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Learn MoreThere can be great pressure placed on individual client meetings. After all, just getting certain clients on the phone is hard enough, but getting them into the office? That’s an opportunity you just can’t afford to waste.
Unfortunately, a recent study of client satisfaction showed that clients rated communication as their second-least favorite aspect of their relationship with their financial advisor. And considering the value Baby Boomer and Generation X clients place on face-to-face meetings with their advisors, it’s safe to say that most clients aren’t thrilled with your meetings. Sorry, advisors of America.
While I can’t look into a crystal ball and tell you exactly why that is, I have a good idea why your meeting may not be living up to expectations. Five really good ideas, actually. Do any of these sound familiar? If so, you might need to tweak your approach to client meetings.
Here’s one I’m sure you’ve experienced before: You schedule a client meeting and do your homework—like review your notes from your last meeting, check on the progress of their plan, and sketch out a few recommendations that will move them closer to their goals. But when it comes time for the meeting, you find that your client isn’t quite up-to-speed on their own financial picture. You’re then forced to waste valuable time reviewing the present, when you really want to stay focused on their future.
Some believe meetings should be kept as simple as possible. And I can’t blame them. Complex financial concepts don’t usually become more clear when buried in a fancy presentation—so stick with a few basic charts, a couple of hand outs, and a Microsoft Excel sheet to keep it all organized, right? Wrong. In today’s digitized world that approach just doesn’t fly anymore. Studies show that if you’re meetings aren’t instructive, interactive, and online, then your clients won’t be happy. And thanks to an abundance of choice – they won’t be afraid to fire you either.
How do you know what your clients’ goals are if you don’t allow time for them to share? Your clients won’t feel like they’re in control of their financial future unless you provide them the opportunity to “take the wheel” and be an active part of the planning process. For example, say a client wants to see what would happen if they decided to sell their vacation home to boost their retirement income, you need to be able to show them in real time how this decision will affect their entire plan – or risk losing them.
If I’m your client, I don’t really want you to hand me a piece of paper as a takeaway from our meeting. And I really, really don’t want you to hand me a big, bulky binder full of them. For starters, I care too much about the environment to waste paper. But more importantly, because we both know that the information on those papers will be outdated the minute I walk out the door. And what good is sending me off with outdated information? Reference point #1 on this list for a reminder as to why that’s not the best idea …
If you stopped reading this post after #4, than you could only guess what I’d be saying here in #5, right? Well, if you head to a client meeting with a plan that accounts for only a portion of your client’s wealth—the portion you manage—aren’t you guessing a bit in that situation, too? In order to work toward meeting your clients’ needs and long-term financial goals, you need to be working with all the facts. Otherwise, the meeting isn’t going to be as productive as it can be.
It’s never a waste of time to get introspective – and critical – about your client meetings. By identifying what works, and to cutting out what doesn’t, you foster a better, more engaging client experience. And in the digital age, experience matters.
