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Themed Review Meetings

Themed Review Meetings

Atlanta: “Sometimes I get the feeling my clients don’t want to come into the office very often.  But how does that match up with your research that says they want more communication from their advisor,” asked Clark on a recent coaching call. 

This 30 year veteran advisor was referencing our research that shows 82% of the affluent cite face to face as the most highly effective form of contact with their advisor. To be clear – year after year our data shows the affluent do prefer face to face contact.  However, clients not wanting to come into the office is a different issue altogether.

Many veterans have fallen into the trap of conducting the same review meeting over and over, year after year.  It’s boring, it’s not that helpful, and it creates a big opportunity for advisors with a more compelling financial process.  For new advisors, this can be a clear way to distinguish your services and wealth management process.

Imagine going to your primary care physician on a regular basis for the same checkup – blood pressure, height/weight, and cholesterol.  Year after year, visit after visit, your annual physical covers the same three items.  Chances are that you wouldn’t be excited about your visit and it’s unlikely that you’d be raving about your physician.  The checkups gradually begin to lose value.

Stick with us on this loose analogy, as we realize that most physicians are not really overseeing the multidimensional aspects of their patient’s medical health.  But if we narrow our focus to Concierge Medicine, where doctors charge a retainer and focus on fewer families, the similarities are numerous and meaningful. 

“[Patients using Concierge Medicine] have longer visits, around-the-clock access to one of five physicians, comprehensive wellness and prevention screenings and on-time office appointments within 24 hours of a request…this new model allowed doctors to offer more personalized care that in turn increased patient and professional satisfaction.”

Can Concierge Medicine for the Few Benefit the Many?
By Pauline W. Chen, M.D. Published: August 26, 2010 in NY Times

Putting yourself in the affluent clients’ shoes, wouldn’t you want a concierge advisor?  What a strong value proposition for a new advisor!  Imagine having this concierge, structured system in place to share with prospects.  Think this level of service might be a little different than what they’re currently getting from their advisor?

We’ve found that nearly every new advisor has the ability and the resources to provide this type of service, but most lack the structure to do this consistently.  For this reason, we often recommend going to a system of themed review meetings.  Instead of having clients come back meeting after meeting with the same agenda (or no agenda), we suggest having 3-4 themed reviews throughout the year with an agenda that specifies when each area of their financial life will be addressed.  The following is a quick example to get you started:

Review 1 – Portfolio Review

·       Asset Allocation

·       Performance

·       Fee Discussion – Making client fully aware of fees being paid

Review 2 – Financial Planning

·       Financial Plan Update

·       Net Worth Statement Update

·       What may be changing in your financial life? Inheritance, marriage, etc.

·       Discussion of family (kids and/or parents)

Review 3 – Risk Audit

·       Looking at what-if scenarios and finding any potential gaps in your client’s financial picture:

o   Wills

o   Estate Planning

o   Insurance (Life, Health, Disability, Long term care, umbrella, P&C, etc.)

·       Outside Experts

o   Who do they use? Are they happy with this person?


Granted, it takes a little effort to pull this system together, but when you have it in place, it’s your critical path for helping clients for the rest of your career.  Take the challenge – analyze what you’re currently providing clients and determine if structuring your services into themed reviews is a move in the right direction.  For advisors like Clark, it’s a game-changer. 

Stephen Boswell and Kevin Nichols are thought-leaders and coaches with The Oechsli Institute, a firm that specializes in research and training for the financial services industry.  @StephenBoswell  @KevinANichols 

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