Effective client reviews
Conducting effective client reviews is especially important during periods of market uncertainty. Let this be your roadmap.
Additional resources for
your conversations with
clients:
The 3 P's of effective reviews
There are three key ingredients to effective client reviews: Perspective, Priorities and Process.
1. Perspective
Help clients gain perspective on world news, market headlines, and the value of working with an advisor.
Read transcript of audio recording.
2. Priorities
(Re)Discovery conversations are key. As clients’ priorities evolve, it is important to stay closely aligned with their changing goals, circumstances and preferences.
3. Process
Walk your client through your client-centered wealth management process, their plan and portfolios.
Preparing for the review
Any good review—especially during volatile markets—requires advance preparation. Gather and reflect on the following to help your review go smoothly.
Gain perspective
Let Russell Investments help you
Market developments
The value of your relationship
We believe advisors provide real value to their clients. Much of the work of an advisor is complex and happens behind the scenes, though, making it hard for clients to appreciate. Our Value of an Advisor program is designed to help advisors articulate and investors understand the full value of an advisor’s services.
Resources
Client Priorities
1. Review our best practices
Review 9 key reminders on client communication best practices
2. Determine meeting format
Consider whether the meeting will take place virtually or in person. If virtual, have a team member reach out to the client the day before the meeting to offer a technology dry-run.
Review our best practices on how to use technology effectively
3. Prepare an agenda
Prepare a Proposed Meeting Agenda
4. Send the agenda
Send the agenda to your client at least 3 business days before the meeting. Include written instructions on how the client can access the virtual meeting technology.
Articulate your process
1. Prepare your talk track
- Listen to sample talk track to walk a client through the roller coaster of emotions and identify where they currently plot on the cycle
- Explore the interactive Cycle of Investor Emotions
- Contact your Russell Investments Sales Team for access to the Challenging Conversations Guide.
2. Review goals
- Download Discover one-pager
- Talk to Russell Investments about our unique discovery process
3. Review portfolios
Review portfolios and alignment with client's plan. Reflect on what's working and what isn't. Do you need to consider any changes?
- Outcome-oriented model strategies
- Transition to tax-managed
- Interactive tools
- Be prepared to protect the plan
Conducting the review
You’re prepared! Be confident and remember to authentically ask, listen and empathize throughout the meeting.
1. Chat
Take time for personal conversation and adopt friendly client language
2. Assess emotions
3. Review the agenda
Walk the client through the meeting agenda. Make adjustments based on client's feedback and emotional state.
- Perspective. Share your perspective on the current world events, market developments and the value of a relationship with a trusted advisor like you.
- Priorities. Walk your client through a re-discovery process
- Process. Review the client's plan, tying it to their priorities and the re-discovery discussion you just had. Articulate and review product alignment and recommendation: Stay the course or make changes.
4. Articulate next steps
Schedule the next meeting. For top clients, consider introducing a Client Engagement Roadmap (Please contact your dedicated Regional team for access to the Client Engagement Roadmap Guide)
5. Make yourself available
Offer to talk to your client's concerned family members and friends.
After the review
You have finished the actual review meeting—but there are some important follow-up items to complete to ensure a good experience.
1. Follow up email
- Within 48 hours, send a follow-up email summarizing next action steps. Consider also including:
- Links to client-approved market perspective podcasts
2. Implement the next steps
- For top clients, consider also creating a custom Engagement Roadmap to help the client visualize the trajectory of their relationship with you and execution of their priorities (Please contact your dedicated Regional team for access to the Client Engagement Roadmap Guide)
Elevate your client reviews & your practice
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