What is wrong with your client review meetings as a financial advisor?

How can you enhance the value you deliver

I hate the word review meetings, I like to call them progress update meetings.
Besides renaming your meetings, also consider selecting to name the type of
meeting that you're going to have with a client. Think of your dentist's office and
the type of appointments you have. Some appointments are for check ups, some
are to do major dental work such as crown appointments, and some are for
cleanings and maintenance . Your meetings can take on different types of names
so the client knows what to expect at the meeting. In the spring you have the
goals and investment update meeting, and in the fall a tax, estate and portfolio
update.

Names of meetings

Advisors that I work with name the type of meeting they are having with clients .
for example some call them goals update and planning meeting. other meetings
focus on estate and legacy . Imagine having a legacy meeting with some of your
best clients . Are there meetings can focus on other issues such as a go forward
plan for your portfolio for the next 12 months , comprehensive tax planning
meeting with your account , risk management meeting including an insurance
audit beneficiary audit another value added services .

Emotional engagement

Your meetings are about conversations of value . The conversations are about
their goals and dreams and can be emotional . Then you flip to a slide or a chart or
a graph that is unemotional an unengaging . I don't think anyone has looked at a
chart or graph and said wow that looks fantastic that's what I would like to
accomplish in my life . Start using Microsoft PowerPoint with emotionally
engaging pictures. Tie that vision together to get people excited about their goals
and dreams . Imagine you wanted to build a new dream home and I pull out a
chart and a graph to show you how you're going to accomplish your dream home .
or I pulled pictures of dream homes that you've discussed with me and then I
show you sample blueprints and say is this the vision you would like for your
future . Tell me what you are ideal dream home would look like walk me through
it , then give them the picture of what their future looks like . The charts and
graphs are the technical aspects to help people get there . They are important but
become less important if the client is not emotionally engaged .

Progress update reports

In almost every country around the world clients have said the review meeting is
not that valuable . The relationship is rock solid but the review meeting adds no
value . How can you add more value to your progress update meetings? Consider
having a templated PowerPoint slide deck that can walk people through a visual
are there goals their dreams updates the conversations in an emotionally
compelling way . Once clients have an enhanced experience like that your
progress update meetings got better more efficient for you and for them and can
be done in and delivered in less time . Practice management is about three things
process process process . Isn't it time you enhanced your process for progress
update meetings for your clients? What value will you add to your best clients this
year through your progress update meetings ? How will you deliver it in an
emotionally compelling way now how will you deliver it online in less time and
deliver more value? This is what a lead advisors are doing to deliver more value to
their existing clients and gain more referrals . They have a process an agenda a
PowerPoint a script and are not winging it . Start by naming your types of
meetings , delivering more valuable conversations add naming those types of
conversations and adding PowerPoint with pictures to visually engage them. Go
for it and see the difference in your client's reaction and body language the next
time you have a progress update meeting for them .

Preparation and follow up

What is your meeting preparation process? How long does it take you and your
team to prepare for a client progress update meeting? Do you have a checklist of
items that you go through before a meeting? How can you make the process
better? Standard questions I ask every financial advisory team. In every instance
there is a process that can be improved. First , build your checklist of the key
items and process that goes into an ideal client meeting. Second have technology
make the process efficient. Have a templated process using technology. Your
administration staff goes through the online preparation checklist, completes the
work and sends it over to you at least 2-5 days before the meeting. Then you have
your scheduled 15 minute discussion with staff to go over your 50-100 point
checklist to cover off all administration and potential paperwork issues. You also
go over the powerpoint and lock it down as a pdf file. Then you record the
meeting with the clients permission of course, complete the file notes in the
checklist and all administration and follow up and send the recording, notes and
tasks and have your administration manager complete and assign all tasks in your
system to you and your team. The key is templates and technology. It is 2022 so a
future ready technology driven practice has a detailed 100 point or more process
from an administrative and planning side, and an emotional engaging process
from your ideal clients. This makes your process all about their complete financial
life and comprehensive wealth management and financial planning. Do you need
to work on your processes?

Checklist on your process

If you would like an 11 page detailed checklist “ How to Prepare for an ideal
client progress update meeting in 2022” and a list of items to prepare for the
meeting, delivering more value at the meeting and the follow up process, email
me at grant@ghicks.com subject line Progress update checklist”.