Creating a Personalized Client Review Process & Family

For financial advisor use only.

Creating a Personalized

Client Review Process

& Family Preparedness

For financial advisor use only.

Outcomes

Understand the importance of delivering a value-added client experience

Learn how to create a standardized client review process

Discover how to customize the experience to the client

Leverage resources and tools to assist in the process

For financial advisor use only.

Advisor Relationships Build Confidence

Source: Fidelity Millionaire Outlook Study, 2016

Clients who receive a call or visit from their

advisor to discuss implications of recent

market volatility are 7X more confident

than clients with an advisor who did not.

more confident

For financial advisor use only.

Frequency of Client Touchpoints

FREQUENCY

In-Person

Meetings

Outgoing

Phone Calls

Educational

Events

Social

Events

Social

Media

Video

Conferencing

Digitally-

Based Review

Meetings

Weekly

5% 11% 2% 2% 22% 1% 3%

Monthly

6% 29% 3% 3% 16% 4% 6%

Quarterly

33% 41% 16% 16% 11% 8% 17%

Semi-Annually

33% 14% 16% 18% 3% 7% 17%

Annually

22% 3% 16% 25% 3% 5% 9%

Every Other Year

1% 0% 6% 7% 0% 4% 2%

Don’t Use

0% 2% 41% 30% 45% 71% 46%

Average Contacts Per Year

5.4 11.1 2.5 2.6 13.9 1.8 3.4

Advisors reported how often they contact an ideal client each year via the above touchpoints.

Source: The Cerulli Report, “US Advisor Metrics 2018”

For financial advisor use only.

Factors Clients Value Most in Advisors

73% 67% 66%

TRANSPARENCY UNDERSTANDING

NEEDS & GOALS

PROMPT FOLLOW-UPS

Performance

relative to overall market

Clearly explained

financial analysis

Portfolio monitoring

and communication

61% 59% 59%

Source: The Cerulli Report, “US Advisor Metrics 2018”

For financial advisor use only.

Create an Exceptional

Experience by Standardizing

& Customizing Your Reviews

For financial advisor use only.

Client Engagement Missteps

• 48% of advisors have a clearly structured

client review process

• 9% send an agenda prior to meeting

• 41% of advisors ask formally for feedback

• 22% of advisors tailor content to

individual/demographics

Source: FPA Research and Practice Institute; Trends in Client Communication, 2014

For financial advisor use only.

Best Practice: Trusted Advisor Review

Rather than help clients

achieve their financial goals,

we help our clients financially

achieve what’s most

important to them. Our clients

don’t have financial goals.

TRUSTED

ADVISOR

ENGAGE

OUTLOOK

& UPDATE

WEALTH

MANAGEMENT

Source: The Cerulli Report, “US Advisor Metrics 2018”

For financial advisor use only.

Standardize the Process, Customize the Experience

STANDARDIZE

Segment clients and services

Define the process

Standardize materials

Consistently implement

CUSTOMIZE

Goals, wants, needs and expectations

Life and financial motivations

Risk approach

Preferences

For financial advisor use only.

The Client Review Process

STANDARDIZE:

Schedule the review

STANDARDIZE:

Prepare for the review

STANDARDIZE:

Follow-up & Deliver

CUSTOMIZE:

Hold the client review

For financial advisor use only.

Create a template letter

Plan in advance

Schedule sufficient time

Remain consistent with review scheduling process

Standardize: Schedule Your Reviews in Advance

Clients can become more confident

in your role as a trusted advisor when

you create a structured process that

sets expectations, including

scheduling review meetings that

respect not only their schedule, but

yours as well.

For financial advisor use only.

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Sample Client Review Request Template

Dear Tom & Susan,

The time for your next wealth management review is coming up. I’ve set aside the following dates and times for

our meeting. Please let me know which time will work best for you. If you are unavailable during these times, let

me know, and I will reach out personally to find a time that works for you.

May 15

, 1 – 2pm or May 16

, 10 – 10am

We are looking forward to the opportunity to discuss your situation and the progress that’s been made towards

achieving your goals. Attached you will find our agenda for the meeting. Please let us know if there is anything

else you would like us to cover. As always, feel free to call me about anything in advance of our meeting.

Sincerely,

Advisor Name

Title, Firm

The below sample is a letter you can send to clients to schedule a client review meeting

100

For financial advisor use only.

101

Online Scheduling Tools

*Please discuss with your Broker Dealer compliance

department or RIA consultant prior to use.

ACUITY

www.acuityscheduling.com

CALENDLY

www.Calendly.com

FULL SLATE

www.fullslate.com

SCHEDULE ONCE

www.scheduleonce.com

TIME TRADE

www.timetrade.com

For financial advisor use only.

102

Sample Client Meeting Agenda

Establish a Clear Agenda

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For financial advisor use only.

103

Capture Life Transitions Before Your Review

Life Events Checklist

For financial advisor use only.

104

Technology to Aid Your Review Meetings

GOTOMEETING

www.gotomeeting.com

MIKOGO

www.mikogo.com

SKYPE

www.skype.com

WEBEX

www.webex.com

ZOOM

www.zoom.us

*Please discuss with your Broker Dealer compliance

department or RIA consultant prior to use.

103

104

For financial advisor use only.

105

Preparing for the Client Review

• Review prior materials

• Update client plan/vision

• Standardize materials

• Customize topics

• Gather new client info in advance

• Customize to learning style

• Coordinate with COIs in advance

BASICS BEST PRACTICES

For financial advisor use only.

106

“The more I practice, the luckier I get.”

-Gary Player, Professional Golfer

105

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For financial advisor use only.

107

REVIEW THE BIG PICTURE

Use Client Meeting to Re-Engage

Client vision

Review client’s vision

Review goals and

expectations

Life changes

Engage personally

Discuss changes in the

clients financial life

Questions & listening

Focus on your client's needs

Integrate re-discovery

during WM review

For financial advisor use only.

108

Retirement Income Planning 93%

Retirement Accumulation Planning 89%

Education Funding 71%

Insurance (Life, Health, Disability) 71%

Are You Offering the Right Financial Planning Services to Your Clients?

Source: The Cerulli Report, “US Advisor Metrics 2018”

Cash Management or Budgeting 58%

Intergenerational Planning 44%

Elder Care Planning 40%

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For financial advisor use only.

109

Advanced Planning Services

Investment -

Forward

Planning -

Forward

Experience -

Forward

Source: The Cerulli Report, “US Advisor Metrics 2018”

For financial advisor use only.

110

Moving From Investment Consultant to Financial Coach

Help clients recognize all of the

components that contribute to a sense

of financial satisfaction

Understanding your client’s values and

helping them to assess their

satisfaction in various facets of life is

crucial in developing a successful

financial plan.

The first step to making positive change in any area of life is awareness

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For financial advisor use only.

111

Consider a Client Vision Summary

to Set Foundation for Meeting:

Client Vision Template

For financial advisor use only.

112

Different Demographics, Different Goals

Source: InvestmentNews, “Millennials' financial habits and priorities differ from Gen X, boomers,” 2017

111

112

For financial advisor use only.

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Customize: Investment Review

Discuss strategy, approach, solutions and performance relative to clients goals and desired outcomes

REAFFIRM & GAIN

CLIENT COMMITMENT

RESTRUCTURE

THE PLAN

RE-EDUCATE

ON ISSUES

ON TRACK

SIGNIFICANT

CHANGES

MISCONCEPTION

OR ANXIETY

For financial advisor use only.

114

Incorporate Timely Commentary

113

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For financial advisor use only.

115

Review Meeting Tools

Access our strategic relationships AssetMark Resources

For financial advisor use only.

116

Reinforce Services You Provide

Sample Services Menu

How We Work with Clients

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For financial advisor use only.

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Manage Follow-Up Activities

Quickly recap the meeting

Identify your action items and timeline for completion

Identify their action items and timeline for completion

Mention when follow up will occur - and by whom

Confirm their next meeting date

By sending a “follow up /

action items” reminder to

clients, you reinforce your

commitment to their needs

and goals and enhance

the client experience.

For financial advisor use only.

118

Capture and Document Key Decisions

Documentation

Template

117

118

For financial advisor use only.

119

Follow-Up Action Template

Sample Plan of Action Template

For financial advisor use only.

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Incorporate Best Practices into the Process

 Send and gather information in advance

 Engage in personalized calls, follow ups and reminders

 Track and review services provided

 Integrate process fully into CRM system

 Deliver on what you promise

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For financial advisor use only.

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Client Review Process: Program Resources

• Sample Client Review Process Checklist

• Sample Process Implementation Plan

• Sample Client Review Meeting Agenda

• Client Review Meeting Scheduler

• Sample Client Review Meeting Correspondence

• Sample Client Vision and WM Roadmap

• Discovery Questions

• Sample Life Checklist

For financial advisor use only.

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Client Review Process: Program Resources

Sample

Client

Review

Process

Checklist

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122

For financial advisor use only.

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Client Review Worksheet - Template

Virtual Admin Review Worksheet Request Form

For financial advisor use only.

124

Questions to think about….

• Do your loved ones know your wishes in the event of an unexpected emergency?

• Have you appointed a trusted financial decision-maker in the event of incapacity?

• Have you appointed someone who knows your healthcare wishes if you cannot communicate

them?

• Have you shared your healthcare desires with your healthcare decision-maker?

• Do your beneficiary-designated assets reflect your current wishes?

• Would someone know how to access your online accounts if they need to?

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For financial advisor use only.

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Questions to think about….

• Have you planned for a potential stay in a nursing home?

• Have you shared your wishes with your family, so your desires will be followed upon your death?

• Are your medical records accessible to family members if they need to view them?

• Does your current plan reflect your current wishes?

• Is there one thing that you want to pass along to those left behind?

• Who is going to take care of your pets?

• What would you do if you couldn’t live on your own anymore?

For financial advisor use only.

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Investors who plan to transfer wealth vs. Investors with a plan in place

80%

Plan to transfer

their wealth

45%

Actually have a

plan in place

Source: State Street Global Advisors, “Roadmap for a New Landscape”, 2016

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For financial advisor use only.

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Our job is to help you move

from inertia to activity in

planning for your family’s

future

For financial advisor use only.

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Overcoming Avoidance Behavior

How much is wealth planning discussed within the family?

Wealth is not discussed

openly in the family

45%

Source: State Street Global Advisors, “Roadmap for a New Landscape”, 2016

Hold regular family meetings

to discuss wealth matters

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For financial advisor use only.

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Thinking About Family Preparedness

Planning for all stages of life ensures the best possible future for your loved ones.

We are here to help guide you.

For financial advisor use only.

130

Introduce Yourself to Children of Clients

Dear Children’s name,

I hope this letter finds you well. Our firm recently engaged in a professional partnership with your parents, parents name(s) as

their financial advisor. I am writing to share a bit of information about my firm and myself.

My name is Advisor name, and I have worked as a financial advisor for the past X years. I entered this industry because I enjoy

the feeling of helping those who are uncomfortable and anxious about their financial future find clarity.

At Firm, we believe in providing access to the best industry partners, coupled with our knowledge and expertise, to help our

clients achieve their vision of financial success. Please feel free to learn more about our firm at www.firm.com.

We are here to provide your parents with the highest quality financial planning and investment management services available.

We wanted you to have our firm contact information if you ever have a need for our services, but more importantly, if in the future

we need to reach out to you on your parents’ behalf.

Sincerely,

Advisor Name

Title, Firm

CC: Client’s name(s)

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For financial advisor use only.

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Move from reactive

to proactive

Being proactive gives you far more control and certainty

about the road ahead

For financial advisor use only.

132

Primary Triggers for Thinking about Wealth Planning

Source: State Street Global Advisors. “Money in Motion”, 2015

37%

Reaching a certain age

Other Triggers:

• Starting a family

• Discussions about family legacy or values

• Encouragement form advisors

• Changes in tax & trust laws

• Poor health or a health scare

• A death in the family

• Hearing stories or advice from friends

• Liquidity event

• Questions or pressure from the next generation

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For financial advisor use only.

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Shifting Your Mindset

Think about the long-term goals you have for your family

Start early! Bring family members into the discussion.

Stay engaged

Use checklists and set short-term goals

For financial advisor use only.

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Our commitment is not just to you,

it is to your multigenerational family

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For financial advisor use only.

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Family Preparedness Kit

Fillable PDF Workbook includes:

1. Key information

2. Essential Documents

3. Medical Information

4. Financial Information

5. Digital & Professional Information

6. Family Legacy & Final

Arrangements Planning

For financial advisor use only.

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Family Preparedness Presentation

Customizable PowerPoint that:

• Helps you guide the conversation

around Family Preparedness

• Shifts client’s mindset from reactive

to proactive

• Explains the benefits of planning

ahead and provides the steps to get

there

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