Each of your clients and relationships is unique. Yet, we know that many financial advisors attempt to engineer personal client reviews so every client gets basically the same types of information in similar formats and sequences. This practice allegedly enhances advisor productivity.
In the past, there was a reason productivity was enhanced by uniformity–namely, advisors lacked the tools for letting clients customize their own review process.
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Now, with the help of a consolidated wealth reporting platform, productivity means expanding customization, so each client's review process is tailored to personal needs and preferences.
Here are 6 ideas for changing your personal review routines, by evaluating them through clients' eyes:
1. At your next client reviews, make a copy of the first page of every report that you routinely discuss. Spread them on the table, side-by-side, and ask clients to move the cover pages around, to indicate which statements/reports they would like to highlight or consolidate for review purposes. For example, they might position "John's IRA" and "Jane's IRA" together, indicating they would like to discuss the consolidated performance of both accounts.
2. On fact-finders and client-profiling forms, include questions that help to uncover the overview, depth, or detail clients want to review periodically. Conduct periodic Client Satisfaction Surveys that include items such as: "My advisor reviews my financial performance and progress in the right way, with the right amount of detail and depth."
3. During reviews, ask open questions to identify information that your clients: 1) don't find useful; or 2) would like to add or emphasize. For example: "What if I helped you compare your total net worth this year, compared to last year on the same day? How useful would this be to you?"
4. Prior to each review, send ahead a new type of analysis or report that clients have not yet seen. Include a brief cover note that says: "This is a new way of looking at your financial life. When we meet, I'd like to get your thoughts on it."
5. Emphasize your ability to customize reviews and performance reporting in all client communications and marketing messages including these:
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new client presentations
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website announcements
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periodic newsletters or reports
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educational seminars or client appreciation events
6. Ask each client how much time a review ideally should take. Then, manage sessions so that the client's time goal is met, if possible.
When you rethink productivity through the eyes of clients, you won't just eliminate waste and save time.
You also will sharpen the focus of your services and better differentiate your practice from competitors who still deliver "cookie-cutter" reviews. Client satisfaction will increase, which will lead to stronger relationships, more wallet share, and more referrals.
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