The Dispatch

Best Practices

Simplifying Client Review Meetings

A common challenge among advisors and planners is looking for ways to cut down on prep time for their review meetings with clients.

Some advisors spend 2-3 hours preparing for each hour of client meeting time, and most of that seems to be focused on gathering the data they need to deliver extensive research and analysis on their clients’ portfolio holdings, market commentary, and economic outlook.

If your clients perceive your portfolio management skill or your investment consulting expertise as your primary value, they may simply want to know what worked or didn’t work since their last meeting and/or your perspective on what changes should be made based on your expectations for the future, rather than extensive research or market commentary.

If you prefer to position yourself as your clients’ financial planner or wealth advisor, why not build your review meetings around what is going on in their lives, their goals and priorities, and provide guidance toward achieving them?

During a recent call with an advisor, we talked through an approach to client meetings that is focused on the client and their goals, rather than the tools to achieve them. Here is the simple agenda we designed:

1. What has changed? You can begin with a discussion of any changes in your client’s life/lifestyle, family, career, or goals and priorities for the future.
2. Where are you now? Here’s where you talk about what your client currently has in place — assets, liabilities, insurance, taxes, financial plan, and estate plan.
3. What could keep you from achieving success? This is where you bring up potential obstacles or challenges that could get in the way of achieving their goals. In other words, you can talk about what could go wrong.
4. What are your options? Here is where you get into how to address those obstacles or challenges. What potential adjustments could be made to your plan to overcome the expected or unexpected challenges of life.
5. What will we do to make sure you stay on track? What is your plan to ensure their long-term success — updated, as appropriate — and what steps must be taken to accomplish it?

Remember, if your meetings focus solely on investment performance, that’s what your client will rightly assume is your value.

However, if you want to communicate that your value is how you help your clients achieve their goals, overcoming whatever changes or obstacles might stand in their way, then why not plan a client-focused meeting?

Brought to you by Pathfinder Coaching & Consulting, https://pathfinderadvisor.com/.

The representations and opinions herein are the opinions and view of Pathfinder Coaching & Consulting and are not the opinions or views of EQIS. The information is believed to be reliable but is neither guaranteed by EQIS nor any of its affiliates. EQIS and Pathfinder Coaching & Consulting are not affiliated. EQIS is not responsible for the content or availability of Pathfinder Coaching & Consulting’s website. EQIS is not an agent for the third-party website nor do we endorse, approve or guarantee its products, services or representations. The website is provided for convenience only and is not under the control of EQIS. The security and privacy policies of the third-party website may be different from EQIS’s Terms of Use and Privacy Policy. Contact the external website for answers to questions regarding its content.

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• Best Practices   |   Simplifying Client Review Meetings

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