Financial advisers should adopt a holistic approach to discussions with clients, going beyond money matters and into a more comprehensive life approach. There are plenty of financial advisers or wealth strategists out there, but not everyone is a life transitions conversationalist. The best way to start these conversations is to ask lots of questions. Appreciative inquiry is a form of questioning to help you go deeper into the client’s purposes, fears, and expectations. Once you have asked these questions, the key to delivering a satisfying end product for clients is visualization – articulate a plan that matches the client’s hopes, expectations and values. Be sure to align this questioning process with precepts of fiduciary practice. Lastly, it is good to be aware of what you do not know and respect those boundaries. Many client issues require expert counsel, so it might be a good idea to start building a team of resources with attorneys or experts in other areas.
See Lewis J. Walker, Life Planning…Extending the Conversation, Journal of Financial Planning, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
