Frequent client contact is an important part of a financial advisory practice. But many advisors find that when they schedule a meeting with a top client, the individual is often too busy to keep the appointment. Setting an agenda that outlines what you want to accomplish in the meeting is one way to involve the client.

Dan Richards, president of financial services consultancy Strategic Imperatives Ltd. in Toronto, says that one reason many clients won’t make time for an appointment is that they don’t feel they are receiving real value from the meetings.

Setting out an agenda beforehand addresses that. It is a good way not only to ensure the client shows up for the meeting but also to make sure the event is a success. An agenda clarifies what you hope to accomplish in the meeting and ensures you and your client cover all the topics you want to address — in the order in which you want to address them.

So, an agenda makes the meeting more productive and leads to better use of your and your client’s time. As a result, the client is more likely to find the meeting useful and valuable.

Ideally, the agenda should include input from the client. When you call a client to set up a meeting, Richards says, you can say: “Bob, there are a number of things I’d like to cover in the meeting, but before I get into those things, tell me what you’d like to achieve in this meeting. Are there questions that you have, or concerns that you’d like to address in this meeting?”

Very often clients will say they have nothing in particular in mind. In that case, you can point out the things you want to achieve. “By making the client a part of the planning process, you’ve given him or her an opportunity to bring any questions or concerns to the table,” Richards says.

LEAVE TOP ITEM BLANK

It’s usually best to present the agenda to the client at the beginning of the meeting. One strategy is to leave the first item blank, Richards suggests. When you meet the client, you can say: “You’ve noticed that I’ve left the top point blank. That’s just in case something has come up since we last spoke that you want to talk about. I want to be sure that we address all of your concerns today.”

Notes Richards: “This gives the client a chance to take the lead. And, if there are no concerns, the advisor can then get into discussing the portfolio and its performance relative to the plan and goals that were set out initially.” The meeting can turn toward other topics the advisor wants to discuss, such as new RESP rules, an RRSP catch-up or alternative investments.

A big advantage of having a written agenda is that it helps break the ice for advisors who may be hesitant about broaching the question of referrals, which many advisors consider a delicate subject.

“Putting referrals on the agenda breaks the back of an issue with which many advisors struggle,” Richards says.

Naturally, meeting agendas will vary from client to client, but should typically include:

> goals, including what you hope to achieve in the meeting, such as reviewing the client’s circumstances and making sure that his or her needs are met;

> a list of financial topics to be covered, such as RRSP contributions, investments or tax issues;

> a blank space for any issues the client wants to add;

> any potentially difficult subjects, such as asking for referrals.

After the meeting, send a follow-up note thanking the client for taking the time to meet with you. Include in the note the specific next steps upon which the two of you agreed in the meeting. IE