Many small business owners form connections with their financial professionals based on immediate needs such as insurance, investments or retirement plans. But after the relationship begins, the professional may appear to be a busy person with many clients to serve. The business owner, too, can be distracted by demands of managing her company and life. Often, the initial connection between the professional and the owner does not mature into a stronger relationship.
Don’t let this happen to you! It can mean that you are wasting a valuable resource – namely, your professional’s ability to anticipate and address needs of your growing business. Many financial professionals have worked closely with dozens of small business owners and cultivated expertise in specific techniques. They also may have gained valuable knowledge about trends in markets or industries.
The five questions covered in this article will help you better understand how your financial professional’s capabilities align with the current and future needs of your business. Don’t hesitate to use them to initiate more in-depth dialogues.
Question #1: What do you consider your “strong suit”?
This question will encourage the professional to discuss his/her background and areas of expertise. It will help you go beyond his/her resume, brochures or advertisements to better understand planning opportunities. A “strong suit” can be a personal quality (such as listening or caring), a client communication skill, or technical knowledge in a given financial discipline.
Question #2: How can your strengths help me and my business?
This question will challenge your financial professional to think broadly and creatively about “next steps” that you can pursue. It is an invitation to expand your relationship and also a request for recommendations on where to focus next.
Question #3: What would you like to know about me and my business that, until now, has been a mystery?
This is a gentle way of reminding your financial professional that you are a complex person with multi-faceted needs. It expands the dialogue about your plans for business growth, personal fulfillment and financial security. It also says: “I have come to trust you enough to share more detailed information.”
Question #4: Based on experience with other business like mine, what issues will I face over the next few years, and how can I prepare for them?
The answer will help you evaluate whether or not your financial professional has the combination of skill and resources to support your growing business. Perhaps he/she will refer you to other advisors or suggest helpful ideas outside their areas of direct expertise
Question #5: Assuming that I may want to refer you to some of my friends or associates, what kind of person would you like to meet?
This question serves two purposes. First, it indicates that you may be willing to provide personal referrals, which may encourage him/her to spend more time and attention on your relationship. Secondly, it can help you understand the financial professional’s objectives for building his/her practice.
In conclusion, don’t be shy about inviting your financial professional to explore a deeper or broader relationship. All five questions aim at expanding open communication that can result in more consultation and planning. They also can point the way toward productive strategies that you can evaluate together.
John “Jake” Akoury, MBA, CLTC, AAMS, and John G. Balzer, JD, CLTC, RFC, are Registered Representatives of Park Avenue Securities LLC (PAS), 140 Kendrick Street, Needham, MA , 02494. Securities products and services offered through PAS. Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY. PAS is an indirect, wholly owned subsidiary of Guardian. The Bulfinch Group is not an affiliate or subsidiary of PAS or Guardian. Life insurance offered through The Bulfinch Group Insurance Agency, LLC, an affiliate of The Bulfinch Group, LLC. The Bulfinch Group, LLC, is not licensed to sell insurance. PAS and the representative do not provide legal advice or services.
The Bulfinch Groupc
781-876-5880 x222 / x224
JAkoury@bulfinchgroup.com
JGBalzer@bulfinchgroup.com
PAS is a member of FINRA, SIPC.
