All firms deal with client review meetings in different ways. However, recent Strategi research has identified four common approaches taken by top firms that we believe will lead to greater client rapport and increased revenue for your business.

What are the top firms doing?

1. Tailoring the frequency of reviews to the client situation: Although there is currently nothing in the law requiring Financial Advice Providers (FAPs) to organise annual meetings with clients, FAPs need to ensure the products or services sold to clients remain suitable to their needs and goals.

In practical terms this means clients with complex needs are likely to require more frequent reviews than your annual ‘set and forget’ clients. Whichever way you go you must be clear with your clients what their obligations are to keep you updated so you can kickstart a review if needed.

The top firms are doing a good job of this via plain English wording that states when they will be in touch and what the roles of both parties are when it comes to keeping each other updated on changes. The team at Strategi Compliance can help with plain English communications if this is something you need help with. Contact us for more information.

2. Using technology to communicate: Most of the top firms are holding virtual client meetings rather than the traditional face to face meetings. Remember your clients are busy and travel to a meeting can be time consuming (and therefore less likely to happen). Another good tip is to use video functionality to take the file notes for you. Having said that, if your client prefers face to face meetings then definitely provide these.

3. Running organised and meaningful meetings: Running an organised review means you can focus on your client which in-turn leads to a more meaningful meeting. Top firms are using the below meeting agenda to achieve this:

• How has the product/service performed?
• What has changed for the client?
• Where is the client at and what do they want to achieve?
• Outline the advice you would give now if they were a new client.
• Discuss the difference between the hypothetical new client advice and what the client currently has. 
• Make a plan.
• Reconfirm understanding and outline next steps.

4. Follow up communication that stands out: Is your follow up communication clear, concise and engaging? Does it build trust in your company and will the client read it and take action on any recommendations you have made? Top firms have realised that annual review communication is key to client loyalty and often results in increased business. 

Contact the team at Strategi to discuss how we can assist you to fine tune you review process and set you on a path to greater efficiencies and enduring client relationships.