10 questions to ask prospective clients
It's important for a prospect to be specific about the services expected of an adviser, said Dan Sullivan, a senior vice president and board member of Cambridge Investment Research Inc., an independent broker-dealer.
“If they start asking about this stock and that stock, but you don't manage stocks, you need to explain that to them right away and ask them if there's a reason they brought up stocks,” he said. “The majority of the time when I've taken on a client that isn't my ideal client, I should have picked up on it based on their expectations.”