The review process was the topic for September Branch meeting for the Chester & North Wales Region. It is an area of the Financial Planning process that is truly valued by most clients and varies from firm to firm.
Each member who attended discussed openly with the group how they operate their review meetings.
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Everyone benefited from the discussion. Much time was given to comparing the best way to systemise the review process in order to make it more cost effective. Other things considered were: the timing of when to request update information prior to the review meeting; how to conduct the investment review effectively; good ways of generating new planning opportunities and making the most of the planner / client relationship.
One member showed the group the pack that his firm uses at a review meeting. This had various items that reinforced the level of service that the client had received since the last review. This helped to show how valuable the planner's advice was to the client because it included a breakdown of the times that the client had contacted the planner for advice. Something that clients sometimes forget.