How client review meetings can lead to business growth

Top advisors are very intentional in how they approach client review meetings because they know that if conducted properly, these meetings can reinforce and deepen relationships, enhance client satisfaction, and identify opportunities for future growth. Andrew Crowell and Robert Arzt recently shared a few steps that advisors can take to help ensure they make the most of these important meetings.

The importance of initial discovery interviews

Initial discovery interviews not only bring to the surface important information, but also help to set the tone of the client-advisor relationship; so, careful preparation and execution of these meetings are critical, according to Crowell, who is a financial advisor and vice chairman at D.A. Davidson &Co.

“I recommend drafting an agenda and sharing in advance with the client in order to get their feedback and additions ahead of time,” he said. “Ask the client to bring copies of all important documents (two years’ worth of tax returns, investment and bank statements, insurance policies, Trusts, Wills and other estate documents, etc.). Having the client bring these to the initial  discovery meeting helps begin the pattern of critical information sharing, which will be fundamental to a successful long-term partnership.”

In addition, Crowell said, it is important to not merely be factual and “clinical” with discovery questions, but to be curious as well. “Be willing to occasionally go down rabbit holes you may discover as the client shares with you,” he said.

“For example, if they have season tickets to the opera or a football season, ask about them! Find out why it’s important to them. As you embrace curiosity during your interview, don’t simply ask about data and facts but make the deliberate transition to inquire of the client’s values and goals. Remember the power of storytelling when speaking with clients, especially when discussing financial topics and concepts, which might not be familiar to them. People remember stories and pictures more easily than verbose lectures.”

Crowell also advised advisors to take notes during the interview. “This not only will help you remember details of your conversation but will also show the client that what they share is important,” he said.

And finally, at the end of a client review meeting, advisors should always recap the next steps and timing for the next interaction. “Leaving the discovery meeting with a clear understanding of who is doing what and when you will next interact helps reinforce your conscientious professionalism, as well as keeps up the planning momentum,” Crowell said.

Four-step path to success

For advisors to be thought of as trusted advisors by their clients, it is imperative that they customize their approach for each client review meeting to meet both their learning style and information needs, said Arzt, founder and president of Polaris One and InsuranceCoachu.com.

Here’s a brief overview of a four-step process that advisors can follow, according to Arzt:

1. At least one week prior to your client meeting, review your client notes to refresh yourself about their goals, learning styles and any next steps listed from your previous meeting or interaction. Pull together any updated financial data and resources you may need for the meeting.
2. Create a customized written agenda to share with your client and be sure to ask them for any questions or comments they may have before you begin the meeting. “This will make sure that you will be responsive and be able to meet their needs. Also, be prepared to be flexible with your presentation,” Arzt said.
3. Ensure that your recommendations match your client’s stated goals and risk tolerance and be prepared to explain why and how you came up with your suggestions, especially if they vary from previously stated ones. “Anticipate any questions or concerns your client may have and include any backup or support resources you may need,” he said.
4. Lastly, be sure to thoroughly document what was discussed, including any client comments, next action steps and target dates for future actions and client meetings.

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected]. 

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