“WIIFM”
It’s the most important question. Depending on your perspective, it’s the most important URL (wiifm.com), the most important username (@wiifm), or the most important radio station (“dub-uh-youuu, double I FM”).
Typical Behavioral Question
“What’s In It For Me?” This doesn’t mean that you are selfish. It’s a simple and obvious human behavior that we all use personal context and experience to filter our environment. It’s even more true when we are asked to make some sort of change.
You ask yourself this question (or magic acronym) all of the time, consciously or subconsciously. The subconscious is powerful. If you don’t believe me, the next time someone asks you to change the way you do something, you’ll be hesitant. If you don’t know why you are hesitating, that’s your subconscious speaking. It’s whispering in your ear, “What’s in it for me, Joe?” And even if you are consciously hesitant to change, the same question will be there – “WIIFM.”
Better Questions
So, if a financial planner is hawking you some product or service, you should ask “WIIFM.” More importantly, you should ask yourself the following:
- What do I want out of a relationship with a financial planner?
- Why do I want a financial advisor now?
- What concerns do I have working with a financial planner?
Examples
The answers to these questions are very personal, and they will differ for each reader. I don’t want to ingrain any ideas in your subconscious by giving you sample answers.
For instance, each client that I work with has a different answer for all three questions. Additionally, some married couples have separate answers and differing points of view. This is when planning gets very interesting!
“WIIFM” is a personal question, but these three questions are the most important when working with a financial advisor.
Do you want to tell me your answers?