The Discovery Meeting is the single most important meeting in your entire process.
When done right, it:
- Sets the foundation for the entire relationship
- Seamlessly converts prospects into lifelong clients
- Creates an experience they willingly share with family and friends
But that’s only if you do it right. Too often, Advisors unknowingly sabotage their meetings—missing out on opportunities to deepen relationships and drive engagement.
Here are seven mistakes to avoid when prospecting as a Financial Advisor, plus strategies you can use to leverage behavioral financial advice in your Discovery Meetings.
Prospecting as a Financial Advisor: 7 Mistakes Sabotaging Your Discovery Meetings
1. Winging It
This isn’t a casual lunch with your best friend. You can’t just sit down and see where the conversation takes you.
You don’t need a script, but you do need a framework. A well-structured approach with carefully selected questions can help you guide the conversation where it needs to go—uncovering both financial and emotional insights that inform your recommendations.
2. Dominating the Conversation
We all tend to talk too much in general, but this is called a “Discovery” Meeting for a reason. You can’t discover anything if you’re the one doing all the talking.
Moira Somers, author of Advice That Sticks, found client satisfaction directly correlates with how much airtime they get. The more they share, the more valued they feel. This meeting isn’t about showcasing your knowledge, process, or services—it’s about deeply understanding their life.
3. The “Show & Go”
You can’t just show up and expect to have a great meeting. Great meetings require planning and preparation.
Athletes don’t just walk onto the field and perform at an elite level. Their success is built on practice, strategy, and mindset. The same applies to your meetings:
- Get in the right mindset—remind yourself of the meeting’s true purpose.
- Review notes from the last 2-3 conversations to pick up where you left off.
- Remove all potential distractions (phone, paperwork, email) to be fully present.
4. Lack of a Defined Follow-Up Process
You just had the most important meeting you’ll ever have with a client (or prospective client). Letting them leave without a clear understanding of the next steps is a recipe for getting “ghosted.”
At a minimum, there’s one follow-up task you must do:
Send a recap email within 24-48 hours. Summarize what was discussed, highlight key takeaways, and reinforce their priorities. This makes them feel heard and understood—and keeps the momentum going.
5. Ignoring Emotional Data
In a Discovery Meeting, you uncover personal, intimate details about someone’s life—what can be referred to as emotional data.
And nothing erodes trust faster than forgetting what matters most to them.
Related: How to Help Prospects Overcome the Emotional Hurdles of Switching Advisors
Just like financial data, emotional data needs to be tracked. Whether it’s a spreadsheet, a dedicated CRM field, or detailed notes, find a system to capture their values, money stories, and even the exact words they use to describe their feelings about money.
6. Fear of Client Responses
Many Advisors hold themselves back with an irrational fear of how clients will respond. Such as:
- What if they don’t want to answer personal questions?
- What if they get uncomfortable when I ask why money is important to them?
- What if they push back—or even feel offended—by tough questions?
But the best conversations are on the other side of that fear. Lean into it, and you’ll open the door to deeper, more meaningful discussions—and stronger client relationships.
Related: A 4-Step Framework to Comfortably Navigate Conversations During Times of Market Volatility
7. Settling for “Good Enough”
You might think your Discovery Meeting is good enough. You gather some goals. Your clients are marginally satisfied. And it’s easy to stop there.
But as Jim Collins. the author of Good to Great said, “Good is the enemy of great.”
Your clients deserve great meetings. They deserve a process that uncovers what truly matters to them—not just financially but emotionally and psychologically. That’s what behavioral financial advice is all about.
Embrace Behavioral Financial Advice, Elevate Your Discovery Meetings
Your Discovery Meeting isn’t just another step in your process—it’s the foundation for everything that follows.
Get it right, and you’ll create deeper relationships, unlock more meaningful conversations, and position yourself as the Advisor clients truly need. By avoiding these seven mistakes, you’re not just improving meetings—you’re building a business rooted in understanding, trust, and impact.
Transform Your Advice with RFG Advisory
Your ability to guide prospects in a Discovery Meeting isn’t just about the numbers—it’s about understanding their emotions, behaviors, and mindset around money. That’s what separates good Advisors from truly great ones.
At RFG Advisory, we equip Advisors with the tools, coaching, and strategies to master the human side of money—helping you build deeper relationships, drive better outcomes, and create a practice that thrives.
If you’re ready to take your client conversations to the next level, explore how partnering with RFG Advisory can help you build your business without compromise.