Key Takeaways
- Qualification reveals whether you can help and whether they'll act
- Good questions explore motivation, not just finances
- Red flags early are better than wasted effort later
Qualifying Without Interrogating
"The best discovery reveals not just whether they need you—but whether they're ready to act."
Qualification isn't about finding reasons to say no. It's about quickly understanding if:
- You can genuinely help them
- They're motivated to take action
- You'll work well together
The Six Qualification Areas
| Area | What You're Assessing | Example Questions |
|---|---|---|
| Motivation | Why are they here now? | "What prompted you to reach out at this particular time?" |
| Situation | Current financial picture | "Walk me through where things stand financially today." |
| Goals | What they're trying to accomplish | "If we're sitting here a year from now, what would have to happen for you to feel great?" |
| Concerns | What worries them | "What keeps you up at night when you think about money?" |
| Decision Process | How they make choices | "How do you typically make financial decisions? Is there anyone else involved?" |
| Readiness | Are they prepared to act? | "If we find a solution that makes sense, what would stop you from moving forward?" |
Questions That Reveal Motivation
The most important qualification question: "Why now?"
| Their Answer | What It Tells You |
|---|---|
| "I just got laid off/divorced/inherited money" | Life event driving urgency—good |
| "My friend/spouse told me to come" | External pressure—may not be committed |
| "I've been meaning to for years" | No urgency—may not act |
| "I'm worried about retirement" | General concern—need to find specific trigger |
| "I want to fire my current advisor" | Active pain—very motivated |
Red Flags to Watch For
| Red Flag | What It Suggests |
|---|---|
| Can't articulate why they're there | Likely won't take action |
| Focused only on returns | May have unrealistic expectations |
| Bad-mouths everyone they've worked with | You'll be next |
| Refuses to share basic information | Trust issues or something to hide |
| Spouse "doesn't need to know" | Relationship issues ahead |
The "Magic Wand" Question
One of the most powerful qualification questions:
"If I had a magic wand and could give you anything related to your finances, what would it be?"
This reveals their deepest financial desire without the constraints of reality. The answer tells you what they truly value.
The Vague Prospect
Someone who can't clearly articulate why they're meeting with you
Setup
A prospect booked a meeting through your website but their intake form was mostly blank. They're in your office now but seem uncertain about what they want.
Client says:
“I guess I just figured I should probably talk to someone about my money. I'm not getting any younger, you know? Everyone says you should have a financial advisor. So here I am.”
Practice Objectives
- 1Get curious about what prompted them to act NOW
- 2Uncover if there's a specific concern beneath the surface
- 3Determine if they're motivated enough to take action
- 4Assess whether this is a good fit for your services
- 5Help them clarify what they're actually looking for
The Advisor Hopper
Someone who has been through three advisors in five years
Setup
A prospect mentions they've had three different financial advisors in the past five years and are looking to switch again. This is a potential red flag.
Client says:
“I've been through a few advisors. My first one retired. The second one just didn't return my calls. And the third... I don't know, I just wasn't happy with the results. I'm hoping you'll be different. What makes you better than the others?”
Practice Objectives
- 1Get curious about what specifically went wrong each time
- 2Identify patterns (is it them or the advisors?)
- 3Understand their expectations (are they realistic?)
- 4Assess whether you can meet their needs
- 5Don't badmouth other advisors or promise to be "better"
Returns-Obsessed
A prospect focused only on investment returns
Setup
You're meeting with a prospect who seems to only care about one thing: beating the market. They keep asking about your returns and comparing you to what they've read online.
Client says:
“So what kind of returns do you get for your clients? My buddy says his advisor got him 25% last year. I've been doing about 12% on my own. What can you do better than that?”
Practice Objectives
- 1Don't get drawn into a returns comparison
- 2Get curious about why returns are so important to them
- 3Explore their risk tolerance and investment timeline
- 4Redirect to a fuller picture of financial planning
- 5Assess whether they have realistic expectations
A prospect says they're "just looking" and aren't sure if they need an advisor. The best response is: