Recently, I got an email from a wholesaler at RBC Asset Management (whose sponsorship makes this site possible), passing along a query from an advisor about the questions which advisors should be prepared for from prospective clients.

Today's professionals have seen the arrival of newly assertive clients asking ever tougher questions - this is being experienced by doctors, lawyers and accountants. Increasingly, financial advisors will find prospective clients asking more challenging questions as well.

In recent conversations with financial advisors, I've asked them about the tougher questions they've gotten from prospects - here are some of the questions which advisors have been asked:

1. Tell me about yourself? How are you different?
2. What's your investment philosophy and process? How is it different from other advisors?
3. What's the average asset level of your clients? Where would I fit in?
4. How long have you been in the business? What kind of qualifications do you have? What do you do to stay current?
5. How often would we meet? How long does it take to return calls from your clients?
6. Do you monitor the satisfaction of your clients? Could I talk to a couple of your clients about their experience working with you?
7. Tell me about the last couple of clients who left you and took their account elsewhere?
8. How are you paid? What kind of money would you make on my account? What would I get for that?
9. How did you position client portfolios coming into this year? Would you be willing to share the performance of your own portfolio over the past couple of years?

Even if you haven't had these kinds of questions as yet, chances are that you will. Now's the time to think about your response - your answer may decide whether you win that new client.