One of the primary ways you deliver value is by helping your clients stay focused and on course. It’s not easy. Despite your best efforts, clients sometimes struggle to remember the plan you built together. A solution to this common problem is to provide them with a Client Engagement Roadmap.
This roadmap:
- positions you as the coordinator of your clients’ multi-faceted financial affairs; and
- helps your client articulate and then document their goals and objectives.
Consider outlining what your clients can expect from you and what you expect from your clients. For example:
What Your Clients Can Expect from You
- Transparency into the partnership process, values and priorities
- Comprehensive financial planning process—creating, monitoring and updating a custom financial plan
- Regular, ongoing and proactive interactions with the team to help guide the client through the emotions that markets, and investing, may trigger
- On-going asset allocation, investment selection, customized portfolio design & construction
- Proactive rebalancing of portfolios
- Tax-smart planning and tax-managed investing
- Helping the client build a team of experts to meet all wealth management needs
What You Expect from Your Clients
- Openness about the current situation, goals, circumstances, preferences, asset location and other relevant wealth management information
- Proactive, two-way communication as the situation changes
- At least two face-to-face updates/meetings per year
- Feedback on client events and educational workshops throughout the year
- Annual tax review of state/federal tax returns
- Introductions to individuals in professional and personal networks for whom the client believes the service provider can add value
Editor’s Note: This is an occasional feature in the NTSA Advisor. This tip is taken from the 2020 Value of an Advisor Study by Russell Investments.
A link to the study is available in the NTSA Certified Retirement Education Specialist (CRES) materials. The NTSA Certified Retirement Education Specialist (CRES) program and designation has been developed in order to equip advisors to be qualified and available to teach the NTSA educational program, which is designed to provide teachers with the basics of planning for retirement and improve their retirement readiness. More information about CRES is available here.
A link to the study is available in the NTSA Certified Retirement Education Specialist (CRES) materials. The NTSA Certified Retirement Education Specialist (CRES) program and designation has been developed in order to equip advisors to be qualified and available to teach the NTSA educational program, which is designed to provide teachers with the basics of planning for retirement and improve their retirement readiness. More information about CRES is available here.
- Log in to post comments