It’s the end of the year and that means “review” season. You either look forward to reviews, or you dread the process. If the latter, maybe it is time to rethink your process. Too many of us have let the “noise” of market information and media bombardment on our clients box us into a client relationship paradigm that is risk-based and relative return assessed in nature. Not only is this a tough game to consistently win, it is rear-view thinking and stressful for you and your client. Our research shows that top advisors that truly deliver a holistic wealth management experience, have framed their relationships around a process tied to goals – based investing. Risk-based investing can disappoint and clients’ tolerance for risk will change. A client’s goals rarely changes. Goals-based investing is one of the six cornerstones of wealth management, and our wealth management training program devotes an important sharing of best practices on “how to” approach your existing clients and re-position the relationship to a focus on meeting their goals. What can you do now to prepare for your year-end reviews?

  • Define a consistent process that your team can adhere to in the preparation of reviews; one your clients could articulate if asked to describe one of your review meetings
  • Use an agenda for the client meeting
  • Make sure your value proposition is identified, developed, and you are able to be communicate to your clients with impact
  • Be sure to update your client’s information in compliance with the Know Your Client (KYC) regulatory mandate
  • Address both sides of the client’s balance sheet (assets and liabilities)
  • Use the calendar year end as the necessary contact now to review possible tax planning strategies and set the table for your scheduling of reviews in January.
  • Done right, a strong client review process driven from changes in their wealth planning needs will uncover additional assets, gain client referrals and set the stage for a great 2013.

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