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Here’s how most financial advisors conduct their “Review” meetings with clients after 3-5 years:
1) “Good to see you again. How is everything going?”
2) “How is life? How are the kids? Are you enjoying your travel? What’s changed since we last talked?”
3) “Ok, great. Well, we updated your plan and portfolio. Everything still looks good. You’re still on track.”
4) “What big plans or vacations do you have coming up this year?”
5) “Ok, great. Call me if you need anything.”
*Rinse and repeat once per year for the next 30 years*
And this auto-pilot approach to review meetings is a big reason why:
- Most advisors have a client base full of “marginally-satisfied clients”
- 90% of heirs leave once they inherit money
- 70% of widows change advisors after their spouse’s death
- Most clients say they’ll refer but never do
When done right, your meetings with long-time clients are an opportunity to:
- Strengthen your trust and connection
- Naturally display and reinforce your value
- Help your clients live their best lives
You may call it a “Re-Discovery” meeting. You may call it a “Flourish” meeting. You may call it a “Progress” meeting.
Either way, Meghaan Lurtz has a blueprint on how to conduct these meetings that accomplishes all three.
Things You’ll Learn
- Why your clients “only want to talk about money”
- How to avoid long-time clients getting the “7-year itch”
- Questions to ask clients to help them live their best lives
- The relationship building power of co-creating visions and goals
- What the research says about whether small talk is helpful or harmful
- How to keep clients from becoming disengaged (and the signs to look for)
- A question to ask at the end of every meeting to improve the client experience
- Examples of effective ways to set up a “Re-Discovery Meeting” with long-time clients
- Why asking a prospect to “think it over” may actually be detrimental to the relationship
- Reflection exercises to use with clients that reinforce the value of working with an advisor
- Compelling research on why you should talk to clients about the relationships in their lives
- “Fix, Fine Flourish:” A framework for consistently re-engaging clients and delivering ongoing value
About Meghaan Lurtz, Ph.D.
Meghaan Lurtz is a Senior Research Associate at Kitces.com and the Nerd’s Eye View Blog, where she researches and writes about virtually everything that would fall under the realm of the human side of money. She has her Ph.D. in Personal Financial Planning from Kansas State University, is involved with the financial planning programs for several colleges and universities across the country, and is the former president of the Financial Therapy Association.
And, of equal importance, she is one of the select few individuals in the world who can claim their work is featured more than once on our “Hall of Fame” page!
Other Episodes You’ll Like On Going Deeper With Clients
- Designing A Discovery Process Designed To Maximize Return on Life with Mitch Anthony
- Infusing Life Into The Financial Planning Process with Tim Maurer
- Crafting A Values-Driven Process To Attract And Acquire Ideal Clients with Bill Bachrach
Whenever you’re ready, there are 3 ways I can help you master the human side of advice:
- Human Side of Advice Masterclass: Build a human-first planning process to convert prospects into life-long clients in 10 weeks
- The Ultimate Intro Meeting: Learn how to qualify and convert prospects in 30 minutes without being salesy
- HSOA Community: Exclusive content, courses and conversations to master the human side of advice with like-minded advisors
If you want more information on any of these, let me know here.