How to Conduct an Effective Client Review

How effective are your client reviews? Could they use a little fine tuning? If you answered yes, then you have come to the right place. It is that time of year – client reviews are now in full swing and gives us the opportunity to provide a resource that can help you prepare for success.

Three Questions to ask yourself before you get started:

  • What will drive the success of your advisory practice?
  • What is your value proposition?
  • What is the purpose of a client review?

The Role of the Review

The discovery process and understanding desired outcomes:

  • Defining the client’s goals and what they are planning to achieve
  • The role of the advisor: assisting in decisions about his/her future
  • Helping the client understand decisions concerning his/her future
  • Key Insight: Clients evolve over time
  • Remember the client’s life is evolving and changing, so it is important for the trusted advisor to help their clients navigate these changes.
  • How will you expand your business?
  • An FA can strengthen the bond with their clients at every stage in the relationship.

Preparing for the Client Review

What to Bring

  • Prepare the documents in advance: client’s current goals and historical documents
  • Role of the capital markets review
  • Capital Markets Outlook (CMO) should be updated quarterly

Follow the 7-step client review process

  1. Get started
  2. Connect
  3. Present CMO
  4. Review Performance and Focus on Outcomes
  5. Discuss Changes and Suitability
  6. Expand the Relationship
  7. Review Next Steps and Closure

Don’t forget to confirm the next appointment!