How to Ask Clients the Right Questions, Featuring Brendan Frazier and Dr. Sarah Fallaw

Hosts Johnny and Brodrick discuss aligning financial plans with client needs through empathetic conversations with guests Brendan Frazier and Dr. Sarah Fallaw in this latest episode of On the Circuit.

In today’s fast-paced and competitive financial world, it’s more important than ever for financial advisors to prioritize client relationships and create client-centered financial plans. By focusing on empathy and active listening, you can develop a deeper, more genuine connection with your clients, allowing you to better understand and support their life goals.

In today’s episode, Brendan Frazier and Dr. Sarah Fallaw discuss how this human-first approach to financial guidance can significantly improve the client experience, ultimately leading to greater trust, loyalty and long-term success in your professional life. 

Explore how these two industry leaders:

• Ask the right questions to get resistant clients to open up 
• Develop genuine curiosity about your clients
• Prioritize clients’ life goals using data

Both Frazier and Fallaw note the importance of technology in financial planning – especially amid rapidly growing AI tools – while pointing out that the emotional aspect of financial plans can’t be automated.

Ready to elevate your practice by focusing on the human element of financial advising? Your clients will surely appreciate the effort, and your business will flourish as a result.

What other steps are you taking toward improving client relationships through human-first financial guidance? We want to know! 

And, of course, you can catch more expert advice in past and future On the Circuit episodes, found here. 

Key Takeaways

1. Explore different strategies for engaging with clients who may be resistant to opening up about their personal lives, such as offering a variety of communication methods or focusing on their financial goals first before delving into deeper conversations.
2. Focus on designing advice that not only informs clients about their financial options but also encourages them to take action and follow through with your recommendations.
3. Practice asking great questions that encourage clients to open up about their personal, intimate details and aspirations, allowing you to better tailor your financial advice to their life goals.

Key Timestamps and Topics

• 00:08:05 Brendan Frazier, Founder of Wired Planning, explains how asking great questions and letting the client talk 80% of the time can build trust and create a positive experience for the client. He notes that people enjoy conversations where they get to talk about themselves and feel heard, and that advisors can use this to their advantage in building relationships.
• 00:15:37 The discussion shifts to client-led conversations, where clients dictate the topics. Frazier suggests that if clients are not opening up during meetings, the advisor should ask them what they want to talk about, leading to a more comfortable and productive conversation.
• 00:20:17 Frazier discusses the future of financial planning, where technology is rapidly advancing and commoditizing certain tasks.
• 00:24:09 While tangible deliverables like financial plans are still valuable, advisors should also focus on the emotional value they provide, such as peace of mind and helping clients achieve their life goals.
• 00:33:49 Dr. Sarah Fallaw, President of DataPoints, explains how DataPoints provides a library of behavioral assessments for advisors to understand their clients’ personalities, attitudes, and money beliefs. 
• 00:35:09 Advisors need to use technology and tools to complement their human skills and deliver a higher level of service to their clients.
• 00:35:34 Dr. Sarah Fallaw discusses the use of behavioral finance data in financial planning. She highlights the importance of using assessments to understand clients’ money attitudes and life experiences to prepare for coaching conversations. 
• 00:44:16 Sarah discusses the potential for behavioral finance to become standard practice for financial advisors, but acknowledges that it may not happen as long as some advisors are still focused on the nuts and bolts of financial planning.

Relevant Links

• Download our free ebook, The Advisor’s Guide to Starting a Podcast
• Connect with a member of our podcasting team
• Learn more about starting your own podcast

About Three Crowns

Three Crowns is a full-service marketing partner, providing the financial industry with high-quality custom blogs, website design, branding, podcast production and more. We help financial advisors and fintech companies find their message and amplify their voice. From strategy to click-worthy content, to SEO optimization and social media promotion, our team is ready to help you feel confident in your communication. Click here to connect with a member of the Three Crowns team today.