Kevin Myeroff: 7 Simple Ways Advisors Can Improve Client Conversations
Feb 11, 2025
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Kevin Myeroff, Principal and Senior Strategic Advisor at Sequoia Financial Group, shares transformative insights for financial advisors. He emphasizes reframing questions to better understand client needs, focusing on their dreams and fears. Myeroff explores the impact of rising life expectancy on personalized financial planning and the importance of emotional support during market fluctuations. He also discusses establishing trust through clear expectations and suggests techniques to enhance client conversations, ultimately boosting advisor-client relationships.
Reframing questions to focus on clients' dreams and aspirations enhances understanding and strengthens the advisor-client relationship.
Incorporating clients' health considerations into financial planning leads to more personalized strategies that adapt to their evolving needs.
Deep dives
Maximizing Client Value as an Advisor
Financial advisors aim to maximize their value to clients in order to justify their fees and gain referrals. To achieve this, it's essential for advisors to gather comprehensive information from clients, allowing for tailored guidance. Advisors should move away from outdated terminology like 'goals' and 'risk tolerance' and instead reframe conversations to focus on living a fulfilling life. Asking clients about their dreams and aspirations can lead to deeper insights, ultimately enhancing the advisor-client relationship.
Understanding Risk Through Client Conversations
Most financial risk assessments rely on generic questionnaires that may not accurately reflect a client's true risk tolerance. Instead of simply asking about risk levels, advisors should explore clients' fears and concerns related to money. Understanding individual fears—such as loss or market volatility—can provide valuable context for creating more suitable portfolios. This holistic approach allows advisors to align investments with clients' true emotions and circumstances, leading to better-informed financial strategies.
The Importance of Holistic Health Discussions
As life expectancy increases, financial advisors must consider both wealth and health when planning for clients' futures. Conversations should encompass family health histories and personal wellness to create comprehensive strategies that address potential long-term needs. By understanding a client's health circumstances, advisors can effectively set up resources for special needs or estate planning. This holistic dialogue not only builds trust but ensures that financial plans are adaptable to clients' evolving situations.
Advisors can glean much better information from clients if they reframe questions, says the senior strategic advisor of Sequoia Financial Group. Host: Greg Bartalos.
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