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.

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This is an extract from a collection of business improvement tips for advisers, launched at Zurich’s Trax2Success national roadshow, featuring the 2013 AFA Adviser of the year Jenny Brown.

Click here to read Hot business tip number 1: Look after yourself and your staff

Click here to read Hot business tip number 2: Survey your clients

Click here to read Hot business tip number 3: Place a higher value on your time

Click here to read Hot business tip number 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 number 9: Set up a Board of Advice

Click here to read Hot business tip number10: Develop a client retention strategy

Click here to read Hot business tip number 11: Run a program where staff drive improvements

Click here to read Hot business tip number. 12: Build your emotional intelligence

Click here to read Hot business tip number. 13: Go Social

Click here to read Hot business tip number. 14: Get better at handling objections

Click here to read Hot business tip number. 15: Create stronger referral sources

Click here to read Hot business tip number. 16: Set up a Google account

Click here to read Hot business tip number. 17: Learn from leading advisers

Click here to read Hot business tip number. 18: Make better use of technology in your business

Click here to read Hot business tip number 19: Improve your office environment

Click here to read Hot business tip number 20: Develop a great value proposition

Click here to read Hot business tip number 21: Make more use of video in your business

Click here to read Hot business tip number 22: Optimise your website for mobile

Click here to read Hot business tip number 23: Have a marketing plan

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