Making the most of your client reviews

Set the agenda ahead of the meeting and ask your client what they would like to discuss. Examine your client’s file, prepare conversation points gathering materials to answer questions, explain concepts, or share news that may be relevant.

Consider placing emphasis on holistic wealth management, rather than focusing purely on the performance of any individual investment. Demonstrate cost and tax-efficient savings that are achieved, sound portfolio construction, and emphasise longer-term goals within the wider plan.

Provide clear explanations of what contributed to the performance of the portfolio including commentaries, comparisons and valuations.

Remind your client of the wealth management approaches you previously agreed to so that you both have a clear understanding of future expectations.

Ask your client to describe any financial or personal changes that could affect their goals, risk tolerance, time horizon, liquidity needs, or tax and legal situation.

Identify any strategy, allocation, or holdings adjustments you see necessary. Explain why they are necessary and the potential benefits of implementing the changes.

When possible, offer to contact your client’s other professional advisers who may be affected by, or could contribute to, your financial planning process. This will help making any changes more efficient and will strengthen your network of professional connections.

Advisers tell us it is best to treat fee conversations with the same level of openness and honesty as you treat your other client conversations. Be clear about the services your client is paying for so they can make an informed judgement about the value you add.

Advisers tell us it is best to end a review meeting by summarising the key discussion points and the agreed plan of action. This might be a good time to introduce ‘homework’. Providing supporting reading materials helps to boost engagement and creates a sense of mutual ownership in the implementation of the plan.

Advisers tell us that a thank-you note gives you the opportunity to document and summarise the highlights of your review and reiterate the action plan that you and your client have agreed to. This is also an ideal time to ask your client for feedback or seek recommendations.