107 Open-Ended Profiling Questions for Wholesalers To Ask Financial Advisors

Understanding the nuances of a financial advisor’s practice is critical.

Great wholesalers probe beyond the surface, asking thought-provoking questions to uncover the depth and breadth of an advisor’s business model, investment philosophy, client relationship strategies, and so much more.

Whether you’re preparing for a meeting with a newly minted advisor who’s bursting with fresh ideas or a seasoned advisor boasting decades of experience, it’s crucial to tailor your conversation to their unique practice and journey.

It’s through these insights that we can forge stronger partnerships, deliver value, and effectively meet the evolving needs of advisors.

That’s why over a decade ago we wrote, and have been occasionally adding to, 105 Great Questions Wholesalers Should Ask Advisors

It’s been downloaded thousands of times.

Now we present to you a NEW and exhaustive list of 107 OPEN ENDED QUESTIONS designed to help you thoroughly understand a financial advisor’s practice.

Crafted with precision and consideration, these questions span multiple categories and cater to advisors at different stages of their careers.

Whether you’re a rookie wholesaler looking to build effective relationships or a seasoned veteran aiming to deepen your advisor connections, this list will be your comprehensive guide to a meaningful dialogue.

Dive in, pick the ones that resonate most, and get ready to unlock a new level of understanding with your financial advisor partners.

107 Open Ended Questions for Financial Advisors

Understanding the Financial Advisory Practice

Could you share your story of how you became a financial advisor?
How would you define your practice in a few sentences?
Could you elaborate on the core principles of your firm?
Could you tell me about your team members and their roles?
What does your firm’s mission statement say about its values and vision?
What does success look like for your practice?
How does your practice distinguish itself in the market?
Could you describe the type of client your firm targets?
What is your vision for your firm over the next half-decade?
What kind of technology and tools do you rely on in your practice?

Exploring Clients and Client Management

How many clients do you currently serve?
What strategies do you implement for client retention?
Could you describe your process when you bring a new client onboard?
How often do you communicate with your clients?
Could you share a story about a particularly successful client relationship?
What communication methods do you use to keep clients informed?
How do you manage difficult conversations with clients?
Have you ever had to end a relationship with a client? What prompted that decision?
How do you collect feedback from clients and what do you do with it?
How do you manage situations when clients have unrealistic expectations?

Insight into Investment Philosophy and Strategies

How would you articulate your firms’ overarching investment philosophy?
Could you discuss your approach to risk when making investment decisions?
How do you decide on asset allocation for your clients?
How do you navigate market volatility?
How do you consider your clients’ personal beliefs or values when building their investment strategies?
Do you adhere to any specific investment models or theories?
Could you share an example of when you had to adjust an investment strategy due to external factors?
What is your approach to portfolio diversification?
How do you help clients understand your approach to investment?
What is your strategy for managing portfolios during economic downturns?

Understanding the Industry Perspective

How do you keep yourself updated with industry trends and changes?
How have you seen the financial services landscape evolve since your career began?
What are the major challenges you see for financial advisors today?
What do you think will be the major shifts in the industry over the next decade?
What impacts has digital transformation had on your practice?
How have regulatory changes affected your practice?
What are some financial trends that you believe are important for the future of investing?
How have changes in technology impacted your client relationships?
What impact has globalization had on your practice?
How do you prepare your practice for future industry changes?

Focus on Training and Development

What opportunities do you provide for your team’s professional growth?
What kind of continuing education do you engage in personally?
How do you keep your professional skills and knowledge fresh?
How do you make sure your team is current with financial planning and investment trends?
How often do you conduct team training sessions?
What kind of training programs do you have in place for new team members?
Do you have a mentorship program within your practice?
How do you address skills gaps within your team?
Can you describe a recent team training or development initiative?
What role does professional development play in your firm’s culture?

Delving into Business Development

How do you approach the task of acquiring new clients?
Could you discuss your strategy for marketing your practice?
How does social media fit into your strategy to promote your practice?
What strategies do you use to encourage referrals from existing clients?
Could you share a recent business development initiative that was particularly successful?
How do you measure the effectiveness of your business development activities?
What are some ways you use to build your firm’s brand and reputation?
How has your client base grown over the past few years?
What kind of networking events do you participate in?
Do you partner with other professionals or organizations for client acquisition?

Understanding Product Use

How do you evaluate which financial products to suggest to your clients?
Do you have a preference for certain types of investment products?
How do you incorporate insurance products into your financial planning?
How often do you utilize alternative investments in your clients’ portfolios?
How frequently do you review and modify the financial products in a client’s portfolio?
Do you work with any preferred product providers?
What factors influence your product recommendations?
How do you stay updated on new financial products in the market?
Can you share an example of a unique or complex financial product you have used in a client’s portfolio?

Firm Finances and Business Performance

Could you explain your revenue model?
How do you manage and control costs in your practice?
How has your firm’s revenue evolved over the past few years?
What financial goals have you set for your practice for the next 3-5 years?
What were the biggest financial challenges your firm faced in the past, and how did you overcome them?
What financial metrics do you monitor regularly?
What are your strategies for improving your firm’s profitability?
Can you describe a successful financial decision that positively impacted your firm?

Client Satisfaction and Feedback

How do you gauge client satisfaction?
Can you describe a time when you significantly improved a client’s satisfaction?
How have you dealt with client dissatisfaction in the past?
Do you conduct regular client satisfaction surveys or other feedback initiatives?
How do you implement changes based on client feedback?
What mechanisms do you have in place to handle client complaints?
Can you share an instance where client feedback led to a significant change in your practice?
What has been the most challenging piece of client feedback you’ve received, and how did you address it?
How do you ensure you continually improve your client service?
What steps do you take to exceed client expectations?

Services and Offerings

Can you discuss your primary services and offerings?
Are there any additional services you’re considering offering in the future?
How do you tailor your services to meet individual client needs?
How do you decide to add a new service or offering?
Can you describe a service that you’ve introduced recently?
What’s the process for developing a new service offering in your practice?
How do you measure the success of your services and offerings?
How do you market new services to existing and potential clients?
What is the most popular service you provide, and why do you think that is?
How do you ensure the quality and consistency of your services?

Succession Planning

What is your plan for the future of your practice?
How are you preparing your team for leadership transitions?
How are you grooming potential successors within your team?
What is your exit strategy from the business?
Have you considered selling your practice or merging with another firm in the future?
How often do you revisit your succession plan?
What challenges do you foresee in implementing your succession plan?
How do you plan to ensure client continuity during a leadership transition?
Are your clients aware of your succession plan?
What steps have you taken to protect your practice in the event of an unexpected event?