Streamlined business practices help you become more efficient, and last week we explained how segmenting
your client base can lead to a more efficient process for conducting client reviews this fall. The tiering method we outlined has worked well for many advisers. Simply following last week's steps can translate into completing your client segmentation in about two hours.
The challenge. Now that your client base has been segmented, and review times blocked in on your calendar (scheduling one day for reviews and the next day for research and follow-up), the challenge is in scheduling and conducting all those reviews.
The solution. Consider sending e-mails with an assigned time and one alternate choice. One adviser I know uses Saturday mornings and Sunday afternoons for year-end reviews. Her clients appreciate the flexibility and she rarely has cancellations.
Whatever your schedule calls for, the key to successful reviews is e-mailing your clients an agenda before the meeting so they come prepared and know what to bring. On that agenda, leave two blank spaces so clients can add their own agenda items based on their priorities. Since your focus is on meeting with top clients, consider inviting their other advisers to the meeting, such as their estate attorney or CPA. You may already know them, and having them at the meeting expedites follow-up as well as opens the door for referrals.
Below is a sample e-mail and client checklist. These checklists need not be complicated, but each client should be given one that summarizes their current situation and needs. The checklist keeps the review meeting focused and on time. It also simplifies the follow-up process.
More important, since the checklist asks for assets held elsewhere, it affords an opportunity to track clients' retirement assets and position your practice as a rollover and retirement resource.
Your clients' retirement accounts held within 401(k) plans or in other programs out of your control represent the future of your practice. You want to be aware of the funds and exert some control over them before corporate plan administrators — which include the nation's largest institutional money managers — use their marketing muscle to retain those assets through rollovers.
Finally, suggest that your clients bring all their tax forms to their annual review, including tax returns, so your check-up is complete. We are not suggesting that you give tax advice; the overview will help you make sure your clients' investments meet their goals and objectives.
Since your team's in-person reviews will be with your top clients, have your assistant or partner do the same with your remaining clients. They may discover that among your lowest-level clients there may be a number of dedicated savers who have substantial retirement savings and stock options of which your firm is not aware.
Sample invitation e-mail/letter
Dear (CLIENT):
In order to provide the highest level of service to my most valued clients, and to be sure we are on target to meet both your short- and long-term financial goals, I would like to schedule a year-end financial review with you on Saturday, Oct. 10 at 2 p.m. If that time doesn't work for you, what about Sunday, Oct. 18 at 1 p.m.?
The review will give us an opportunity to discuss any changes in your financial situation, prepare for your planning with your tax adviser and simplify year-end needs. If you like, please invite your tax adviser to join us at the meeting.
In the meantime, I've enclosed a meeting agenda to help you prepare for the meeting. Note that I left two spaces blank for any specific issues that concern you. Please consider any financial questions or life-changing events that we should discuss.
To prepare for the meeting, it would be helpful if you could gather any financial information and retirement plan statements that you would like included in the review, such as your tax returns or statements from retirement investments not managed by our firm.
I will contact you next week to confirm the time of our review meeting and to ask for the questions you have put on our agenda.
Best regards,
(Signature)
Your name
Title
P.S. I value you as one of my most important clients and look forward to meeting with you for our review.
Sample agenda:
Firm Name
Address
Mrs. Smith's Financial Review Agenda
Date and Time
• Update on family status, financial plan, wealth management needs
• Retirement planning overview and beneficiary update
• The client's two key areas to discuss
1. __________________________________________
2. __________________________________________
• Questions
Please bring all financial statements to the meeting.
Next week: Client review follow-up strategies to automate referrals.
Maureen Wilke has more than 20 years of marketing and wealth management experience and has helped thousands of advisers increase their business effectiveness. Her CONNECTED Advisor practice management systems help distribution teams and advisers build more productive and profitable practices. Sign up for her
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