Financial professionals know we must constantly evolve to ensure we are helping our clients realize their financial dreams. A thorough understanding of our clients is necessary to provide effective, personalized advice. To truly understand the values and priorities that drive a personalized experience, we can always do more to go beyond our clients’ money behaviors.

In our Beyond the Plan research, we found that clients want advisors to initiate personal conversations more often than they currently are, including making an effort to learn about the client’s:¹

• Family history and family values
• Cultural values
• Personality traits/types
• Money behaviors and attitudes
• Partner or spouse’s relationship with money

Here we’ll lay out a series of questions financial professionals can use to foster a more personalized planning experience, which leads to improved communication, loyalty, motivation, satisfaction, and trust from their clients.

Family History and Family Values

Everyone has core values that guide their behavior and views toward money. These often subconscious beliefs come from many sources, but family history is likely a top one. Here are some questions you can ask clients to help get to the heart of those influences:

1. Can you share a bit about your family background and how it has influenced your views on money and financial planning?

2. What are some of the most important financial lessons or values you learned from your parents or other family members?

3. Are there any significant financial milestones or challenges in your family’s history that have shaped your approach to finances?

4. Do you envision passing on wealth or financial values to future generations within your family?

5. Tell me more about what family expectations and responsibilities play into your current financial decisions. What role do family expectations and responsibilities play in your current financial decisions?

6. Are there any specific family traditions that are important to you and that you would like to incorporate into your financial plan?

7. Is there a family dynamic or structure that influences the way you approach financial goals and decision-making?

Cultural Values

Asking someone about their cultural heritage can be daunting, but as a financial planner, understanding cultural values around money is important to helping clients reach their goals. One way to build trust and set the stage for asking cultural questions is to share something from your culture that demonstrates how it has influenced your attitudes about money.

Another approach is to simply ask permission. Explain why you are asking about culture, so the client understands the relevance of your questions on the financial planning process. Once the stage has been set, here are some questions you can ask to learn more about your client’s culture:

8. Can you share more about your cultural background and how it influences your perspectives on money and financial decision-making?

9. Are there any specific cultural values or traditions related to finances within your community or family that are important to you?

10. How does your cultural identity impact the way you prioritize financial goals?

11. Are there any cultural practices or beliefs that influence your attitudes towards saving, investing, or financial risk?

12. In what ways does your cultural heritage shape your long-term financial aspirations and future plans?

13. Are there any cultural or familial expectations that you consider when making financial decisions or setting financial goals?

14. How can I support and incorporate your cultural values and preferences into our financial planning discussions and strategies?

Personality Traits/Types

The value of personalizing the financial planning process is that it allows you to tailor your financial advice and strategies to your client’s individual characteristics and preferences. These questions can help get the conversation started so you can learn what those characteristics and preferences are:

15.  When weighing risks against rewards, how would you describe your approach to making financial decisions?

16.  Are you someone who prefers detailed planning and organization, or do you prefer a more flexible and adaptable approach?

17.  How do you typically react to unforeseen financial challenges?

18.  Are you more focused on short-term goals or long-term goals?

19.  How do you feel about seeking professional financial advice or delegating financial tasks to a trusted advisor?

20.  Tell me some of your core values and priorities in life.

21.  When it comes to communication and receiving information about your financial plan, would you prefer more visual and analytical or narrative explanations and real-life examples?

Money Behaviors and Attitudes

We can’t delve into the process of creating an effective financial plan without exploring how money impacts our clients emotionally. Understanding your clients’ behaviors and attitudes toward money is fundamental in creating a financial plan that is personal to them. Here are some questions that will help you learn more about your clients’ money behaviors and attitudes:

22.  How would you describe your past relationship with money?

23.  What motivates you to achieve your financial goals and aspirations?

24.  Tell me more about how you typically manage your finances.

25.  How do you make decisions about spending and saving?

26.  What are your thoughts on investing?

27.  If you had an unexpected financial event or emergency, how would you handle it?

28.  How do you approach financial education and seeking professional advice?

Partner’s Relationship with Money

Money can be a sensitive topic in relationships. It’s crucial for effective financial planning to understand the dynamics of your client’s relationship with money when a partner or spouse is involved. Keep in mind that the questions you ask a client about their relationship with money should also be asked of their spouse or partner.

There may also be times when you ask one partner about the other to learn how much they understand their partner’s relationship with money. Use these questions to open the lines of communication and ensure both partners are represented in the process:

29.  How would you describe your partner/spouse’s attitudes, behaviors, values, and priorities toward money?

30.  Who is in charge of the financial decision-making process in your household? How do they typically approach financial decision-making?

31.  What are their long-term financial goals, how do they envision achieving them, and are there any specific aspirations or concerns they have regarding their financial future?

32.  How do they prefer to manage their finances?

33.  What is their comfort level on accruing debt?

34.  Are there specific financial matters that are particularly important to the relationship, especially when it comes to joint financial decisions and shared financial responsibilities?

35.  How open and transparent are you around making collaborative money decisions and discussing finances?

36.  How do they feel about seeking professional financial advice and planning for the future?

Questions Get the Conversation Started

By asking questions and engaging in meaningful conversations with your clients, you’ll open up lines of communication that give greater insight into their hopes and expectations for the financial planning process, enabling you to effectively meet client needs. Showing genuine interest in understanding your clients will help you build stronger relationships, foster trust, and provide more personalized financial guidance that resonates.

Remember, financial planning is an ongoing process, and you’ll likely have relationships with your clients that span decades. As your clients’ lives evolve, revisit these questions periodically to ensure their financial plans evolve along with them.

Source:

1 eMoney Beyond the Plan Research Study, June 2023, n=1,507.

DISCLAIMER: The eMoney Advisor Blog is meant as an educational and informative resource for financial professionals and individuals alike. It is not meant to be, and should not be taken as financial, legal, tax or other professional advice. Those seeking professional advice may do so by consulting with a professional advisor. eMoney Advisor will not be liable for any actions you may take based on the content of this blog.

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