Four Questions to Ask Clients During Tax Season Meetings

For Avantax Financial Professionals, tax season is commonly referred to as “opportunity season.” That’s because client meetings are an important part of tax season and serve as a natural opportunity for you to ask your clients tax-related questions while exploring their broader financial plan and long-term financial goals. Simply put, tax-season conversations can allow you to share the variety of tax-intelligent ways you can help your clients reach their goals. 

So how can you effectively bring up the myriad benefits of having you as their tax-intelligent Financial Professional? Avantax financial advisor Gavin Parker of Parker Advisors in Homedale, Idaho, has made it a habit to ask each of his tax clients these four questions to help focus his meetings, grow his book of business, and, ultimately, help his clients keep more of what they earn. 

1. Who is your financial advisor on these accounts? 
When looking at your clients’ accounts, you may already see who is listed on the statement as the advisor – but it’s important to dig a little deeper. You may discover they really don't have a connection to their advisor, or that they aren’t satisfied with their relationship. This is a prime opportunity for you to offer your services.  

2. How do you feel about your accounts/investment portfolio? 
This question may sound open-ended – and that’s the point. Most clients will typically talk about what happened in the last few years or hint that their current advisor probably didn't set expectations well. It’s rare the client will say their accounts are exactly on target or performing as well as they expected. If the client seems unsure of how to answer this question or they flat-out say they are unhappy with their account, this is your indication to strike while the iron is hot!  

3. Are you aware that I/we can manage these accounts for you? 
If you've been staying in touch regularly with your clients throughout the year, this should be an easy question. You simply want to make a connection for the client between what they have now and how exactly you can help them. This also leads well into the last question, which consists of two parts, depending on how confident you are in the client relationship. 

4a. Would you be interested in consolidating everything with me so I can coordinate your tax situation with your investments and insurance?  
Keep in mind the use of the word “consolidating” is purposeful. Most clients have accounts spread between multiple advisors. By offering to consolidate, clients immediately realize life can be simplified, and that you can offer them an integrated, comprehensive approach to tax and financial planning. 

If you receive a very favorable response from the client on question three, then you might take on a more aggressive position. At this point, you know they value what you can provide. If you’re very certain they are on board, then instead use: 

4b. You need to let me manage these accounts for you. Let's get them moved. 
Make a statement of what needs to happen next, rather than a question. 

If you work alongside tax professionals in your practice, be sure they’re armed with a variation of the questions listed above – notably #3 and #4 – which will allow them to introduce the client to you: 

1. Who is your financial advisor on these accounts? 

2. How do you feel about your accounts/investment portfolio? 

3. Are you aware that our team member, [insert your name], provides financial services to our clients? 

4. Would you be interested in meeting with them to discuss your situation? 

Here’s to another successful opportunity season!