Performing a review
Our message to clients:
Life is a winding road. We stay in touch so we can adjust to meet the changing reality. When you hit a goal, we help you soak it in. When new opportunities emerge, we are there to help you take advantage of them. And when you face an inevitable setback, we are a steady hand on your wheel.
Tips, tools, and resources
Prepare for a great Review meeting (client with plan)
email
Prepare for a great Review meeting (cold client refresh)
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Proactively offer support
tips
"When things change. We know there are going to be changes that occur during your lifetime, let’s make sure we adapt to all those things."
Create your Review meeting agenda
agenda
Follow up by summarizing any changes to the strategy
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IU-3098732(06/20)(exp.6/22)
FOR INTERNAL/FINANCIAL PROFESSIONAL USE ONLY - NOT FOR USE WITH THE PUBLIC.
Prepare for a great Review meeting (client with plan)
TIPS
Remind the client that their financial plan works alongside the rest of their life. If there have been any changes with regard to their purpose or lifestyle, it’s important information to know.
Set their expectations for the meeting, and keep the tone conversational. This is an exercise in relationship maintenance, not just financial maintenance.
Express your curiosity about new developments in the client’s life, particularly the things you know about.
Prepare for a great Review meeting (cold client refresh)
TIPS
Start by acknowledging the time that has passed since their last interaction with you. This removes any awkwardness from the interaction.
Point to something that you remember about earlier interactions. This shows that you care about the client as a person, not just a number.
Provide a reason for reaching out. It could be about recent economic news, new product offerings, and reduced interest rates.
Offer a no-pressure conversation on any financial questions they might have. This allows them to enter the conversation on their own terms, while still giving you a peak into their finances and the rest of their life.
Proactively offer support
Great financial professionals already know that reaching out to clients before they reach out to you is one way to signal that you have their best interests at heart. Here are some times when it’s good to be proactive.
New opportunities emerge
If you see something in the market that would uniquely benefit the client, let them know. Keep it informational and conversational, not sales-y. You should emphasize how you’re connecting the dots between what’s happening in the market and the client’s vision for the future.
Major life events
Life is filled with ups and downs. Being there for your client through all of it is an important way to build trust. Found out your client got a promotion? Reach out and offer ways to be smart about the bump in pay. Learned about a family tragedy? Send your condolences and offer to talk through any concerns they might have.
Market downturns
Periodic market downturns are an important time to be proactive with clients. During these times people often feel scared, embarrassed, or simply don’t know what to ask. Reach out and offer time to assess the landscape to reassure clients that you are a steady hand at the wheel.
Create your Review meeting agenda
PURPOSE
To keep the strategy on track, tune things up, and course correct if necessary based on changes to the client’s purpose, lifestyle, or finances.
DESIRED OUTCOME
The client feels that they are being thought about at all times.
Anticipate how the client might feel
To build your review meeting agenda, first determine what you think the client is feeling about their plan so far. Think of questions that they may ask, and prepare some questions you have for them to probe for what’s going on in their life beyond finances that could impact their perceptions.
Prepare updates on the strategy
Note any returns or losses, and provide an explanation for each. Doing this work ahead of the meeting will enable you to have a robust conversation about any tweaks that might be needed.
Develop a point of view on recommendations and next steps
Do you think the client should stay the course or make some changes? Come in knowing how you think they should proceed, and think of the things you should say to create alignment around what to do next.
Follow up by summarizing any changes to the strategy
TIPS
Let the client know that you are invested in their life, not just their plan.
Reiterate changes to the strategy based on the conversation. Ground these in what you heard about shifting priorities and behaviors.
Now that the relationship is firmly established, you can set meeting dates, particularly if they are far out. Give the client the freedom to adjust.
Asking for referrals
Asking for referrals can feel intimidating at times, but it’s also the most natural way to expand your business based on the strong relationships you hold. Here’s how to do it effectively.
Do it at a high point
Ask for referrals when the client is feeling particularly good about you. This can be when they’ve reached a certain milestone or achieved one of their more significant goals. They are more likely to refer you to people in their network when they have positive feelings and can vouch for you with confidence.
Approach with gratitude
Remind the client that you value their business and reflect on how far they’ve come with your guidance. Remember, a referral isn’t something the client has to do for you, it’s a gift for a job well done. Express how much you appreciate referrals from clients who've worked with you.
Prime them with thought starters
While it may be clear to you, the client may not have specific types of people in mind. Ask them to think about people in their network who are on the cusp of a major life event such as graduation from professional school, marriage and starting a family.
