The 4 Questions That Reveal What Clients Really Want

Goals-based financial planning can be the perfect approach for many clients. But “the majority of people aren’t goals-driven in the traditional sense,” argues Ross Marino, founder of Transitus Wealth Partners, in an interview with ThinkAdvisor.

“What people think they want at retirement doesn’t usually play out that way: Humans aren’t good at predicting … how they’ll feel in the future,” insists the longtime advisor.

That’s not to say that Marino ignores his clients’ worries, hopes and dreams.

To the contrary, at the outset he uses the “Transitus Process” of asking four questions to encourage clients to spill their relevant thoughts and feelings.

Knowing what matters to them connects him with a prospect before he even broaches the subject of financial planning.

In the interview, he discusses those four key questions, one of which is: What led up to the financial decision you have to make that motivated you to see me?

Marino, 57, a 2023 ThinkAdvisor LUMINARIES award winner for Thought Leadership and Education, specializes in serving clients who are coping with a major life transition.

In fact, his podcast is called “Shift.” He is the author of “Shaping Change: How to Respond when Life Disrupts Your Retirement Plan,” co-written with Susan Bradley, founder of the Sudden Money Institute.

The advisor himself was jolted by a life-changing event at age 27 that, in part, eventually inspired him to form Transitus. He discusses it all in the interview.

His Wilmington, North Carolina-based practice has four advisors, including him, and manages assets of about $300 million.

Before founding the RIA in 2016, he was with Raymond James for 27 years, about 25 of those as a branch manager.

Here are highlights of our interview with Marino, who was speaking by phone from Wilmington:

THINKADVISOR: What’s your “Human-First Financial Guidance” methodology that you’ve trademarked?

ROSS MARINO: When you first connect with the person as a human being, before diving into financial planning, and understand what they think, how they feel, what really matters most to them, it completely changes the relationship between advisor and client.

Everything is so much more personal and powerful when it’s approached from a human-first perspective.

How do you encourage clients to talk about their feelings?

I use the Transitus Process, which is four questions.

First I ask, “What brings you in today?” Usually they’ll describe a situation that involves a financial decision they facing, such as, “I’m getting ready to retire, and I’m wondering what to do with the money.”

But before getting into anything financial, I shift the conversation to “What led up to this?” or “Did you see this coming?” or “How did you get to this place?” 

That’s Question Two: I’m looking for the backstory and all the details.

Do they open up?

Sometimes people will keep going on and on. That’s great because I’m taking notes. As they’re talking, they’re reliving everything that led up to where they are today; so their feelings are fresh.

What are the third and fourth questions?

The third one is: “What are you thinking?” and the fourth is: “How are you feeling?”

How does all that information help you create financial plans and invest clients’ money?

The mission of our practice is: We help people worry less about what could go wrong so that they can focus more on what to get right.

Their thoughts and feelings will go into one of those two categories: “I’m concerned” about this; “I’m afraid” of that. 

Or they’re going to talk about hopes and dreams.

To what extent do they discuss their emotions?

What they want to worry less about or want to focus more on to get right both start with an emotion.

As they relate their story, they’re telling me what matters most and what they want to worry less about. It’s just going to come out.

Eventually we have a separate meeting to draw them out even more.

How does knowing about their feelings help you invest their assets?

For example, if someone is really concerned about losing all their money, that’s an emotion we have to consider. It drives their risk tolerance and how to invest for that person.

A little while ago, I [added] a new client who called their account their “Homeless and Hungry” account. It’s to make sure they’re never homeless and hungry. That’s the driver. It was a legitimate fear.