Make The Most of The End of Year Client Review

Make The Most of The End of Year Client Review:  It’s All About The Year to Come.

Advisors should use an end-of-year client review as an opportunity for showing value with a view to future sales. It is important not to allow it to become a box-checking exercise. It is a chance to remind clients of all your achievements over the year, and how you can take them forward in 2023. To make the most of the exposure, however, it is fundamental to formulate a meeting plan. 

While it is a review, the future is the important element here and addressing that requires some preparation and advanced research.  Be sure to compile a list of current goals and assets and be aware of lifestage benchmarks the client may have coming up (e.g., Social Security eligibility, Minimum Distributions etc.). The key is to make the conversation about planning for their future security and prosperity, rather than looking only in the rear-view.

Annuities and life insurance tend to have fewer iteration points or reporting options than securities.  Therefore, planning an agenda for the conversation is important: You don’t want the conversation to be over in a couple of minutes.  Referring to past performance is inevitable—current allocations, interest credited—but look to frame successes and adjustments in terms of future opportunities. Broaden the meeting to focus on their long-term financial wishlist and advise how you might help them realize those goals. 

The review allows the advisor to demonstrate value and remind clients of how and when your specific actions and recommendations have helped them. Ideally you will have a record of your past interactions and will be able to illustrate how important your advice r has been to their financial well-being.  

The current financial climate has been advantageous for annuities and carriers are able to offer record-high interest rates.  If you have clients who have been in the same product for a while, maybe this is a chance for you to recommend a product with an even better rate.   As tax season is just around the corner, the tax-deferred advantages of annuities can be particularly attractive.

The end-of-year meeting will always be a moment to strengthen client connections. An annual review can occur at any time, but the end of year variant is particularly useful for advisors working with annuities and life insurance.  People are inevitably in a reflective mode, so the conversation can be made more expansive and become a discovery for the advisor: Maybe they have other held away assets, or are beginning to think about college planning, leaving a legacy, or final expense? Be ready with a solution for these for these enquiries! The meeting offers the opportunity to position yourself as a trusted resource at the center of your client’s financial future. And do not be afraid to ask for a referral.  You’ve earned it. And it is Christmas after all