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- Prepare the documents in advance: client’s current goals and historical documents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
- Get started
- Present CMO
- Review Performance and Focus on Outcomes
- Discuss Changes and Suitability
- Expand the Relationship
- Review Next Steps and Closure
Don’t forget to confirm the next appointment!