10 questions to ask prospective clients
It's important for an adviser to understand a potential client's attitudes about money and how that relates to the prospect's family, said Eric Brotman, an adviser with Brotman Financial Group Inc., a firm that manages $75 million in assets. “If you find out that their parents don't talk to them about finances then you need to find out if they want to have an open relationship with their kids about finances,” he said.
Sean Monahan, an adviser with Financial Alternatives LLC whose firm manages $50 million in assets, said he's turned down prospects who were estranged from their children. “They didn't like their kids or they favored one kid over another and wanted to structure their assets in a way that I didn't gel with,” he explained.