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Financial Planning > Behavioral Finance

Keeping up with clients

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According to Mitch Anthony and Scott West, in their book, “Your Client’s Story,” there are three questions an advisor needs to ask to discover a client’s needs and how best to satisfy them:

  • What is going on in your life right now that could impact your financial situation?
  • Are there others whose lives and lifestyles are impacted by your financial decisions?
  • What grade would you give your financial situation? Why?

By keeping up with major changes in a client’s life, and who is depending on his or her financial health, an advisor can pinpoint what adjustments to make to the client’s financial plan. Whatever grade a client gives, the reasoning behind it will show what he or she deems necessary for financial security.

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