Client reviews: Are you maximizing opportunities?

If you’ve been keeping up with industry news in recent years, you’ve probably read countless articles explaining why clients leave their financial advisors. Among the many themes in these pieces, one of the most prevalent reasons for leaving was a lack of communication. Fortunately, this may be the easiest issue to fix. As an advisor, how can you continually help your clients plan and achieve their retirement goals if you haven’t taken the time to meet regularly or stay in contact with them throughout the years?

There are many ways to remain in contact with your clients. E-mail marketing, newsletters, phone calls, or social media are all effective ways to stay in touch. But nothing is more powerful than the in-person client review meeting. Client reviews provide a wealth of opportunities for both you and your clients.

Opportunities for the advisor

? Get to know your client better and build stronger rapport.

? Make updates to a client portfolio (i.e. beneficiary review, asset allocations, etc.).

? Inform your client of other resources you may offer (educational events, client appreciation events, referral events, etc.).

? Additional referrals and/or introductions to client’s friends and family.

Opportunities and benefits for the client

? Communicate with advisor.

? Get assurance that their portfolio is up-to-date.