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The courage to ask essential financial planning questions

Financial planning and advice are often triggered by an event.

That event may have already happened, be about to happen, or may be some way out into the future. For example, selling a business, retirement, or a child going to university. 

The financial advice industry has mainly been concerned with the financial mechanics of these events. Consequently, financial planning questions have tended to focus on:

  • Understanding the hard facts.
  • Understanding the financial implications.
  • What is the financial planning that needs to be done.
  • Giving the right technical advice.
  • Managing the risk.

This is what you might call the ‘outer domain,’ yet there is also a person’s ‘inner domain’.

Have you ever stopped to consider how important the inner domain is in relation to the value of advice?

How do you explore the inner domain?

Just imagine your client is a business owner. They are a founder and this has been their life’s work, but at some point they intend to sell.

Some examples of essential financial planning questions are:

  • How prepared do you think you are for selling your business?
  • Are you sure this really what you want?
  • Why is this worthwhile for you?
  • What are your absolute priorities in life?
  • Do you have any fears and concerns?
  • What has stopped you in the past and what is different this time?
  • Are there certain things that you think about too much?
  • What do you want help with?

Many business owners will experience unease, uncertainty and doubt when they think about selling their business. (Harvard Business Review article on dealing with the emotional fallout of selling your business). 

It is the same for any significant life change or event.

The above list of questions is not prescriptive. You cannot go into a meeting with a pre-prepared script because every person and every situation is different, so you must be present and listen deeply.

What asking essential financial planning questions does for your client

When you ask financial planning questions that are focused on your client’s ‘inner domain,’ you are helping them explore things they may never have considered or perhaps avoided asking themselves. You are creating a space for them to think about their fears and their opportunities.

Ultimately, you are helping them to mentally, emotionally, and spiritually prepare for living their life well and aligning their financial choices and decisions with this. 

What asking essential financial planning questions does for you

The value that you can create for a client is immeasurable because what price is well-being and peace of mind?

Whilst you cannot guarantee these things you can be a powerful catalyst in helping your client to move towards them and this will deepen your client relationships.

You will create more value and it will move you into being experienced as a ‘trusted adviser’. 

PS. Why is your client’s well-being at the core of financial planning? Click here to learn more. 

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John Dashfield spent 14 years as a self-employed adviser. Since 2006 he has been a coach, mentor and author helping advisers create transformations in their business and personal lives.

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John Dashfield spent 14 years as a self-employed adviser. Since 2006 he has been a coach, mentor and author helping advisers create transformations in their business and personal lives.

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