Five listening steps advisers can use to retain clients

John Gatewood, a 45-year veteran financial adviser, published The Listening Advisor last month and launched a training firm called The Listening Advisor to teach a five-step listening framework and certify advisers. He sold his St. Louis practice about five years ago, moved to a part-time role and plans to build the training program full time next year.

The firm offers half- and full-day workshops and a 12-week certification program aimed at younger planners. Gatewood designed the curriculum to develop communication skills that advisers can use in client meetings to support retention and referrals. Industry estimates project a potential shortfall of as many as 100,000 advisers over the next decade because of rising client demand and an aging adviser workforce; Gatewood positions the program as a way firms can train communication skills across teams.

The framework recommends five practical steps for advisers. First, begin conversations with open-ended questions and curiosity rather than a checklist. Second, invite clients to expand on answers with prompts such as “Tell me more” before offering solutions. Third, clarify meaning by repeating a client’s words and asking, “When you said … what did you mean?” Fourth, confirm understanding with a phrase like “Let me make sure I understand.” Fifth, focus the meeting on actionable priorities by asking, “What’s your priority now?” Gatewood writes that applying the steps consistently can reveal concerns clients might not volunteer and help advisers avoid solving the wrong problems.

Gatewood describes the five-part framework as a guide rather than a script and stresses preparation for meetings in addition to technical knowledge. He recounts an early career client who stopped following his advice after meetings because she felt frightened and embarrassed to ask basic questions; he writes that he had focused on demonstrating expertise rather than listening and concluded, “I’d been trying to be interesting instead of being interested.”

Industry trainers and firm leaders noted practical applications for Gatewood’s approach. Melissa Bouchillon, co-founder and managing partner at Sound View Wealth Advisors, said the framework encourages broader questioning in initial meetings. Melissa Caro, founder of My Retirement Network, recommended advisers practice listening in low-stakes conversations with friends to reduce mental wandering and improve focus during client meetings.

Gatewood plans to recruit advisers for the certification next year and to run workshops for firms. He has said advisers who combine digital skills with strong communication will be better positioned to attract and keep clients.