A Blog for Today’s Top Financial Advisors

The 5 Must-Have Wealth Management Meetings with Every Client – Episode 4

Key Takeaways:

  • You need a systematic process for delivering value to affluent clients.
  • The foundation of true wealth management is discovering clients’ key financial needs to address their five big concerns.
  • Start asking for referrals and additional assets early in your relationship with a new client.

Top financial advisors generate huge success when they do one thing above all else: act as consultants to their clients and work in real partnership with them over time.

That consultative, partnership-based approach is driven by a systematic process to deliver comprehensive wealth management solutions to your clients—solutions that go beyond investments to also address the affluent’s five biggest concerns:

  1. Making smart decisions about their money
  2. Mitigating taxes
  3. Taking care of heirs
  4. Protecting assets from being unjustly taken
  5. Magnifying the power of charitable gifts (to the extent they are charitable)

To ensure that you are giving clients this consultative wealth management experience consistently, take each one through a series of five scheduled meetings. Each of these five meetings is designed to win, serve and retain clients while fostering trust, growing the relationship and delighting the clients—not to mention providing you with numerous opportunities to get referrals.

The five-meeting process

Let’s take a closer look at each of these crucial relationship-building (and asset-building) meetings:

1. The Discovery Meeting. The foundation of true wealth management is the ability to accurately uncover prospective clients’ key financial needs. Without this skill, all the specialized financial expertise in the world doesn’t matter. To comprehend prospective clients’ entire financial picture and most important values, relationships, and lifelong dreams, your first meeting should focus on a Total Client Profile interview—asking questions that help them identify their values, goals, key relationships and interests, as well as their assets and the other advisors they work with.

2. The Investment Plan Meeting. In this meeting, you present the client or prospective client with a detailed investment plan based on what you uncovered in the Discovery Meeting. This investment plan will fully establish you as a knowledgeable and thorough professional in the eyes of the prospective client and serve as the road map that can help the client achieve his or her goals.

Ask prospective clients to take the plan home and review it carefully so they can be sure they want to proceed. This goes against the conventional advisor wisdom of “always be closing,” of course. But it tells the person in front of you that you are not a salesman—and sets even more groundwork for a trusted, long-term relationship.

3. The Mutual Commitment Meeting. As the name suggests, the goals of this meeting are to make the mutual commitment to work together and to execute all the agreements needed to do so, and then to obtain introductions to qualified prospective clients. Therefore, you’ll want to first collect and address all questions. Ask the prospective client whether he or she has any questions about the investment plan. As you respond to questions, be ready to offer “proof statements,” such as articles and books that are aligned with your philosophy and that address issues that the prospective client might raise. Then execute the documents.

Also, this is the perfect time to start your introductions process. Once your prospective client is a client, you should immediately begin to leverage the relationship by asking for introductions to qualified prospective clients in your target market—you simply have to ask.

4. The 45-Day Follow-up Meeting. It’s easy for a new client to become overwhelmed by the documents in the weeks following the implementation of the investment plan. This fourth meeting allows you to help the client understand and organize the financial paperwork so he or she can move forward with clarity.

Finally, set up the next meeting, explaining that it will be your first regular progress meeting to review the client’s progress toward meeting his or her goals. Let the client choose the time interval for these regular progress meetings. If the client is unsure, recommend that you meet quarterly.

5. Regular Progress Meetings. At these meetings, you’ll assess the client’s progress toward meeting his or her goals by taking these steps:

  1. Ask about major changes in the client’s personal or financial life.
  2. Review the client’s investment position and progress relative to the investment plan.
  3. Review advanced planning needs such as estate planning or charitable gifting.
  4. Ask for introductions and additional assets to manage.

Clearly, this wealth management process requires more time than other methods. It requires you to uncover each prospective client’s most important goals and challenges and then convert the prospective client into a client in steps or stages.

The good news: That time yields substantial dividends. Financial advisors who use this wealth management process are perfectly positioned to leverage their core competency of client relationship management. They also systematically build high-quality relationships with which clients are very satisfied.

Ultimately, delivering true wealth management means that you will delight your clients, who will be more likely to provide you with both additional assets to manage and qualified introductions.

We all know how that story ends, right? More assets under management, a higher income and a business that supports a life of real significance.

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Where you go—and how fast you get there—is up to you.

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