Call 1 with Prospect: Problem Awareness (step 3) Flashcards
(24 cards)
What is a potential Problem Awareness Question regarding retirement plans?
So with the retirement plan you have in place now, do you want to retire at 65 if you didn’t have to?
This question prompts the prospect to consider their retirement desires versus their current plan.
What is a Problem Awareness Question that addresses concerns about financial future?
What concerns you the most about your financial future?
This question invites the prospect to express their financial anxieties.
Which question helps the prospect reflect on past financial decisions?
Are there any financial decisions you’ve made recently that you wish had gone differently?
This question encourages self-reflection on past choices.
What question addresses the prospect’s feelings about taxes?
How do you feel about the amount of taxes you’re paying right now?
This question aims to uncover the prospect’s satisfaction or dissatisfaction with their tax situation.
What question helps the prospect visualize the impact of their current plan on their future?
If nothing changes in your current plan, how do you see that affecting your goals and lifestyle?
This question prompts the prospect to consider the long-term effects of inaction.
What is the objective of using Problem Awareness Questions?
Create awareness of the gap between where they are and where they want to be.
This objective helps prospects identify discrepancies in their financial planning.
Open emotional door to finding out what problems are, why they have problems and how its affecting them
Gain their trust by understanding their problems. share likes and dislikes. Position my solution around this
Concentrate on their feelings, get their pains in detail, expand on pain, listening entire time
Help me and prospect explore challenges and how they’re being impacted
Turn statements into questions.. (ie: What if…., If you could…, Do you think…., What do you think about….)
Investment Example:
So with the retirement strategies you have now…do you….do you LIKE….the returns/investments you have been getting?
Reply
What do you like about it, OR What do you not like about it?
Reply
So, to me, it sounds like things are going 100% perfect for you. What would you change if you could? (only use if they like their current situation)
Reply: Well, we like them, but its not 100% perfect
Not 100% perfect? (really probe once you find an issue with current provider)
Example 2
So with the retirement strategies you have now…do you….do you LIKE….the returns/investments you have been getting?
Reply
What do you not like about them?
Mary, just so I can see the rationale you might be looking for a change, besides poor returns and no tax planning/estate planning, what’s the main reason you’re possibly looking for a new advisor?
Reply
Go into PROBING QUESTIONS & ASK CLARIFYING QUESTION AFTER EACH PROBE
How has that impacted you?
In what way though?
Can you tell me more about….
Can you elaborate more on that.?
Hold on im not sure I understand
How does your spouse feel about that?
What bothers you the most about this?
How tough a position does that put you in to retire on time or some other scenario
….invite prospect to bring out feelings
John, I can sense your feeling frustrated with your returns.
Ask clarifying/probing questions as a follow up to problem awareness questions..
Can I ask you why you said that
What do you mean by that
How do you mean exactly
Hold on, but why now though?
Is there anything else I should know about that?
So what your saying is….
Hold on, can you help me better understand that?
Can you tell me more about that
How do you feel about that
Can I ask you why you want that
Financial Advisor Dislike Example
So, with the advisor you are currently working with, do you like the advice, attention and service you are receiving from him?
Reply
What is it that you like about him?
Reply
What is it you dislike about him?
Reply
If you could potentially change something about the advisor or their advice or service what would that be?
Reply
Is that all?
Reply
John, just so I can understand your rationale for making a change, besides poor service and low returns, what is the main reason you’re possibly looking for a new advisor?
Go into probing question…
Structure Framework for ENGAGEMENT STAGE
- after 2-3 situation questions
Problem Awareness Questions in order
John, do you like…the coverage, returns, advisor, portfolio you have now?
What do you like about it? …OR. What do you not like about it?
Is there anything else you like/ don’t like about it?
TWO TRUTHS FRAMEWORK (IF THEY SAY THEY REALLY LIKE XXXX)
- Well John, it sounds like to me things are going fairly well for you. Is there anything you would change about your advisor, returns, service…if you could?
- well hold on, what do you mean you don’t like, or why would you change that?
- Mary, just so I can see the rationale you might be looking for a change, besides poor returns and no tax planning/estate planning, what’s the main reason you’re possibly looking for a new advisor?
IF THEY DONT LIKE WHAT THEY ARE DOING
- Well hold on, what do you not like about xxxxxx, and xxxx? (PROBE AFTER)
- Is there anything else you don’t like? (THEN PROBE QUESTION)
- . Mary, just so I can see the rationale you might be looking for a change, besides poor returns and no tax planning/estate planning, what’s the main reason you’re possibly looking for a new advisor or whatever they said they wanted?
- Why is that so important to you now though? (skeptical)
So do you….like…the advisor you’re currently working with ?
Reply
What do you mean by that
Reply
What would you change about the advice and results you’ve received ?
So if you were to make no changes to your estate plan, and your future ex son in law inherited $1 million of your money, how would that make you feel?
…..and you ended up paying hundreds of thousands in estate taxes because you exceed the exemption, what would that do to your family ?
What if you were to pass away and your wife was forced to manage all your investments on her own? Are you confident she could manage them well, or pick a good advisor to help her ?
If something were to happen to you unexpectedly, would your wife be prepared? How could that affect your investments?
What concerns do you have about the distribution of your assets amongst your loved one’s ?
What would it mean to you and your wife if you could ensure your principal is protected regardless of market conditions ?
How comfortable are you with the current level of risk in your portfolio ?
What if you were to experience a 20% reduction in your portfolio during retirement? How would that affect your lifestyle ?
