Are We a Fit? Introductory Conversation: Why It’s Important and What You Can Expect

The “Are We a Fit? Introductory Conversation” is the first step to help you make an informed decision about my flat-fee and hourly retirement planning firm, Milestones Financial.

My objective during this 30-minute conversation is to figure out if I can help you solve whatever the problem is that prompted you to reach out. It’s important to establish that we’re both in alignment on what it means to have a successful financial planning partnership. Solving your immediate pain point will set us up to help you achieve any other, long-term financial planning priorities.

As a fiduciary financial advisor, I believe it’s important to help people buy only what’s best for their situation, so my focus is on helping you make a befitting choice.

The bottom line is that the value I provide is whatever you perceive it to be. The “Are We a Fit? Introductory Conversation” will help us uncover if the services I provide are actually what you’re seeking.

Communicating realistic expectations

My structured meeting process, which can be covered during the introductory conversation, can help clarify your expectations so that you’ll feel poised when it comes time for the call.

My hope is that being transparent will also help to manage any anticipation anxiety you may be feeling and lead to a relaxed conversation that begins to explore possibilities together.

I’ll be perfectly honest, authentic, and candid with you, and encourage you to always do the same. There will not be any bait-and-switch with the information I share.

6 questions to gauge appropriateness and readiness

Since the “Are We a Fit? Introductory Conversation” lasts only 30 minutes, it’s important that I ask the right questions to gather the most helpful insight. That’s why I let you know what questions are coming in advance to keep us both on track and alleviate any potential anxiety before the call.

I’m always mindful of your time, and should we move forward together, we’ll have opportunities to discuss all that is important to you.

This conversation is designed to be a dialogue – and not an interrogation – so I provide opportunities for you to give input.

The following six questions are the simple agenda to guide our discussion:

• What has prompted you to contact me?
• Have you ever worked with a financial professional before?
• What questions do you have about my process?
• What other questions do you have?
• When are you looking to get started?
• How would you like to proceed?

1. What has prompted you to contact me?

You likely reached a tipping point in a problem that ultimately resulted in you scheduling the “Are We a Fit? Introductory Conversation”.

This all-important question is where we’ll spend the majority of our time. I want to learn as much about this pain point as possible and discuss how you envision solving that problem.

Additional follow-up questions that I may ask to get a clear picture about the issue could include:

• Why did you decide that now, specifically, was the time to talk to a financial advisor?
• What have you tried in the past?
• What would it look and feel like to have this problem totally resolved?
• How do you envision us working together to solve the issue?
• If we were having this discussion three years from today, and you were looking back over those three years today, what has to happen, both personally and professionally, for you to feel happy about your progress?¹

While I’m grateful and appreciative of the opportunity to talk with you about what was on your mind when you reached out, out of fairness to clients who pay me to receive specific financial advice, I do not impart specific financial advice in these types of appointments.

2. Have you ever worked with a financial professional before?

This question helps identify your expectations about a future partnership with a financial advisor. It also allows me to be introspective about my own service model and to determine how it may benefit you.

As a fee-only financial planning firm that does not accept commissions or referral fees of any kind, I’m not asking this question to determine how to pitch some financial product to you that you don’t really need. It’s to help both of us decide if a financial planning partnership can be beneficial and, possibly even more important, one that we’ll both enjoy.

Additional follow-up questions for people who have previously worked with a financial professional could include:

• How long ago was the relationship with your previous financial advisor?
• Why did the relationship with the last financial advisor ultimately end?
• What did your previous financial advisor do that was most beneficial for you?

Additional follow-up questions for people who have not previously worked with a financial professional could include:

• What led you to take action now?
• With whom do you talk about your finances right now?
• What questions do you have about the client-advisor relationship?
• Tell me about your past investment experience.

For anyone who has not worked with a financial professional before, I want to take this opportunity to offer a sincere and well-deserved compliment! It’s a big step for anyone to reach out to a financial advisor for the first time.

Money is an extremely personal topic, so I’m honored that you’re even considering me.

3. What questions do you have about my process?

This question shifts the conversation towards your readiness.

I’ll share what comes next and address any questions or concerns you may have about my process.

Because I now have insight into your particular problem, I can outline the actual steps I would take to help resolve your issue through the Flat Fee Financial Planning Services engagement.

4. What other questions do you have?

It’s common for people to bring their own set of questions into this conversation, or that questions have arisen during the conversation that you haven’t had a chance to ask yet.

So at this stage of the conversation, I make time for these questions before talking about next steps so that you don’t feel pushed towards making a decision before having a chance to speak your mind.

5. When are you looking to get started?

This question helps us to understand how ready and motivated you are to get started.

Simply knowing you should be doing something about your taxes or lowering the overall costs of your investment plan, for example, doesn’t mean that you’re ready to take action.

For some people, it can be very difficult to commit to any action. For other people, it can be comforting and energizing since they’re excited about the idea of making progress!

6. How would you like to proceed?

I’m empowering you to make this decision.

People have a very keen sense when they’re being sold. I know I do.

I do not want to create any stress by trying to sell, persuade, or ask you to commit to something. I want to empower you to make this decision on how you would like to proceed with confidence.

If you say you’re ready now, that’s great!

If you’re ready to move forward with the Flat Fee Financial Planning Services engagement, I’ll review the information needed to prepare your quote. Based on the details you share, I can discuss a potential fee range that reflects the complexity of your financial situation. The flat-fee quote will be delivered by email. If you have any follow-up questions, I’m happy to schedule a call to answer them. If you’re married or share finances with a partner, I politely ask that both decision-makers attend this next meeting.

If you’re a returning client and are ready for the Hourly Financial Advising Services engagement, I’ll collect the information needed to fill in an engagement agreement that I’ll send electronically for you to review and sign.

If you decide you’re still shopping or just getting started, with your permission, I can make a note to follow up with you later. The next step here can simply be a follow-up email just to check in.

If you feel the relationship isn’t for you, or if I believe that I wouldn’t be the right-fit advisor for you, then the only win-win choice is to not enter into an engagement agreement together.

Because I’m a fiduciary, if what you truly want doesn’t match my expertise, I’ll share where I think you should look to find a right-fit advisor. By offering this kindness, I’m striving to create no pressure, but rather a focus on serving at a high level.

If you’re meeting with another financial advisor, I encourage you to ask not just your prepared questions, but also whether their compensation changes based on the recommendations they give. If it does, it’s worth considering whether those financial incentives might – even unintentionally – influence the recommendations they make.

Completing the first step towards meaningful progress

The intent of the “Are We a Fit? Introductory Conversation” is to discern if the services I provide are actually what you’re seeking.

Preparing someone for the introductory conversation can lower any anxiety about the conversation and, at the same time, help me get the information I need to assess that person’s appropriateness and readiness for my financial planning services.

Letting you know what to expect can also keep you from feeling like you’re being rushed or that I’m insensitive to what you want to share. I don’t want this discussion to feel impersonal or for you to feel unfairly judged.

30 minutes goes by quickly, and keeping within the boundaries of the introductory conversation leaves little room for straying off-topic. It can be tempting to linger with small talk to try to establish rapport with you, but getting down to business early shows respect for your time and demonstrates that I care about what has caused you to reach out.

I’m intrigued to learn how we may be of service! Thank you for exploring the flat-fee and hourly financial planning services my firm, Milestones Financial, has to offer that could be of benefit to you.

Citations:

¹ Sullivan, D. (n.d.). How to sell transformation using this one question. Business Growth Resource Hub | Strategic Coach. https://resources.strategiccoach.com/the-multiplier-mindset-blog/how-to-sell-transformation-using-this-one-question

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Josh Gallogly, CFP®, EA

Josh Gallogly, CFP®, EA is the Managing Member and Founder of Milestones Financial, a virtual flat-fee and hourly financial planning firm based in Columbus, Ohio. He serves clients who like maintaining full control over their money and provides fiduciary financial advice on reducing taxes, investing smarter, and creating reliable retirement income.