’ll be able to identify and leverage opportunities to poach these clients.

One thing that annoys affluent clients is poor communication. In fact, some believe that communication issues are among the top reasons why advisors get the ax. Oftentimes, advisors and clients have different ideas of what proper communication is. Affluent clients want communication that is personal, while advisors often fall into the trap of sending research and newsletters rather than going for personal interaction. Ask prospects when was the last time they had a personal conversation with their advisor. If they can’t remember, your chances just improved.

Hidden fees are another factor that tends to annoy clients. While this issue may dissipate with the implementation of the DOL rule, it still brings up the greater issue of overall transparency. Transparency is the basis of trust, which is of course the basis of the advisor/client relationship. Ask clients if they’ve been surprised in the past, and whether they have a clear idea of what their advisor charges and what services should be expected.

Naturally, performance is a principal area of concern.  The good news is that performance issues are more about managing expectations rather than absolute numbers. Clients need to know what to expect and why. Do your prospects feel that their expectations are being met? Are they satisfied with actual returns?

Finally, clients want their advisors to deliver a comprehensive financial plan that will help them meet their goals. However, many clients don’t feel that their planning needs are being met. Ask prospects if their advisor has taken the time to review their plan recently.

For more information, please read:
Five Prospecting Questions to Uncover Dissatisfaction | Wealth Management

You Can Achieve Digital Transformation in Your Business Turn Your Review Meetings into Moneymakers