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Honesty, transparency, and a simple script can strengthen client relationships and elevate your practice to new heights.
It’s natural not to know ‘all the things.’ We aren’t born with all the information in our brains. We research, we learn, we evolve. So how do you handle a client asking you a question that you simply don’t have the answer to? Do you respond with “I don’t know that,” followed by awkward silence? Or do you try to improvise? Here’s some breaking news for you: Clients don’t expect you to know everything, but they also don’t expect you to answer in a bad way.
I’ve been in this profession for as long as I can remember, and I’ve learned a thing or two. One lesson that stuck with me was that not knowing is not a wrong answer. It’s how you communicate your lack of knowledge that makes all the difference.
When I started out in my career, the meetings looked very different from what they look like now. I always say this to my team: Whatever the scenario, there will always be times when a client or prospective client asks you a question that you either don’t know the answer to or don’t know how to articulate the answer in a way to which they can relate.
The weight of tough questions
As I sit down to share my thoughts with you, I’m reminded of the importance of honesty in our profession. In our recent team meetings, there's been a recurring theme: those heavy moments when we’re faced with tough client questions and the pressure to have all the answers feels overwhelming.
Just last week, my clients Bob and Sue asked a challenging question during a joint meeting. I didn't have the answer right away, but instead of fumbling for a response, I chose honesty – I will always choose honesty! I acknowledged my uncertainty and committed to providing them with the most accurate information possible.
And you know what? They appreciated it. They valued the fact that I was dedicated to finding them the right answer, even if it meant taking some time to research and follow up. It’s moments like these that truly solidify the trust between us and our clients.
The script that will save you
Being honest with your clients is key, but instilling confidence in them is the foundation of your relationship. If I were to say, “I don’t know this, Bob. It’s a real thinker,” I would sabotage myself, my credibility, and my authority at the moment. Instead, I use my script, which has worked wonders for me in the past. These are scripts I’ve used before:
- You know what, that’s a really good question. And I could give you an answer on the back of a napkin, but I really want to do a little bit more research and come back to you with something with more information.
- I really want to reach out to some additional resources that I have. Because this isn’t my area of expertise, I want to pull in the people whose area of expertise it is and get a good answer for you. Is that going to be okay?
It’s as simple as that! And guess what? Clients will say ‘yes’!
Clients respond positively when you give them the context of your answer. This simple script gives you time to research, find the answer, and give your clients a solution that fits them. Most importantly, the confidence in your answer transfers to the client, and you reassure them that you are the best advisor for them.
Not knowing is not the crime; not acting is! Most times, the client doesn’t need the answer right away. They do need to know that you can get it for them and that you are there to make their lives easier.
Action items:
- Prepare a script that will provide you time if you get a tough client question.
- Practice your script and instill confidence in your clients when giving your answer.
Micah Shilanski, CFP®, is a financial planner who achieves the impossible. Micah is recognized as a leader in the concept of lifestyle design for financial planners and has spoken at conferences across the country. Micah is an advisor with Shilanski and Associates, a founder of Plan Your Federal Retirement, and a co-founder of The Perfect RIA.
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