Make the most of your annual review3 August 2023

A continued focus on deepening your relationship and understanding of your client is essential to building ongoing trusted client relationships.  This is an inherent part of the lifestyle financial planning approach. Your role, as financial planner is walking side-by-side with your clients and guiding them on their wealth journey. The annual review meeting provides an opportunity to demonstrate the continuous nature of your relationship.

During the review process the conversation should shift away from the usual discussions on returns, market performance, asset allocation etc. Rather focus on your client and their current circumstances. You should remain curious about their lives. Pay careful attention to body language and non-verbal responses. Remember to listen with empathy and no judgement.

Spend a few moments checking in on their current goals and objectives to ensure that they are still relevant and important. Our flagship financial planning tool, the Wealth Integrator, can facilitate this conversation and help remind them of the goals and objectives that were discussed previously. Through a process of rediscovery and powerful questioning, you can evaluate the client’s changed circumstances and determine if the current financial plan still aligns with your client’s financial goals and objectives.

Encourage your clients to share as much as possible since your previous meeting. Help them uncover key aspects that need to be discussed by delving deeper.

Some powerful questions to ask include:

  • What has happened since our last meeting? This will give me a full picture of any changes in your life before we look at the impact of these changes on your financial plan?
  • or the sale or purchase of assets.)
  • What’s happening right now in your family life?
  • What are your immediate priorities?
  • What about the next 12 months?
  • What are you working towards at the moment?
  • What are you hoping for in the next 12 months?

If there are any changes in your clients’ life circumstances or financial goals that have evolved, you will need to update their financial plan accordingly. You can create multiple scenarios in the Wealth Integrator to show them where they started and how far they have come in terms of achieving their goals and objectives.

The client review meeting is an opportunity to showcase the value you add to your client’s financial life. It’s important to make the most of it.