Formal agendas can keep your client meetings on track and your overall business on schedule and running smoothly.
A proper agenda ensures you won’t forget to cover any important topics during a meeting, says Joanne Ferguson, coach, consultant and owner of Advisor Pathways Inc. in Toronto. And, as a result, you may find new opportunities to help your client and increase your share of wallet.
Follow these tips to set a proper agenda for your client meetings:
> Go in-depth
Create a detailed agenda for annual reviews so nothing is missed during that important client meeting.
Topics to list on the agenda, Ferguson says, should include portfolio performance, asset allocation, “know your client” information and any changes in the client’s finances or lifestyle.
As well, Ferguson recommends making a note to talk about setting up the next meeting with your client.
> Create an agenda for everyone
Even if you talk with a particular client regularly, Ferguson says, you will still need a formal agenda for every planned meeting.
Sometimes, Ferguson says, advisors assume that clients they speak with frequently do not require a formal annual review with an agenda. However, while you may speak to a client often, you are probably discussing only one specific topic, such as a trade, on those occasions.
So, to get a better understand of the overall picture of your client’s finances, she says, you will need to have a longer meeting, with a proper agenda.
> Ask for input
Send a copy of the agenda to your client in advance of the meeting to get his or her feedback.
A couple of weeks before the meeting, Ferguson says, you or a team member should call the client to remind him or her of the appointment. Review the agenda with the client during the phone call and ask whether he or she would like to add anything.
That will give you and your team time to prepare properly for the meeting.
To make sure nothing is overlooked, Ferguson adds, suggest that the client write down any changes in his or her life that have occurred over the past year.
> Schedule enough time
Be clear about how long the meeting should last.
If the annual review is the only time you really speak with a client, Ferguson says, you should set aside an hour and a half, as the meeting should be quite thorough.
For clients you speak with more frequently, Ferguson says, the meeting might take only 45 minutes. However, you will still need a formal agenda and should at least mention each topic, even if there is no need for an in-depth discussion.
> Let your clients speak
Leave some space in the agenda for the client to address any issues they wish to discuss.
Let the client talk, but remember to keep in mind the rest of the agenda. You may have to steer him or her back on track or schedule another time to discuss that topic.
If you are unable to cover all the points on the agenda, she adds, arrange a phone interview at a later time to discuss the remaining issues.