At the end of the day, if asking “have I answered all of your questions” still feels too close to customer service or too likely to land poorly on clients, advisors may want to try altering the question slightly. The American College of Physicians suggests asking “Were all your questions answered?" or "Is there anything else I can do … ?
In our series on practice pointers and skill building for financial advisors, we’ve often focused on listening skills. We’ve suggested active listening skills and ways to employ them in client meetings, such as summarizing, refraining from interjecting, and monitoring tone of voice.[1] We’ve also written about how advisors can help clients approach discussions of budgeting and day to day financial concerns.
One other aspect of active listening that advisors may want to consider involves asking confirming questions. Yet, some business experts suggest avoiding the most common of those confirming questions: “Have I answered all of your questions today?” This may be among the most important questions an advisor can ask their client, yet many shy away from it. Here’s what advisors can do to think of how to adopt this phrase in their client communications.
Some experts suggest not asking clients if all of their questions have been resolved often because that phrase as been either overused or abused in some corporate settings. “I have noticed that Leaders can deploy ‘Did I answer your question?’ during meetings in a passive-aggressive way, as a challenge to the asker.”[2] Others who train sales and executives in customer-facing roles often suggest not concluding a conversation with a confirming question, as it may reinforce those questions that can’t be resolved by the professional. While it’s useful to acknowledge a client’s individual background, the likelihood of a client interpreting this phrase as passive aggressive in the setting of a client communication is low.
Additionally, the role a financial advisor has with their clients is one of care and trust. It requires a significant amount of emotional intelligence. Advisors understand that many clients struggle to discuss financial issues because of the vulnerability involved with such a conversation.[3] Since the relationship is based on care and trust, the listening skills used by an advisor in providing good client communication may need to be seen through a different lens: instead of thinking of client communication as customer service, advisors may want to think of such communication as client care.
Comparing advisor-client communication to that used in other professions that rely on effective communication for effective care may clarify this distinction. For example, many patients often complain about their communication with their doctors and health providers. Many patients are often confused about their options or fail to ask their doctor’s important questions because they feel rushed. For that reason, doctors are advised now to focus on ensuring that their patients have adequate time to reflect on the questions posed to them. It is also a best practice for them to confirm that all of the patient’s questions have been answered.[4] As fiduciaries, advisors must ensure that clients are clear on their options. Adopting a similar approach to doctors could help reduce confusion. It can also help retain clients as well.
At the end of the day, if asking “have I answered all of your questions” still feels too close to customer service or too likely to land poorly on clients, advisors may want to try altering the question slightly. The American College of Physicians suggests asking “Were all your questions answered?" or "Is there anything else I can do … ?"
[1] https://www.bcgbenefits.com/blog/skill-building
[2] https://www.linkedin.com/pulse/20141103040752-11215158-did-i-answer-your-question
[3] https://www.bcgbenefits.com/blog/ask-more-questions
These articles are prepared for general purposes and are not intended to provide advice or encourage specific behavior. Before taking any action, Advisors and Plan Sponsors should consult with their compliance, finance and legal teams.
Before leaping into the unknown, we recommend a thorough examination of your plan. Because we are experts in the field, we know the marketplace and know what your existing vendor is capable of offering. Through this examination, we can help you optimize the service you receive.
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