Spring may be busting out all over, but not all advisors believe it’s the best time to hold annual client review meetings.
Dennis Perkins, financial advisor with Price Perkins LLC, which is affiliated with Prospera Financial Services, for one, schedules his annual and semi-annual client reviews consistently throughout the year rather than clustering them in any particular season. In his opinion, consistency is key because clients tend to be “creatures of habit” and appreciate knowing their financial review will occur on a predictable schedule, which helps reinforce discipline and trust.
“We approach annual reviews as comprehensive conversations rather than simple progress reports. While we thoroughly cover financial updates, performance, and recommendations, we also take time to catch up on family, life events, and future goals, creating a safe, unhurried space where clients feel comfortable discussing both financial and personal matters—whether related to health, family, or other sensitive topics,” Perkins said.
Elsewhere, Mallory M. Van Leeuwen, managing director of wealth management with World Investment Advisors, likes to get her annual reviews done prior to the new year, as opposed to doing a “spring cleaning,” so she can review client goals for the upcoming year.
“The fall is a great time to review earnings, cash flow, RMDs and any other planning opportunities that have come up throughout the year, but well before year-end,” Van Leeuwen said.
Van Leeuwen says she focuses on “holistic financial planning” with her clients. That means her annual reviews include not only portfolio allocations and performance, but also other factors like health, family, travel and any life developments that may have arisen and impacted their personal and financial lives.
“I have the honor of developing close relationships with my clients over the years, so reviews are an opportunity to catch up with them as individuals whom I genuinely look forward to,” Van Leeuwen said.
Meanwhile, Brian Baker, independent financial advisor at The Baker Financial Group which is affiliated with SFA Partners, considers the annual review much more than a portfolio update. In his view, it’s a “conversation about life” and there is no perfect season for it.
“Some clients benefit from a mid-year check-in, especially if there are major life transitions or market volatility. At the end of the day, being ‘on the same page’ isn’t just about documentation. It’s about ongoing dialogue. We want clients to feel comfortable reaching out anytime something changes, because often the most important planning opportunities come between scheduled meetings,” Baker said.
GETTING ON THE SAME PAGE
To make sure he is on the same page with clients in terms of investment and service goals, Perkins says he establishes a “clear alignment” from the very beginning of the relationship. His clients receive and sign a 'Client Bill of Rights' that outlines 18 specific expectations for both parties, ensuring mutual understanding of the scope of services, communication, and responsibilities from day one.
He also reviews technology and online account access with all clients during meetings, especially his older clients.
“We take the time to set them up in the office and walk through the process side-by-side if needed, reinforcing our commitment to full-service support that clients can rely on as much as family,” Perkins said.
Similarly, Baker says he is always happy to walk through tools and platforms with clients if it’s helpful, but tries not to “force it.”
“The goal is to make things easier, not more complicated. If that means sitting down and walking through things step-by-step, or mailing consolidated reports instead of relying on email or apps, we’ll do that. At the end of the day, the relationship drives the experience, not the technology,” Baker said.
Finally, Van Leeuwen maintains that clear communication regarding implementation and next steps are essential no matter when a client meeting takes place.
“If we are recommending any changes or updates, I clarify the timeline and what follow-up steps the client can expect from my team and me. I prioritize clear expectations and follow through for my clients in a world where these are less and less common,” Van Leeuwen said.
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