Comprehensive Client Reviews

Advisors are very familiar with client review meetings and have been for years. So why talk about it? We believe now is the time to reimagine these meetings to better connect with clients, enhance relationships and demonstrate the value you bring. In our survey conducted in 2017, across 1000 investors 79% of investors said they were dissatisfied with the review meetings that they had with their advisor. These clients shared three primary themes on what they expected from their advisor. Help them be smart with their money, share their progress towards their goals and assist them with more than their money. In a 2014 survey conducted on financial planning clients, two worthwhile observations surfaced, and the benefits of keeping clients on track. First, for clients that said they were not sure they were on track with their goals. Over 2/3 were uncertain about the value they receive from their advisor. They were also six times more likely than on track clients to look elsewhere for financial advice. Second, clients who felt on track with their goals were two times more likely to feel they were getting good value from their advisor relationship. They were also three times more likely to refer somebody to their advisor. It's clear that improving your client engagement and satisfaction will help set yourself apart from the competition along with a higher potential for solid referrals It's time to rethink review meetings so that your clients can see and appreciate true value of your comprehensive, thoughtful, and helpful guidance.

As we cover the components of a comprehensive review, let's first discuss what many advisors currently do and have done for years. Many advisors conduct review meetings that focus on the investment portfolio, examining investment performance under a very narrow lens centered on tactics and adjustments. As a result, there is often too little focus on implementing a comprehensive wealth management plan and strategies, but when you take the comprehensive client review framework approach, you'll provide adequate focus on the client's overall financial journey. You'll be empowered to review the investment philosophy for plan implementation. You'll review historical context, interpret today's news accurately, and you'll be on track to align your portfolio with goals, using a more strategic emphasis and rebalancing tactics based on future performance needs. These meetings can also engage the client's other professional advisors and are conducted proactively based on evolving needs.

We believe one of the greatest challenges for any financial advisor is not managing their client's assets, but managing their emotions. Your comprehensive wealth management review allows you to provide the context needed to reduce anxiety, keep your clients aware of your value, and ensure their long-term commitment to proven strategies. The review meeting has a few core components; the first is the comprehensive client snapshot. This is an opportunity for the client to share any changes in their situation, concerns they might want to discuss, additions to the agenda, or just what's on their mind. The second component offers a philosophical and historical perspective to review, or re-establish your wealth management investment approach. It also provides the historical perspective to help your clients put today's headlines and news into the proper context. Third, you'll move the conversation into wealth management implementation, where you review the client's financial goals and timelines, and either reconfirm or adjust based on their input. It's also an opportunity to check the status of their full wealth management plan. The conversation should then move to their portfolio performance against their specific client goals. You can suggest any tactical recommendations or rebalancing opportunities that should be completed based on the review. As you close the meeting, it's an opportunity to share any updates on your practice, additions or departures from your team, any designations or training completed, and if you can add more clients.