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Client relationships Client relationships

Strengthening the advisor-client connection Strengthening the advisor-client connection

Grow the relationship

Grow the relationship by optimizing ongoing reviews

The periodic evaluation and review of your client's portfolio, goals and personal situation are critical to your value as a financial advisor. But thorough preparation is essential.

 

Before the meeting

Do your homework

Preparation is the key to conducting effective investment plan review meetings. Examine your client's file, prepare conversation points, set the agenda and gather materials to answer questions, explain concepts or share news. Be sure to share the agenda with your client in advance of the meeting.

 

During the meeting

Be candid and transparent

Whether the market has been generous or not, always provide clear explanations of what contributed to the performance of the client's portfolio. Complete openness and transparency are key. The same goes for fee discussions. Always provide clear, candid fee disclosure, while helping the client appreciate the services and value that you provide.

Control what you can

Instead of focusing on a purely performance-based discussion, consider placing the emphasis on a wealth management approach that focuses more on cost-efficient investing, sound portfolio construction principles and the value of behavioural coaching.

Uncover important changes

Ask your client to describe any financial or personal changes that could affect his or her goals, risk tolerance, time horizon, liquidity needs or tax and legal situation.

Share your recommendations and offer extra assistance

If you are recommending changes to the client's strategy, allocation or holdings, explain why they are necessary and the potential benefits. When necessary, offer to contact members of your client's professional-advice network who may be affected by your financial planning process or changes you and your client may be making.

Reaffirm expectations and wrap up the meeting

Summarize the key discussion points and the agreed-upon plan of action. This might be a good time to introduce "homework." Providing reading materials that support the main topics you've discussed has the valuable benefit of supporting your transparency, boosting engagement and creating a sense of mutual ownership in the implementation of the plan.

 

After the meeting

Ask for feedback and referrals

Ongoing reviews should be the foundation for reinforcing your client's expectations for effective communications. Ask your client for feedback on how you can improve the review process. The review is also an ideal time to ask a client for recommendations. A simple way to frame your request is to highlight specific services and benefits you already provide to the client and individualize those benefits for the referral.

Send a thank you note

Acknowledge your appreciation for your client's time and partnership with a brief thank you note. Include a summary of your review and reiterate the action plan that you and your client have agreed to.

 

Take action

Print these PDFs to create your own guide for ongoing reviews.

 

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Commissions, management fees, and expenses all may be associated with investment funds. Investment objectives, risks, fees, expenses, and other important information are contained in the prospectus; please read it before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Vanguard funds are managed by Vanguard Investments Canada Inc. and are available across Canada through registered dealers.

This material is for informational purposes only. This material is not intended to be relied upon as research, investment, or tax advice and is not an implied or express recommendation, offer or solicitation to buy or sell any security or to adopt any particular investment or portfolio strategy. Any views and opinions expressed do not take into account the particular investment objectives, needs, restrictions and circumstances of a specific investor and, thus, should not be used as the basis of any specific investment recommendation. Investors should consult a financial and/or tax advisor for financial and/or tax information applicable to their specific situation.

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