There are five questions I always ask during a first meeting that help me lead prospects to a solution that is appropriate for them.

1. Do you have a saving habit?

I ask this question when I start making my prospective client’s timeline, starting with their age through retirement and their probable life expectancy. Then I work back from their current age to when they began working. If someone has been working for six years, I show that person how much money passed through their hands or what they generated during those six years of work. We arrive at a very large number and determine the minimum percentage that should be put away for long-term savings. This exercise shows our prospects that they were not saving enough and that I don’t want them to go more years without a savings habit that will completely change their future circumstances.

2. At what age would you like to have your first million?

I often pose this question to millennials. Many people answer that they would like to have their first million tomorrow or in a year, but we know that this is not possible with the income they have. So, this question helps to lower their guard a little and do the savings habit exercise. How long is it going to take you to save a million, to have a million available to fund a business project or a specific goal?

3. Does life insurance and disability insurance make sense to you?

I really like this one when I’m explaining these types of insurances. If it does make sense, then I do a series of exercises with their annual income and show how these coverages can replace the income they brought home in case there is a death or a permanent disability and allow the family to maintain their current lifestyle.

As advisors, we are dedicated to financial forecasting and protecting families, and insurance is the main part of our planning. We cannot dismiss this question. So, when the client comes to agree on their own that they need insurance, I always tell them that many families have to cope with the loss of the household’s provider, but the loss is easier to cope with if the provider has life insurance and the family’s goals stay on track.

4. Give me three reasons that you are saving for in the long term.

I really like this query because it talks about the goals and what they want to save for. I ask this as we start the client’s timeline. We list the three reasons and rank them in order of importance. It could be retirement, sending their children to university, funding a business project or starting a business. This question helps me a lot and also helps them see the goal, which is long-term savings. I’m merely serving as a guide, leading them to where they’re telling me they want to go. They realize they won’t attain these goals with short-term savings and are more open to me presenting a proposal that is specific to that person’s dream.

5. Is there anyone else who has to be at the next meeting so you can make a decision?

I normally ask this question at the end of the meeting after I have sought their feedback, and we have seen and refined the details. I ask it to make sure that they are the decision makers, because I as their advisor must be in front of those who make the decision. If a parent or spouse helps them make decisions, I invite them to the second meeting because if he or she is not there, then you’re relying on the couple to explain the proposal. But they are not the experts in explaining insurance, I am.

If I see that the prospect does not want to move forward, I stop and ask: is there anything you want me to see that you have not mentioned? What would be useful for you, or what can I do to help? At that point, the prospect can disclose their=genuine objection, and I can present a path for moving forward. If the prospect still does not want to continue or refuses a second meeting, the I’ll ask my final question: When would you want me to followup to see if your circumstances have changed?