Study Group Manual Session 4

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Harry Cummings
6 years ago
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Two-page Confidential Questionnaire (two minutes) You will give you prospect the questionnaire and ask them to complete it before your next meeting.

2 Two-page Confidential Questionnaire (two minutes) You will give you prospect the questionnaire and ask them to complete it before your next meeting. This should not take them more than ten minutes to complete. You are just looking for an overview of their finances. You will request the documents you will need at a later time. Do not fill this out for your client. You do not get paid to fill out this questionnaire. You get paid to sell. See sample CQ on following pages. 2

Explain how you get paid (two minutes) 1.Commissions and Referrals (golf analogy) 2.Fee Based Referrals: 3 things I am looking for in a referral (5 min) 1. Friendly 2.

3 Explain how you get paid (two minutes) 1.Commissions and Referrals (golf analogy) 2.Fee Based Referrals: 3 things I am looking for in a referral (5 min) 1. Friendly 2. Responsible a. Married b. Happily Married c. Children 3. Serious about their money * This is one place you might want to use the Circle of Wealth Prospecting Video. 3

4 Second Interview (Allow 1 to 2 hours) You will probably not need the full two hours but you want to make sure that your prospect does not have to get up an leave in the middle of your presentation on how to find the money. Take your time and make sure they understand every point you are trying to make. Planner Questionnaire (15-20 minutes) Review of the Confidential Questionnaire. You may find and print the Planner Questionnaire from the MoneyTrax web site. ( This will give you additional open ended questions to ask in the review of the information in the two page questionnaire. You need to know why the numbers are what they are and what they mean. Questioning Skills... Tell me about... What are your ideas on...? Why is that? What's your opinion on...? Elaborate for me How's that? What did you mean when you said...? How so? What does mean to you? Clarify for me what you meant by What are your thoughts on...? I'm confused, what did you mean by...? Define for me I don't understand. What's the impact of that? Give me an example of How does that look to you? Why is that important? How do you feel about that? What are your thoughts on that? Family Status 1.Tell me a little about you your family... your children... 2.What are your plans for future growth? 3.How did you and your spouse meet? 4.Tell me about your family life growing up. 5.What are some of your family goals? 6.What would be your ideal family life? Occupation / Income 1.Tell me about your job. 2.How did you get involved in that occupation? 3.What do you love about what you do? 4.If you could alter or improve anything about your position, what would it be? 5.Tell me about your company. 4

5 6.Share with me your future plans with your present occupation. 7.What are your concerns? 8.Where do you see yourself in 5, 10, 20 years? 9.How does what you are doing now meet your lifelong ambition? 10.Knowing your talents, describe the perfect job. 11.What are your opportunities for advancement? 12.How do you feel about your current income? 13.If you won the lottery tomorrow, what would you do? 14.If you didn't work, what would you do? 15.How would you describe retirement? 16.What does retirement look like to you? 17.What makes you happy? 18.What do you love to do? Mortgages 1.Why did you choose this neighborhood? 2.What do you like most about your home? 3.What do you like least about where you live? 4.What are your plans when the kids move out? 5.Tell me about your ideal home. 6.Why did you select your current mortgage payment option? 7.What are your thoughts about having a mortgage payment? 8.Why did you choose a 15 year mortgage over 30? [30 year mortgage over 15?], [variable vs. a fixed rate?], [fixed vs. a variable rate?] 9.What are your long range plans about staying in this home? 10.What role does the current tax deductibility of mortgage interest play in your financing decision? 5

6 Real Estate 1.Tell me about your properties. 2.Why do you have them? 3.Tell me about the ownership arrangements. 4.Why do you have the ownership arrangements you do? 5.What are your beliefs concerning owning Real Estate? 6.What's been your history regarding owning and selling property? 7.What do you think about tax shelters in Real Estate. Why so? Savings 1.What are your thoughts on the importance of savings? 2.Tell me about the savings opportunities with your company. 3.What do you like most about their plan? 4.What are your major concerns about saving with the company? 5.What are you saving your money for? 6.What does money mean to you? 7.Tell me about your parents' savings history. 8.What things would you like to model? Avoid? Investments 1.How did you get started investing? 2.What is your current investment strategy? 3.What type of investment products fulfill your strategy and why? 4.What do you like most about your investment portfolio? 5.What do you like least? 6.Where are you going currently for investment advice? 7.How do you feel about the advice you have been getting? 8.What would be the benefits of an ideal investment? 9.What do you plan to do with the money? 6

7 Debts 1.What is your philosophy toward carrying debt? 2.How does knowing you owe money make you feel? 3.What are your personal limits on borrowing? 4.What are you doing now to eliminate your current debt? 5.How has it been working? 6.What is the impact of continuing in your current position? 7.What does your future necessity for borrowing look like? 8.What would living debt free mean to you, your family? Explain. 9.What things would you want to do if you were debt free? Insurance Disability: 1.Tell me what you know about your current disability plan. 2.What are the benefits? 3.What prompted you to carry the amount of coverage you have? 4.What is your thinking about not carrying any at all? 5.What is your current plan to solve this problem if it should occur? Life: 1.What was your decision making process in determining your present level of coverage? 2.What do you want life insurance to do for you? Now and in the future. 3.How do you see your spouse investing the proceeds if payable? 4.Why do you have this particular type as opposed to any other? Homeowners, Auto, Personal Umbrella: 1.What is your understanding about these areas of protection? 2.Why are you carrying the limits you have currently? 7

8 WRAP-UP 1.How was it filling out this questionnaire? 2.What things were uncovered that need attention? 3.What are some of your objectives with your current plan? 4.Why did you grant me an appointment? 5.What prompted you to get together with me? 6.What would you like to see enhanced or improved in what you're doing now? 7.How do you feel today's meeting went? 8.What questions do you have for me? 9.When will be the best time for us to get together next week? 10.What is there that we have not discussed that could affect your financial situation? Lawsuits, inheritance, illness, etc. 8

Collection of. Discovery Questions

Collection of. Discovery Questions Collection of Discovery Questions Get to the heart of what really matters. Deeper discovery leads to increased client engagement and better relationships. We ve compiled a collection of questions for you