27 Essential questions to ask in a financial planning questionnaire

Personal and household information

Understanding a client's background is the first step in financial planning. These questions help you get to know your client better, including their financial priorities, concerns, and overall life goals.

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1. Names and dates of birth of those in your household
2. What is your current employment status?
3. Annual amount and source of income (including bonus/regular stock grants) for each member of the household
4. List your personal financial goals, both short-term (within the next 5 years) and long-term objectives (5 years or more)
5. What do you want from this financial planning process?

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Professional relationships

Knowing who else is involved in your client's financial life is critical for coordination and ensuring that your advice is aligned with their broader financial picture. It also helps understand their experience with financial professionals and why they chose you.

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1. Have you worked with a financial planner before?
2. Do you currently work with any professionals, such as an accountant, attorney, insurance agent, or other advisors?
3. Who else should be involved in this process?

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Income and expenses

A detailed understanding of your client's income and expenses is fundamental to financial planning. This section will help you assess their cash flow, spending habits, and areas where adjustments might be needed to achieve their financial goals.

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1. What is your current income, and what are your primary sources?
2. Do you have a household budget?
3. What are your major monthly expenses?
4. Do you anticipate any significant changes in your income or expenses in the near future?
5. How do you manage your monthly savings?

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Assets and liabilities

A comprehensive view of a client's assets and liabilities provides insight into their net worth and financial health. This section explores the client's investments, debts, and strategies for managing them.

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1. What are your current assets (real estate, investments, savings)?
2. What are your current liabilities (loans, mortgages)?
3. How do you manage your debt?
4. What is your current investment portfolio like?
5. How do you feel about your current asset allocation?

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Investments and risk planning

Understanding a client's risk tolerance and investment goals is crucial for crafting a suitable investment strategy. This section delves into their comfort level with various investment options and their expectations for returns.

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1. What is your risk tolerance for investments?
2. What are your investment goals (growth, income, preservation)?
3. Please list how assets transfer after your passing if known
4. Do you expect to care for parents financially or children into adulthood?
5. What does retirement look like for you?

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Insurance and protection

Insurance plays a critical role in financial planning by protecting clients against unforeseen events. This section covers the client's existing coverage and any potential gaps that may need addressing.

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1. What types of insurance policies do you currently have?
2. Do you have adequate life and health insurance coverage?
3. Have you considered long-term care insurance?
4. What is your plan for disability or critical illness?
5. Do you have an emergency fund? If so, how much does it cover?

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How QuestionScout can help with your questionnaire

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Customizable forms: Customize your forms to match your brand identity and maintain a professional appearance. You can customize themes, colors, and fonts to create a cohesive look that aligns with your brand. Additionally, conversational forms, which use a chat-like interface, can make the process feel less daunting for clients.

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Easy document upload: QuestionScout supports the upload of over 25 types of files, including PDF documents, presentations, images, and audio files. This feature allows clients to easily share relevant documents, keeping all their information consolidated in one place and simplifying the data collection process.

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Straightforward sending: You can easily distribute questionnaires by sending them as a link or embedding them directly into your website. This flexibility ensures that clients can access and complete the forms in a way that is most convenient for them, enhancing the overall user experience.