There is an intrinsic link – confirmed by research – between the quality of the review process (as rated by clients) and the satisfaction and retention rates amongst those same clients.
Despite this, the client review process appears to be one of significant disconnect, and –according to Rod Bertino of consultancy Business Health – is the part of the advice offering which is consistently rated lowest by clients.
Rod’s research found that clients felt advisers were excellent at covering off investment updates, market reviews, policy appraisals and policy comparisons (ie their product holdings) in these meetings, but gave relatively little focus to clients’ goals and dreams.
An important step in ensuring your review meetings are truly client centric is to create an agenda – sent out well in advance – and ask your clients to contribute their own items. This clarifies for your clients what they need to think about beforehand plus it teases out any of their
issues you hadn’t anticipated, allowing you to be prepared rather than blindsided. (More progressive practices are even sending out this pre meeting communication via personalised video).
Applying this approach not only is more respectful of clients, it’s also likely to make review meetings more efficient and more effective at uncovering new opportunities to assist your clients.
This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring AFA Adviser of the year Jenny Brown.
Click here to read Hot business tip no. 1: Look after yourself and your staff
Click here to read Hot business tip no. 2: Survey your clients
Click here to read Hot business tip no. 3: Place a higher value on your time
Click here to read Hot business tip no. 4: Review your client onboarding process
Click here to read Hot business tip number 5: Adopt an estate planning methodology across your business
Click here to read Hot business tip number 6: Tailor your communication strategy by client generation
Click here to read Hot business tip number 8: Create a differentiated service offering (segment your client base)
Click here to read Hot business tip no. 9: Set up a Board of Advice
Click here to read Hot business tip no. 10: Develop a client retention strategy