One simple idea can dramatically improve your client experience

Early on in the year, financial advisors call their clients and ask them to come in to do a review. What value does the word review have to you? A review, according to Wikipedia is “an evaluation of a publication, service or company”. The word “review” does not represent what you are trying to accomplish. From the clients point of view, it does not evoke an enhanced client experience or emotional response. It just sounds like reviewing a bunch of numbers and or the markets numbers. It is telling me the numbers I can get online any day of the week. What value does that represent to me? Not much. So how can you enhance your “review” process?
Stop calling them review meetings
Why not change the names of the meetings to demonstrate the value that they represent. What is the outcome, or more importantly the outcomes the client is trying to achieve? Financial security, financial independence, peace of mind or confidence in their financial plans and goals? Why not change the name of the meetings to focus on outcomes for your clients? Why not call the meeting a “financial security progress update discussion” or a “tracking your financial independence meeting”? Change the name of the meetings to outcomes. An outcome is defined as “a final product or end result or a conclusion reached through a process of logical thinking” according to the dictionary. The client may have several goals and therefore have several outcomes. Call it the “pathway to your goals update” and have the discussion focus more around deeper definitions of goals. Focusing on goals and outcomes and holding clients accountable for reaching their goals is what you are hired for. The discussions around my goals will give me a greater client experience and when you call me up to have a discussion say” Hey Grant let’s get together and go over the pathway to your goals discussion and dig deeper to give you more clarity around your pathway and your progress”. Now think about this discussion. Do you want more clarity about your goals and your progress? Or do you want a review?


How many goals do you have for each ideal client?
A typical advisor usually has less than three goals for each ideal client. When advisors start to embrace goals based planning, they usually discover up to six goals for a client. Last fall in Atlanta, I had the pleasure to have a discussion with Kevin Knull, President of Money Guide Pro . He said “that when people do online or interactive goals based financial planning, they usually plan out 8-10 goals, compared to one or two with a typical advisor”. I found that fascinating. When I went back to several top advisors I work with, and asked them how many goals they have for their ideal clients, it was usually less than three or four. Now those advisors are on track to clarifying 6-10 goals for their ideal clients and having a deeper discussion to help their ideal clients get more clarity around their pathway to their goals.
Why not different names for different meetings
If you have more than one meeting a year for your ideal clients, why not name each type of meeting. For example if you do estate planning , then call it an “asset protection discussion” or something similar. If you do insurance planning then call it a “risk management roadmap meeting “ or a “Insuring your goals discussion” or something similar. Consider branding your meeting names. Decide on how many meetings you will have with ideal clients. Then decide on the type of meetings you will have and brand each one differently. Branding your meeting names hold value in the clients eyes. They see it as a process to help them and your goal is to help them simplify the process, get clarity around their goals and dreams and hold them accountable for reaching their goals. The meetings are more meaningful to your ideal client because they focus on outcomes, goals and them, not you.
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