Key Takeaways
- Open-ended questions start with What, How, Why, or Tell me
- Closed questions get yes/no answers and shut down conversation
- The right question structure invites deeper sharing
Why Questions Matter More Than Answers
"He who asks the questions controls the conversation." — Old sales wisdom
As a financial professional, your job isn't to give speeches—it's to understand your client deeply enough to actually help them. The quality of your questions determines the quality of information you receive.
The Core Difference
| Question Type | Structure | Effect on Client |
|---|---|---|
| Closed | Starts with Do, Is, Are, Can, Will | Invites yes/no, shuts down |
| Open | Starts with What, How, Why, Tell me | Invites explanation, opens up |
Examples in Practice
| Closed (Avoid) | Open (Use This) |
|---|---|
| "Do you have a retirement plan?" | "What does your retirement look like in your mind?" |
| "Are you worried about the market?" | "How are you feeling about what's happening in the market?" |
| "Is saving important to you?" | "What would having more savings mean for your family?" |
| "Do you have life insurance?" | "How would your family manage financially if something happened to you?" |
| "Can we meet next week?" | "What does your schedule look like next week?" |
Why Open Questions Work
- They require thought — Client can't just say "yes" or "no"
- They reveal values — You learn what actually matters to them
- They build trust — Client feels heard, not interrogated
- They reduce resistance — No one can argue with their own answers
The Golden Rule
Never ask a question that can be answered with one word.
If your question can get a "yes," "no," or "fine," it's closed. Restructure it.
The One-Word Answers
A guarded client who gives minimal responses
Setup
You're meeting with a new prospect who was referred by a friend. They seem skeptical and are giving you one-word answers to everything. Your job is to open them up using open-ended questions.
Client says:
“Yeah, I'm here because my friend said I should talk to you. I guess I need some financial advice or whatever. So... what do you want to know?”
Practice Objectives
- 1Use open-ended questions (What, How, Tell me) to get them talking
- 2Avoid yes/no questions that let them stay guarded
- 3Show genuine curiosity rather than following a script
- 4Build rapport before diving into financial details
Which question is most likely to get a meaningful response from a client?