According to Alan Parisse, financial advisor and hall of fame keynote speaker, the keys to financial advising are understanding your clients’ needs and their relationship to money. To help financial advisors and investors build stronger relationships and become more knowledgeable about investing he has co-authored several insightful books, including Client Primacy, Questions Great Financial Advisors Ask, and This Is Your Time.
From years of experience advising clients, Parisse understands when you talk about money you are never talking about money. You are talking about what money represents: freedom, security, peace of mind, or happiness.
Conversations about money may seem like they are about dollars and cents, retirement plans and college savings, but they’re really about hopes, dreams, fears, expectations, and the beliefs you have about money.
This is why in his books and talks, Parisse inspires financial advisors to get personal and discover the truth about what money represents to clients in order to better choose investments.
Establishing trust is about asking the right questions, learning to listen, empathizing, and building trust. It’s not about solving mommy or daddy issues rooted in money for your client, but it is about understanding goals and motivations.
For example, when meeting with a client an advisor should consider that person’s relationship with money and their goals. Parisse suggests asking questions like “Growing up, were you rewarded, punished, or loved with money?” or “Does anything about money keep you up at night?” to get insight into who people are and how they feel about investing.
If you’re interested in learning more about financial planning, building client relationships, or leading companies through challenge and adversity, book Alan today.
Kyle Crocco is the Content Marketing Coordinator at BigSpeak Speakers Bureau, a graduate of UC Santa Barbara, and the lead singer of Duh Professors. He regularly publishes business book reviews and thought articles on Medium, Business 2 Community, and Born 2 Invest.