What Clients Want to Know: Questions a Wealth Manager Should Be Prepared to Answer for New Business

A new client looking to switch wealth managers or has never worked with a wealth manager or financial planner before is naturally going to be hesitant about handing over control of their financial future.

Most importantly, the client is going to want to establish trust and be sure that their new planner is going to make the right decisions for their finances. They’ll want to know that you have their best interests at heart.

As their Financial Planner or Wealth Manager, it is your role to evaluate and help plan for the future of their finances, investments and estate planning. After answering bitcoin roulette their questions, getting an understanding of their current financial standing and listening to their short and long term goals, the objective is to be able to prove that you’re trustworthy, motivated and savvy enough to develop a comprehensive and unique financial plan that will benefit their financial growth.

You should anticipate a new client’s concerns, and be prepared to answer a multitude of questions. Below are five important questions you should expect a new client to ask and possible answers.


First time clients may have never even heard the term ‘Fiduciary’, however, if they’ve done their research, they should know that it’s one of the most important questions to ask before entrusting their financial well being.

It will be important for a potential client to understand if you have a legal and ethical obligation to make decisions in their best interest, and that you’re not simply working towards achieving an aggressive commission goal.

Being able to tell a client you’re a Fiduciary will likely be a significant step in securing their business, however, if you are not a Fiduciary, you may want to delegate Fiduciary responsibility to someone you know or work with who is a Fiduciary in order not to keep clients that are looking for that added security.

Product Analyst, Steve Boe goes further in depth to explain the current state of the Department of Labor’s Fiduciary Rule, the legal controversies surrounding it, and what to expect in the coming year as the courts come to conclusions.


Your client will essentially be interviewing you to see if you’re the best person for their personal wealth management decisions. In order to build credibility and trust, you should be able and ready to talk about your personal investment philosophy, why you think it works, and positive results you’ve achieved for previous clients.

According to an article written by Nellie Huang for Kiplinger, there are many key credentials to discuss when trying to win over new business. An informed client will be looking for a clean record, meaning that you haven’t had any dealings with regulators of the law or had any disciplinary action taken against you or your firm.

A new client may also ask about certifications and licenses that, if you have acquired, you should mention to establish your expertise. A CEP, CFA, or CPA all define your different levels or years of experience, specific standardized testing you’ve passed, and ultimately help to prove that you’ve put in the time to be qualified as an expert in wealth management.

In addition to certifications, there is a good chance that a new client will want to speak with references from existing or previous clients. Ideally, you should provide them with references to clients who have had similar financial goals and portfolios.

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