Client Discovery Questions and Worksheets

Effective financial planning begins with thorough discovery. The quality of a financial plan directly correlates with the completeness of information gathered during the intake process. This article provides a structured approach to client discovery across financial, goals, and values dimensions.

The Purpose of Discovery

Discovery serves three functions in financial planning. First, it collects the quantitative data needed to build projections and recommendations. Second, it uncovers qualitative information about priorities and preferences that shape how recommendations are delivered. Third, it establishes the foundation for an ongoing advisory relationship built on understanding rather than transactions.

A plan built on incomplete discovery will require significant revision as missing information surfaces. Investing 2-3 hours in comprehensive discovery prevents dozens of hours in plan revisions and client frustration.

Financial Questions: Building the Quantitative Foundation

Financial discovery captures current assets, liabilities, income, expenses, and existing planning work. This data populates the financial plan's balance sheet and cash flow statements.

Income Documentation

Employment income questions:

• What is your gross annual salary or wages?
• Do you receive bonuses? If yes, what is the typical amount and timing?
• Do you have any stock compensation (options, RSUs, ESPP)?
• What is your spouse's or partner's income, if applicable?

Other income questions:

• Do you receive rental income from investment properties?
• Do you have any business income or self-employment earnings?
• Do you receive pension payments or Social Security benefits?
• Do you have investment income (dividends, interest, capital gains)?

Sample income summary:

Asset Inventory

Liquid asset questions:

• What are your current bank account balances (checking, savings)?
• Do you have any money market accounts or CDs?
• What is the current value of taxable brokerage accounts?
• Do you hold any individual stocks or bonds outside retirement accounts?

Retirement account questions:

• What is the current balance in your 401(k) or 403(b)?
• Do you have traditional IRA accounts? Current balance?
• Do you have Roth IRA accounts? Current balance?
• Does your employer offer a pension? What is the projected benefit?
• Do you have any annuities? What type and current value?

Other asset questions:

• What is the estimated value of your primary residence?
• Do you own any investment real estate? Estimated values?
• Do you have any business ownership interests? Estimated value?
• Do you own any vehicles, and what are their approximate values?

Sample asset summary:

Liability Documentation

Mortgage questions:

• What is the outstanding balance on your primary residence mortgage?
• What is the interest rate and remaining term?
• Do you have mortgages on investment properties?

Consumer debt questions:

• Do you carry credit card balances? Total amount?
• Do you have any auto loans? Balance and interest rate?
• Do you have student loans? Federal or private? Balance and rates?
• Do you have any personal loans or lines of credit?

Sample liability summary:

Insurance Coverage

Life insurance questions:

• Do you have employer-provided life insurance? Coverage amount?
• Do you own individual life insurance policies? Type and coverage?
• Who are the current beneficiaries?

Other insurance questions:

• What are your current health insurance arrangements?
• Do you have disability insurance (short-term and long-term)?
• What are your auto and homeowners policy limits?
• Do you have umbrella liability coverage?
• Do you have long-term care insurance?

Goals Questions: Defining the Destination

Goals discovery identifies what the client wants to accomplish with their financial resources. Specific, measurable goals enable precise planning.

Retirement Planning

• At what age do you want to retire?
• At what age does your spouse want to retire?
• How would you describe your desired retirement lifestyle?
• Do you plan to work part-time in retirement?
• Where do you want to live in retirement?
• How much monthly income do you estimate needing in retirement?

Major Purchase Goals

• Are you planning to purchase or upgrade a home? Timeline and budget?
• Do you plan to buy a vacation property? When and where?
• Are there any large purchases planned (vehicles, renovations)?
• Do you anticipate any other significant expenses in the next 5-10 years?

Education Funding

• Do you have children or grandchildren you plan to help with education?
• What level of education do you want to fund (public, private, graduate)?
• What percentage of costs do you intend to cover?
• Are any education expenses already funded through 529 plans?

Legacy and Charitable Goals

• Do you want to leave an inheritance to heirs? Target amount?
• Do you have charitable giving goals? Annual amount or legacy gift?
• Are there specific organizations or causes you want to support?
• Do you want to establish any charitable vehicles (foundation, donor-advised fund)?

Sample goals summary:

Values Questions: Understanding Priorities

Values discovery reveals how clients think about money, risk, and trade-offs. This information shapes how recommendations are structured and communicated.

Risk Tolerance Assessment

• How would you react if your portfolio declined 20% in one year?
• Have you experienced significant investment losses before? How did you respond?
• Do you prioritize growth potential or stability of principal?
• How much investment loss could you sustain before losing sleep?

Family and Relationship Priorities

• How are financial decisions made in your household?
• Are there family members who may need financial support?
• Do you have aging parents whose care may become your responsibility?
• Are there any family dynamics that affect your financial planning?

Work and Career Values

• How satisfied are you with your current career trajectory?
• Would you take a lower-paying job for better work-life balance?
• Do you have entrepreneurial aspirations?
• How important is flexibility versus maximizing income?

Lifestyle Priorities

• What trade-offs would you make to retire earlier?
• How important is travel and experiences versus accumulating wealth?
• Do you prefer living below your means or enjoying current income?
• What would you do differently if money were not a constraint?

Sample Intake Questionnaire: 25 Key Questions

The following questionnaire captures essential information for comprehensive planning. Clients should complete this before the initial planning meeting.

Personal Information:

1. Full legal names and dates of birth for all household members
2. Current employment status and employer names
3. Annual household gross income from all sources

Assets: 4. Total value of all bank accounts (checking, savings, CDs) 5. Total value of taxable investment accounts 6. Total value of retirement accounts (401k, IRA, Roth IRA, pension) 7. Estimated market value of primary residence 8. Estimated market value of any other real estate 9. Estimated value of any business interests

Liabilities: 10. Outstanding mortgage balance(s) and monthly payments 11. Total consumer debt (credit cards, auto loans, student loans) 12. Any other significant debts or financial obligations

Insurance: 13. Life insurance coverage amounts and policy types 14. Current disability insurance coverage (employer and individual) 15. Health insurance arrangement and annual out-of-pocket maximum

Goals: 16. Target retirement age for each spouse 17. Estimated monthly retirement income needed (in today's dollars) 18. Education funding goals (children, amounts, timeline) 19. Major purchases planned in next 10 years (amount and timing) 20. Legacy goals for heirs or charity

Values and Preferences: 21. On a scale of 1-10, how would you rate your risk tolerance? 22. If your portfolio dropped 25%, would you: sell, hold, or buy more? 23. What is your most important financial priority right now? 24. What financial decision do you most regret or worry about? 25. What would financial success look like for you in 10 years?

Administering the Discovery Process

Pre-meeting distribution: Send the questionnaire 1-2 weeks before the initial meeting. Allow sufficient time for clients to gather account balances and think through qualitative questions.

Review before meeting: Analyze responses before the meeting to identify gaps, inconsistencies, or areas requiring deeper exploration.

Meeting follow-up: Use the discovery meeting to clarify ambiguous responses and probe into areas the questionnaire revealed as important.

Documentation: Create a comprehensive discovery summary document that can be referenced throughout the planning engagement.

Checklist: Complete Discovery Process

• Send intake questionnaire 1-2 weeks before initial meeting
• Confirm all income sources are documented with annual amounts
• Verify all accounts are captured with current balances
• Document all outstanding debts with rates and payments
• Confirm insurance coverage amounts and policy types
• Quantify all goals with specific dollar amounts and timelines
• Assess risk tolerance through both quantitative and qualitative questions
• Identify family dynamics that may affect planning
• Understand career satisfaction and flexibility preferences
• Document lifestyle priorities and trade-off preferences
• Follow up on any incomplete or unclear responses
• Create comprehensive discovery summary document
• Share summary with client for verification before planning begins