Chapter 1
Overview and Structure of a Comprehensive Client Review Part 1
Financial professionals are very familiar with client review meetings and have been for years.
Transcript
Advisors are very familiar with client review meetings and have been for years. So why talk about it? We believe now is the time to reimagine these meetings to better connect with clients, enhance relationships and demonstrate the value you bring. In our survey conducted in 2017, across 1000 investors 79% of investors said they were dissatisfied with the review meetings that they had with their advisor. These clients shared three primary themes on what they expected from their advisor. Help them be smart with their money, share their progress towards their goals and assist them with more than their money. In a 2014 survey conducted on financial planning clients, two worthwhile observations surfaced, and the benefits of keeping clients on track. First, for clients that said they were not sure they were on track with their goals. Over 2/3 were uncertain about the value they receive from their advisor. They were also six times more likely than on track clients to look elsewhere for financial advice. Second, clients who felt on track with their goals were two times more likely to feel they were getting good value from their advisor relationship. They were also three times more likely to refer somebody to their advisor. It's clear that improving your client engagement and satisfaction will help set yourself apart from the competition along with a higher potential for solid referrals It's time to rethink review meetings so that your clients can see and appreciate true value of your comprehensive, thoughtful, and helpful guidance.