The review meeting is an important element of an advisor-client relationship. Held on a monthly, quarterly, or annual basis, the meeting helps you to stay on top of changes in your clients’ personal circumstances, goals and expectations.
Here are a few tips to ensure your review meetings have the desired impact.
Do your homework
Review your client’s portfolio prior to the meeting. In doing so, you might consider issues such as if his asset needs to be rebalanced.
Prepare multiple ideas to discuss with the client. Anticipate questions that may arise so that you are in a position to answer them. Also, go through the life events of client’s family such as marriage, new baby, job change or retirement planning.
Have an agenda
Prepare an agenda for the review meeting and ask them if they want to add any pointers. Preparing an agenda is a good way to ensure that you get to cover all the topics that are important to you; it also keeps the meeting on track.
Break the ice
Engage in small talk to make your client feel comfortable. You can ask them about their wellbeing or ask them if anything new has happened since you last met him. You may also talk about the markets to set the stage for a discussion about their investments.
Discuss the agenda
Discuss any milestone events that happened in their life, planned or unplanned changes, how the client is coping with the changes, and so on.
Here are some talking-points that will help you set the right direction for the meeting.
1. Progress on previously established financial goals
2. Changes in the client’s situation (family, health, and employment)
3. How the client is coping with the changes (if any)
Review the portfolio
Go over your client’s portfolio to make sure if it is still aligned with his goals and objectives. Discuss any portfolio changes that might be necessary based on changes in market conditions. Also, review changes in the client’s life that can affect his investment goals.
Take notes and summarise the meeting
Make sure to take notes of the key points of the meeting. Wrap up the meeting with a recap of the decisions that have been taken. Thank the client for his time.
