6 Questions to Ask New Prospects About Their Current Advisors

Every new prospect relationship starts with posing questions. That’s how you learn about your potential client and set the tone for a personalized approach. But some of those questions will inevitably pertain to the advice they’re getting now.

How do you get new leads to consider the shortcomings or misalignments in their current advisory relationships? We’ve compiled a number of questions based on frequently-cited reasons for switching advisors.

How often do you hear from your current advisor? This may be a well-worn question, but it’s because client communication continues to be one of the most common reasons investors end advisory relationships.

Do you have a clear understanding of what you’re paying and the value you’re getting for it? Lack of clarity on fees is another sore spot for many clients, and except in cases of strong outward brands and ongoing client engagement, value often lacks specificity as well.

Has your financial situation changed in recent years? If a potential client is willing to speak with you, it’s likely that their needs have changed in some way. It’s important to highlight that growing wealth means growing complexity, which needs to be met with more sophisticated services.

Does your current advisor have the capabilities to manage complexity or specialized needs? This is where you can highlight your own specializations, relevant expertise and exclusive services—attributes that are far less likely to be found elsewhere.

Is your network of professionals centralized and coordinated? An active COI network is another feature of firms catering to high-net-worth clients, and a common shortfall of the average advisory practice. This is something to lead with if you’re sharing these questions as part of a COI referral package.

Do you have a clear picture of the full scope of your wealth? Advisors often claim to offer holistic guidance, while working largely in silos. If you advise clients on their entire net worth and provide financial clarity at a macro level, this could be a welcome change for someone feeling uncertain about the future of their wealth.

You’ll also want to consider the context in which these questions are posed. If they’re offered as a resource for potential clients (ex. Attendees at a seminar you’re hosting), you’ll want it to be as informative as possible, without promoting your own service too directly. But if this is something you can work into a prospect meeting conversationally, then you have more of an opportunity to steer the discussion toward your professional strengths and advantages.

Reach out to us if you’re wondering how and when to use these questions in the prospecting cycle.