Asking your trusted advisors the right questions

facebooktwitterlinkedinby featherbw conversationsMy wife can’t pass up a good deal, so obviously she stopped the car when she saw a lovely brass lamp at a neighborhood garage sale. Her instinct proved right upon closer inspection as it was a beautiful lamp in fine condition and had a perfect spot in our living room.

She asked the seller only one question: “How much is the lamp? 

Liking the price she heard, she paid for it and went off about her business. There was, of course, an unexpected surprise: the lamp didn’t work. Unfortunately, my wife had stopped asking questions after she received her information regarding the price. Of course, in retrospect she simply needed to ask if the lamp worked.

As I have said before, even great answers are of little or no value if they address wrong questions.

So, how do you learn to ask your trusted advisors better questions? The answer, of course, is one Capsule at a time. From my experience in the field, I’ve found that clients find it easier to ask better questions when they capsulize their financial worlds into smaller units.

When the information is contextualized, the conversation becomes easier for both the client and the advisor. After all, having the right vocabulary is half the battle when trying to forumulate intelligent questions to experts. (You should see me in front of my auto mechanic. I’m clueless)

Think about it this way. It’s easier to ask a client the purpose of a specific financial resource such as Income when it has been allocated to one of the 7 MoneyCapsules ®. It is infinitely more difficult to ask the client in a broad way to define their priority across many different financial categories. The financial world is just too vast. It needs to be broken down into smaller units.

MoneyCapsules ® allows you to do so by organizing your financial life into seven simple words;  Values- Cash-Return Tax- Risk -Time and Income .

So the next time you have some questions to ask your trusted advisor, capsulize the information and focus on one capsules at a time.

Written by Jaimie Blackman

Jaimie Blackman

Jaimie Blackman has created Sound Financial Decisions ™ powered by MoneyCapsules®, to help guide business owners through the complexities of succession planning.

Jaimie writes “Smart Succession”, a monthly column in Music Inc., and also writes a bimonthly column for Canadian Music Trades magazine. He has spoken at NAMM U Idea Center, and at Yamah’s Succession Advantage.

As a financial literacy educator he has taught at New York University and has lectured at the 92nd Street Y, Marymount Manhattan College, and CUNY.

As President of BH Wealth Management, Jaimie also helps his clients implement investment and insurance solutions which are aligned to their personal values. Visit bhwealth.com to learn more.

To subscribe to Jaimie’s Succession Success: Insights for Music Retailers, visit moneycapsules.com.

The purpose of this post is to educate. Our content should not be construed as advice. If legal, tax or other advice is required by the readers, professional advice should be sought.

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