Client Review Meetings – Do you have a standard?

Client Review Meetings – Do you have a standard?

Based on my experience, very few professional advisors have a standardized client review presentation. This creates problems and results in lost opportunities.

Clients want to know:

  • Where was I? 
  • Where am I now? 
  • Where am I going?
  • Will I get to where I need to be on time?

Clients also want to feel comfortable that you are on top of their financial situation and that there is a plan.

Problems with not having a Client Review Meeting Standard:

  • Poor client retention because you cannot present or explain your value proposition (Over 65% of  professional advisor clients leave due to poor communication).
  • Poor results because you and the client might be going in different directions or have conflicting expectations.
  • Wasted time because you did the wrong or irrelevant work.
  • Inefficient prep time because you and your staff are constantly creating “one offs” in advance of client review meetings.

 Benefits with having a Client Review Meeting Standard:

  • Great client communication resulting in clients feeling confident that you understand their unique circumstances, needs and goals.
  • You can do great work because you are delivering the “right” work.
  • Your time is leveraged because your staff can develop and deliver most of the elements of the report in advance based on your standardized meeting review process.

What to do next?

Work to design output that meets these requirements… 

  • This might mean instituting a CRM system that tracks this stuff. 
  • This might mean redesigning your billing system.
  • This might mean working with your graphics person to create a cohesive and professional look to your presentations and reports.
  • This might mean training your staff to deliver what you want.
  • And it certainly might mean meeting with a few key clients to “test” the report!

Well, I think you get the idea.

Having a well designed client review “system” will communicate to clients that YOU AND YOUR STAFF REALLY HAVE YOUR ACT TOGETHER!

This will lead to keeping more clients, getting more referrals, better relationships with your clients other advisors (tax, legal, etc.) and, again, more referrals!

Guide – A standardized client review package is a big win for all involved.

Action Item – Start by meeting with your staff to design something new and then refine it as you go.  Something is very likely better than nothing!


© 2009 The Advisors Center, LLC – All Rights Reserved


2 Responses to “Client Review Meetings – Do you have a standard?”

  1. 1 Chuck July 7, 2009 at 4:59 pm

    Excellent advice on having standards for client meetings to increase productivity of staff and leverage management time.

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