The Value of Asking Questions

“Judge a man by his questions rather than his answers.”
~ Voltaire

Questions are the keys that open doors to new insights. They challenge our perceptions and encourage deeper thinking. When we inquire, we are not just seeking answers; we are fostering a culture of exploration and growth. The ability to ask insightful questions can make a profound difference in your relationships with your clients and who you are to them.

One of the topics we cover extensively in our Truth Training is the value of asking questions. When we, as advisors, can ask our clients questions and get them to think about the answer, it will transform our ability to educate our clients and to motivate them to take action.

In the world of financial advising, asking questions is paramount. It helps bridge the gap between the advisor and the client, creating a collaborative environment. Questions are not only helpful because they prompt clients to express their thoughts and feelings, giving advisors the insight they need to provide tailored guidance. Questions also allow clients to demonstrate what they’ve absorbed from their time with you, and that’s critical.

Silence is Golden – The Real Value of Asking Questions

When you’re seeking client growth, it’s not so much the question, but your silence, that is golden.  When we pause after asking a question, it allows the client to reflect, think deeply, and ultimately arrive at their conclusions. This technique not only empowers clients but also reinforces their understanding of their financial situations and decisions.

Kim Butler says, “It’s been a tough thing for us to learn, but we have started saying less and less and less, asking more and more, and being quiet. That’s what is going to help you get progress with your clients.”

This has become one of Kim’s go-to strategies to draw out a client’s confidence and get them to really take charge of their financial destiny. She asks her question, and she’ll wait till they answer. It’s an awkward silence, absolutely. She doesn’t care, and the answer will come. And that’s a really important thing.

This method not only enhances understanding but also builds trust. Clients are more likely to feel valued and understood when their advisor actively listens and encourages them to articulate their thoughts. It transforms the advisor-client dynamic from a one-sided lecture to a two-way conversation.

“When I used to work with clients, I’d be too quick to let them off the hook. It’s actually helpful if you don’t,” Todd Langford, founder of Truth Concepts, says. “The answers need to come from them, because when they do, it allows them to really understand it. When clients can answer our questions as well as their own, they can really own their financial decisions.”

Research shows that people retain information better when they engage in discussions rather than passively receiving information. This highlights the importance of asking questions, as it promotes dialogue that enhances retention and understanding. Furthermore, research suggests that taking part in conversations where you’re asking sincere questions and actively listening helps the conversation “click” with the other person.

Help Your Clients Learn for Themselves

If you think about it, the importance of asking questions is this: even if it’s an “obvious” answer to you, if you preach to your client all the time and they go out into the world and they try to share what you told them and somebody challenges them, how are they going to defend “your” ideas?

If they have not owned the ideas themselves, they’re going to backtrack and say, “Yeah, that person doesn’t know what they’re talking about.” Otherwise, they have to assume that embarrassment for themselves, because they can’t explain it efficiently, and most people just aren’t going to do that. They’re only going to see the “holes” in the information and relate that to you.

It’s an unfortunate outcome, yet speaks to the critical importance of taking your time with clients and going slow. You don’t have to teach them 30 years of information in one meeting; you can help them achieve understanding by going slow and starting small. Get them to take one step, then another, and help them learn what’s necessary at each step. Then, reinforce by asking them questions and seeing how they answer.

Be your client’s guide, so that they can be the “hero” of their journey. If this were Star Wars, you are Yoda, and the client is Luke: your role is to guide clients to make the best choices they can make for themselves so that THEY can save the day.

On the other side of this scenario, when the client is having to defend ideas they learned from you, if you have asked them questions all the way through and the answers came from them, they can’t dismiss themselves. It’s part of them. And fortunately, because they have a better understanding of things, they’re going to feel more confident explaining ideas to other people.

In return, they’ll be rewarded with more confidence when it goes well, and that reflects well on you all around. So it’s truly important, even though it may be something you’ve already laid out, for your clients to put the concepts you share into their own words and understanding.

“Compared to What?”

Finally, creating an environment where questions are valued fosters a culture of continuous improvement. Encourage clients to ask their own questions about the financial process, and welcome their inquiries. This approach not only demonstrates your expertise, but it also enhances client satisfaction and loyalty.

A question we have found to be one of the most valuable questions we can ask comes from Daniel Pink’s book, To Sell is Human. It’s the question, “Compared to what?”

Clients so often have this knee-jerk reaction to what they’ve heard. “Oh, I heard that Life Insurance had a bad rate of return….”

When you ask, “Compared to what?” it puts them back on the spot. Rather than answering and defending your answer, let them find an answer when they say, “Life insurance has a terrible rate of return.”

“Oh, compared to what?”

Most of the time, they don’t have any idea. They are just repeating what they’ve heard, and the question helps to bring that to their mind. And because you’ve asked the question (and listened to them with sincerity), you have a segue to educate them. This can be a great opportunity to use a calculator to explore Diversification (showing them how long their retirement stocks and bonds last), the Qualified Plan calculator, or simply look at a life insurance illustration together.

What’s your favorite question to ask? Feel free to share below!

As we wrap up, think about your own experiences with asking questions. What insights have you gained from this approach? Your thoughts are welcome in the comments below!

The ongoing journey of mastering the art of questioning can yield significant rewards. Embrace the Value of Asking Questions in your practice, and watch as it transforms your relationships with clients and empowers them in their financial decisions.

To explore more about effective questioning techniques and the supporting narratives that can enhance your client interactions, consider attending our comprehensive three-day live Truth Training session. Alternatively, join Truth Concepts to gain 24/7 access to a wealth of recorded training sessions that will further develop your skills in asking the right questions.