Debriefing clients after a meeting is one way to show your clients that you have their best interests in mind, says Larry Distillio, director of financial advisor business management with Mackenzie Investments in Toronto.
Providing a recap of your meetings is not only good record-keeping practice, it also increases engagement and builds trust in your client relationships. This is a prime opportunity to connect and assess your clients’ progress and goals.
Here are three tips for debriefing clients:
> Look for gaps in communication
Make sure you haven’t overlooked or glossed over any important topics during your meeting with your client.
Gauge and appropriately address your clients’ thoughts and feelings on the financial planning process by directly asking what they’re most excited about, and which areas may be causing their greatest concern.
“You don’t want anything falling through the cracks,” Distillio says.
> Confirm expectations
Ensure your expectations and your clients’ expectations are aligned. Ask for feedback on your level of service, both in terms of the client/advisor relationship and your client’s financial progress.
With a new client, you’ll need to confirm the terms of your relationship and your client’s expectations, such as frequency and method of contact. That same process applies to existing clients, Distillio says, even if you have worked together for many years.
Expectations evolve over time, particularly within a competitive industry. Over the course of the relationship, your clients will sometimes talk to your competition.
“They might be paying attention to a lot of noise out there,” Distillio says. “And in doing so, their expectations of the advisor can change.”
Checking in during a client debrief is one way to ensure the relationship is on track.
> Create an action plan
“At the end of the day, the advisor is a professional problem solver,” Distillio says, “and he or she will want to put forth an action plan to navigate any concerns.”
Following an annual client meeting, provide a letter to your client including a summary of your last meeting, established objectives, methods for measuring progress and recommendations. The action plan is the “real” debrief, Distillio says, because it contains assessments you made during the client meeting.
An action plan has the added benefit of reminding clients about key issues, such as sticking to a savings plan, and preventing procrastination on future tasks, such as keeping you informed on any life changes.