As advisors transition from asset managers to holistic wealth advisors, their assumptions about client reviews must change to reflect a different business model. In any advisory practice, there are only a few times a year when advisors can meaningfully impact the relationship they have with a client. Typically, after the intake interview process is completed and the client is onboarded, the client and advisor speak only occasionally and mainly about the investment process and the client’s financial needs. This is why it is critical to manage review meetings in such a way that builds the trust and enhances the advisor-client relationship. Here, Scott and Ken explore how to structure a review meeting that focuses on clients, not their investments.
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It is important to note that not all Financial Advisors are consultants or investment managers; consulting and investment management are advisory activities, not brokerage activities, and are governed by different securities laws and also by different firm procedures and guidelines. For some clients, only brokerage functions can be performed for a client, unless the client utilizes one or more advisory products. Further, Financial Advisors must follow their firm’s internal policies and procedures with respect to certain activities (e.g., advisory, financial planning) or when dealing with certain types of clients (e.g., trusts, foundations). In addition, it is important to remember that any outside business activity including referral networks be conducted in accordance with your firm’s policies and procedures. Contact your branch manager and/or compliance department with any questions regarding your business practices, creating a value proposition or any other activities (including referral networks). It is important to remember that (i) all planning services must be completed in accordance with your firm’s internal policies and procedures; (ii) you may only use approved tools, software and forms in the performance of planning services; and (iii) only Financial Advisors who are properly licensed may engage in financial planning. For financial representative use only. Not for inspection by, distribution or quotation to, the general public.
Secrets of Successful Advisors℠ with Ken Haman