Ten ways to make the most of client reviews
Meeting face-to-face (either in person or by video call) helps to reinforce your relationship, giving you and your client an opportunity to speak about their situation and aspirations in depth.
1. Be prepared
Set the agenda ahead of the meeting and ask your client what they would like to discuss. Examine your client’s file, prepare conversation points gathering materials to answer questions, explain concepts, or share news that may be relevant.
2. Focus on approach
Consider placing emphasis on holistic wealth management, rather than focusing purely on the performance of any individual investment. Demonstrate cost and tax-efficient savings that are achieved, sound portfolio construction, and emphasise longer-term goals within the wider plan.
3. Openness and transparency
Provide clear explanations of what contributed to the performance of the portfolio including commentaries, comparisons and valuations.
4. Make sure you’re still on the same page
Remind your client of the wealth management approaches you previously agreed to so that you both have a clear understanding of future expectations.
5. Pinpoint important changes
Ask your client to describe any financial or personal changes that could affect their goals, risk tolerance, time horizon, liquidity needs, or tax and legal situation.
6. Make recommendations
Identify any strategy, allocation, or holdings adjustments you see necessary. Explain why they are necessary and the potential benefits of implementing the changes.
7. Go the extra mile
When possible, offer to contact your client’s other professional advisers who may be affected by, or could contribute to, your financial planning process. This will help making any changes more efficient and will strengthen your network of professional connections.
8. Be transparent
Advisers tell us it is best to treat fee conversations with the same level of openness and honesty as you treat your other client conversations. Be clear about the services your client is paying for so they can make an informed judgement about the value you add.
9. Finish strong
Advisers tell us it is best to end a review meeting by summarising the key discussion points and the agreed plan of action. This might be a good time to introduce ‘homework’. Providing supporting reading materials helps to boost engagement and creates a sense of mutual ownership in the implementation of the plan.
10. Say thank you
Advisers tell us that a thank-you note gives you the opportunity to document and summarise the highlights of your review and reiterate the action plan that you and your client have agreed to. This is also an ideal time to ask your client for feedback or seek recommendations.
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