Chris Voss is a renowned expert in negotiation and communication, and his work has been widely recognized in the financial industry. As a former FBI hostage negotiator, Voss has a unique perspective on the art of communication and has emphasized the importance of asking questions that end in “no” in financial negotiations.
Financial advisors can benefit greatly from incorporating this technique into their practice. By asking questions that require a “no” response, advisors can gain valuable insights into their clients’ financial goals, priorities, and concerns. This information can help advisors tailor their investment strategies and find solutions that align with their clients’ needs.
For instance, when you are following up with a prospect or maybe you are speaking to someone for the first time, we naturally would ask something like, “Do you have a few minutes to talk”? (a question that is looking for a yes). Busy people are used to saying no.
So instead, try asking, “Is now a bad time to talk”?
You will get one of 3 responses:
- “No,” and an invite to keep chatting;
- “Yes,” with an invite for a better day and time,
- Or just plain “Yes”.
If they answer with “yes” and don’t give you a better time, then move on from this prospect.
Another example:
Instead of, “Would you like to meet with me for a portfolio review” ask “is it a ridiculous idea for you to come and meet with me for a portfolio review”? Asking this way will trigger follow through thoughts! You can also ask, “Are you against having a follow up meeting”?
Now try combining the two questions:
“Is it a ridiculous idea to meet for a portfolio review?”
“Are you against meeting next week?”
Lastly, use this question when someone has ghosted you:
“Have you given up on meeting/working with us?”
That’s it. I send it as a text/email. When emailing, I put it in the subject and the body of the email. Nothing else other than my signature.
Literally, it looks like this:
Subject: “Have you given up on working with us?”
Body:
Hi Name,
Have you given up on working with us?
- My name
If this approach gets them back talking to you, remember they ghosted you for a reason. Do not use the same approach. Do a better job listening and understanding their needs.
Lastly, use this technique in a professional and non-threatening manner to ensure positive outcomes for both the advisor and the client.
THE BOTTOM LINE:
Asking questions that end in “no” is a powerful tool for financial advisors looking to build rapport, gather information, and negotiate effectively with clients.