The yearly recapturing of WHY

Traditional annual client meetings frequently devolve into lengthy reviews of the performance or non-performance of an adviser’s recommendations during the preceding year.  From a re-engagement perspective, this isn’t useful.

The review process has merit.  It is important to take stock of your client’s current financial situation and of how much progress has been made during the year towards achieving their outcomes.  It’s also important to address any burning issues your clients might have.

What’s not useful to re-engagement is debating – with the benefit of hindsight – exactly how justified your previous year’s recommendations (which were based on your client’s outcomes from the previous year) turned out to be.  

It’s not useful because no matter how well or how poorly your recommendations performed last year, it is unrealistic to assume that your client’s desired outcomes will be the same this upcoming year.  Circumstances change.  Last year’s outcome of taking a cruise to Alaska in 2014 might this year take a backseat to helping to pay school fees for a grandchild.

As an adviser, you continually track new products, services, legislation and market conditions and analyse the impact each change will have on your clients’ objectives.  It stands to reason that your clients will only value this work you do if it maximises their chances of achieving outcomes that are currently important to them.

You need to re-establish the WHY at the foundations of your client relationships each and every year in order to successfully re-engage your clients and maximise your chances of delivering the value they seek from you.

What do you think?


About Jim Stackpool

For nearly 30 years Jim has influenced, coached, and consulted to advisory firms across Australia. As founder of Certainty Advice Group, he leads a like-minded team of professional advisory firms seeking to create greater certainty for their clients. As an author, blogger, columnist, and keynote speaker, Jim is regularly called upon for his professional insights into the advice industry. His latest book Seeking Certainty is available now.

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