Although some advisors combine a discovery interview with an initial client meeting, there is a slight difference between the two, says April-Lynn Levitt, a coach with the Personal Coach in Calgary. That’s because a discovery interview is usually a short meeting to see if you and the new prospective client can work together whereas a first client meeting covers all the necessary documents and information required to start working with him or her as a client.
Breaking the meetings in two saves time, says Levitt. And preparing properly shows clients you care; it also helps them feel comfortable with you and your process.
Just as in the discovery interview, when in a first meeting with a client it’s important to make the conversation feel that it has a friendly tone as opposed to making the person feel you’re going through a checklist. As well, it’s good to have a rough agenda for the meeting.
Here are a few other points to keep in mind when preparing for a meeting with a new client:
> Decide on a strategy
Most advisors follow one of two methods in structuring their first meeting, says Levitt. Either they give clients a “homework” package in which they ask clients to send any necessary forms and statements ahead of time, or advisors ask clients to bring everything with them to the meeting.
Levitt prefers working through the different statements and forms with the clients during the meeting. That’s because clients are often nervous about why you want so much personal information, she says, and working along with clients during the meeting allows them to ask questions and feel more comfortable.
> Confirm details
Before the meeting send an email to confirm the details.
Verify the meeting time and give directions, including where clients can park, says Levitt. Also use the confirmation email to remind clients of any forms or materials they need to bring with them.
Send the email about two days prior to the meeting.
> Give fair warning
Provide team members adequate time to prepare for the meeting.
If your assistant prepares everything for client meetings, make sure you tell him or her about appointments well in advance.
For example, at the start of the week, talk with your assistant or other team members about upcoming meetings and any requirements, says Levitt.
> Don’t overwhelm clients
Have a specific service or product in mind so as not to overwhelm the new client.
Don’t recite your firm’s entire roster of services and products when you meet with a new client, says Rosemary Smyth, business coach and owner of Victoria-based Rosemary Smyth and Associates, which specializes in coaching financial advisors. Rather, have a clear idea of the best solution or service for his or her needs based on the discovery interview or information the client has provided.
For example, if you know the client is interested solely in opening an RRSP, save the conversation on donor-advised funds for another day.
IE