By The content team Future FinanceExcellent advisory: key questions to ask in a meeting13 Mar 2020 Whether it’s a brand new client or an existing one, it’s essential you spend time getting to know them when you’re first exploring advisory services.“You need to find out what motivates and interests them, and what they’re trying to achieve in their business and personal life – find out about their family situation. It’s about knowing where they are now and where they want to be in the future” says Dean Shepherd, lead product manager for compliance at Wolters Kluwer.“This stage needs to be all about the client. You don’t bring in the hooks and solutions yet. All your questions need to be about them” says Steve Freeman, head of motor at MHA MacIntyre Hudson.Proactive communication – without bugging the client According to Freeman, proactive communication is working out spontaneous ways to touch base with people, which can add value to the client. It’s about being timely, valuable and unprompted.For Freeman, this means keeping the client appraised of developments in their industry, deals and opportunities, as well as sharing thought leadership pieces that might be useful to them and arranging networking events and functions. Directly asking the client can be immensely helpful, too: How do you want me to interact with you? Am I contacting you enough or too much? What else do you need from me? Walker places considerable emphasis on cloud data and its role in enabling real-time insight. “Having access to cloud data means we can proactively notice when something looks unusual or indeed when it looks great, then we can get in touch at that moment,” she explains. “That’s much more valuable than waiting to have a meeting about year-end accounts.” 3 Key questions to askWhat is your budget? “Other industries are unashamedly asking clients this, but accountants tend to feel uncomfortable charging different clients differently for the same service,” says Dean Shepherd, lead product manager for compliance at Wolters Kluwer. “But it’s acceptable to charge based on the value clients place on advisory.” 2. What keeps you awake at night? “The most important questions are the ones you wouldn’t think to ask,” says Lynne Walker, head of business advisory at Johnston Carmichael. “The issues keeping clients awake at night could be the ones they wouldn’t necessarily talk about but need addressing.” What are your expectations? “This allows the client to confirm they’ve understood the advisory process,” Shepherd notes. “Often you think you’ve explained something clearly, but it’s misinterpreted. You can then manage expectations if they want more than you’re able to offer.” 3. Do I have the right level of interaction with you? “Never assume,” says Steve Freeman, head of motor at MHA MacIntyre Hudson. “Regular feedback sessions are essential because there isn’t a one-size-fits-all approach.”Body language Shepherd explains: “Body language is essential for establishing rapport and instilling confidence. If you’re experiencing a lack of eye contact or signs of distraction, it could be because you’ve not engaged them enough, or you’re not asking the questions that are resonating.” Keep a polite and understanding tone Maintain eye contact (but don’t stare at them – just be attentive)SmileKeep your hands on your lap or deskEmotional IntelligenceSoft skills like emotional intelligence are essential for advisory, says Steve Freeman, head of motor at MHA MacIntyre Hudson. High emotional intelligence means you can put yourself in someone’s shoes and adapt to different situations. “Those with high emotional intelligence can read situations and adapt to how they behave.It’s about modifying behaviours depending on the situation,” he explains. “Not everyone has emotional intelligence. It’s not something that can easily be taught, so it’s a key skill I look for when I’m hiring.” Like with IQ, everybody sits on a scale of emotional intelligence, or EQ. While some people are naturally more emotionally intelligent than others, you can work on certain things to improve your EQ.Emotional intelligence can be broken into four major attributes: Self-awarenessSelf- managementSocial awarenessRelationship managementIn SummaryClients now expect proactive, real-time advice and insight. “Clients want more than just numbers,” says Lynne Walker, head of business advisory at Johnston Carmichael. You need to find out what motivates and interests them, and what they’re trying to achieve in their business and personal life – it’s about knowing where they are now and where they want to be in the future.Businesses that fail to embrace advisory could face a “dramatic fall in revenue”, warns Steve Freeman, head of motor at MHA MacIntyre Hudson.Further reading: 10 ways finance is changing AAT research shows accounting technicians can take pole position in the digital age The Future of Finance is here – AAT’s new-look flagship event The content team are the owners of AAT Comment.