Series 7
Determining Customer Objectives - Questions To Ask Your Client
In this example, we looked at an individual. This is also unrealistic. When developing an investment plan, you must determine if the potential client can support all of her dependents as well as herself.
That means inquiring as to:
Lastly, and most tactfully, you need to ask a prospective client if she has made out her will. This might not affect whether you recommend a stock or a mutual fund to her this week, but it will definitely affect what advice you give her when she reaches the gifting stage.
That means inquiring as to:
- marital status
- number of children and other dependents
- employment of client and client's spouse
- are children are going to private or public school
- how much they expect to pay for college and when those college educations begin.
Lastly, and most tactfully, you need to ask a prospective client if she has made out her will. This might not affect whether you recommend a stock or a mutual fund to her this week, but it will definitely affect what advice you give her when she reaches the gifting stage.
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