Webinar The human-centric client review meeting

(00:03):

Hi, and welcome to the human-centric client review meeting. This is of course, the third type of meeting that we are covering in this series on human-centric financial advice, out of Money:Mindshift. Now, you know, of course, by now that the superstructure of these recordings are always the same. So before I go into a brief reflection of what it means to be human-centric, and this instance, what the human-centric client review meeting is versus what the other types of meetings, client review meetings, are. So product-centric client review meetings, and client-centric client review meetings. I then also look very quick into the purpose and the definition of that type of meeting before reflecting on curiosity and how curiosity helps foster trust. I briefly reflect also on listening again and how you can become a better listener before going into some depth of what the structure of that client review meeting that human-centric type client review meeting looks like.

(01:24):

And provide some suggestions on how to follow up afterwards. So let's dive right in, beginning with the reflection of what a human-centric client review meeting is versus what another type of client review meeting is. A product-centric one and a client-centric one. So I think, you know, I said this before, I think this is a great way to you know, appreciate the, the essence of the human-centric approach by contrasting it with the other types of meetings. As you see here, the product-centric meeting is really focused primarily on financial products, on performance metrics, on taxes, on portfolios, and other technical elements. And the client here is more of a, you know, a recipient of information rather than someone who you know, is being seen as, as a human with evolving goals and deeper values and vulnerabilities and life events that perhaps change, et cetera.

(02:31):

So that's that's the difference between product-centric and, and human-centric and the client-centric approach. You know, the, I would say really what the purpose of the meeting is, is to focus a client's goals and their financial plans. So it's really, it's tailored to the individual, but often stays within the boundaries of the financial plan and what's needed to stay on track. And that's, as I said, is what makes the human-centric meeting different, because this really goes deeper than the client-centric one. It's about rediscovery, it's about acknowledging that clients change over time, and, and it's a meeting that creates space to reflect on purpose, on relationship, on aspirations and evolving needs. So it's really about engaging the client as a whole person, not just as a financial plan or a set of goals. Now, I bring this up very quick again, and this is just this very brief contrast of what it is to be human centric in the first place. I let you pause here very quick so you can digest the detail. But it's really just to bring the contrast. The purpose of the contrast is to bring to life the essence the vision of the human-centric approach by contrasting it with a client-centric one and the product-centric one.

(03:58):

Just to wrap this up on this page, what you have is you know, what the different types of advisers, so the human-centric adviser versus the client-centric adviser versus the product-centric adviser, what they expect their clients to say. So you see here, the product centric adviser, they expect that their clients would say something like, that investment product sounds great, let's do it. As opposed to the human centric adviser who would expect their clients to say something like, I feel like my money is helping me live the life I want. Right? So that's the essence of the different approaches. Now, let's look into the purpose of the client review meeting.

(04:46):

So, you know, when I speak to advisers, I sometimes hear that they, this, this human-centric notion, they are good at it in the initial meeting. They're good at it in the discovery. They are not so good at it by their own admission in the client review meeting. So in the client review meeting, it appears they often default back to a more, what I previously described as the client-centric approach, okay? Where it's really about discussing a financial plan, updates to a financial plan, the goals that have been previously discussed, et cetera, but not so much about reconnecting, understanding, evolving goals, understanding centres, and as far things have changed, and then as far a plan may need to change as a result of changes that have happened in the client's lives. And I think that's really what the purpose of the client review meeting is.

(05:50):

But I will caveat that I do realise that especially perhaps in the first two years or so, the purpose of the client review meeting may be more on the technical side, right? So it may be around building the financial plan about establishing report executing tasks like budgeting, insurance, tax planning, and investment set up, et cetera. So in the first two years but after that, I think you want to, you want to evolve the relationship, right? So chances are in the first two years, you have solved the more pressing issues, but gradually you want to face into something deeper. And I'm assuming this is, you know, when I bring up this definition here of a client review meeting, I'm assuming that you have a relationship where you've gone through the initial phase where perhaps you've had a couple of annual meetings already, and I'm assuming a stage where clients have settled into a routine where everything is okay,

(06:57):

but engagement and energy is beginning to wane. So we have a bit for, a bit further down the line, so for like real long-term relationships, or perhaps after like 10, 12, 15 years or so, we have another type of client review meeting for long-term clients that where we introduce the hopes and fears approach. But this is, so this is a client review meeting for after two years or so, where perhaps, as I say, the more technical mechanical things have been fixed, but you're now entering into this long-term relationship, and I'm assuming you are on the way to that deep relationship. So that's my definition. And the purpose of the meeting really is, as I say, in the first two years, it's to diagnose and address immediate financial issues to debt, taxes, insurance, investment setup, et cetera, and provide clarity and structure around financial decisions.

(07:53):

But then afterwards, really the purpose of the client review meetings is to begin building that adviser client relationship and establish a sense of progress, progress and initial relief or stability for the client. So you have here, it's about reigniting engagement, discovering priorities, adapting the plan, reinforcing trust, and so on, right? How do you prepare for that meeting? As you know, when I speak about preparation, I always speak about the mental side as well as the logistical side. So let's look at the mental side first. And I think this is to what I said earlier, I think this is so important to have it in your head that this isn't a routine task where the focus isn't on numbers, where you don't assume that what was the case last year is still the case today, right? So really the intention is for this type of client review meeting that I'm describing here, to, to be intentional when you're reconnecting and rediscovering the client's evolving goals.

(09:00):

You also want to be, I think this is quite important, you want to reflect on your own emotional state and perhaps what is required emotionally of you, especially when you are you know anticipating a difficult conversation. Perhaps there's been a death in the family, perhaps there has been a divorce, perhaps there's been job loss something like that, right? So obviously as their financial adviser, as their financial life planner, you are exposed to all these things that happen in people's lives. And it's hard sometimes, and it is something that you want to be aware of and you want to be mindful of, and you want to, as you mentally prepare for a potentially tricky client review meeting because of life events that are being brought up, you want to, you want to, you know, remind yourself of what's the best way to respond.

(09:58):

You know, what may, what may make this a hard meeting for you? How would you ideally react when certain things are being brought up in a certain state, et cetera, right? So, so this is part of the mental preparation here as well. And I have down here, think like a coach and think of the good questions you want to ask. Okay? So of course, the coach is someone who is asking questions to help the clients sort of rediscover the answers themselves, right? So you're more like helping, helping them helping them find, find the answers. I realise you are not a financial coach, right? You are a financial adviser, but the point here is like, think like a coach, right? So learn from the techniques and the approaches a coach will use.

(10:50):

And when it comes to logistical preparation, then you want to send an agenda and an intake form beforehand, that's similar to the other types of meetings that we had discussed previously. So provide that agenda where you set expectations include the intake form where clients can indicate financial concerns or life updates. And example, questions you could include are things like, what areas of your financial life do you want to discuss?And, and if a client has been conditioned to expect only tax and investment updates signal that this meeting is going to be different. Or that you're now wanting to evolve this, as I said, I assume this is a client review meeting for clients of, you know, you've had at least one or two annual review meetings already but this is now the stage where you want to evolve the relationship. So you could send an email or a, I don't know, a short zoom video or something where you're introducing the meeting's purpose and the quick key questions that they should reflect on when they come into this meeting.

(12:02):

So when you make it their meeting, then you also put them in the right mindset. I think this is really the purpose of the intake form here on this page. You have some examples of you know, what people can take in the intake form. And as I said you sent this in advance of the meeting, right? I want to reflect on trust and how you are rebuilding trust. So you will have that trust already because of course you have the relationship, right? And it's not really at risk of being considered a relationship where they do not trust you. But I do want to reflect briefly on what you can do so as to rebuild trust or maintain high levels of trust. And the thing I want you to, there's two things I want you to reflect on. One is the need for curiosity.

(13:02):

So curiosity, I believe, is essential to rebuilding trust because it demonstrates a deep, genuine interest in the client, not just in their financial situation, but in their evolving self. So when clients sense that you are asking real questions, not just checking boxes, but you know, really wondering what lights them up, what's changed, what matters now, then it reaffirms that they are not being taken for granted. And this is particularly important in, in long-term relationships where complacency or assumptions can quietly erode trust. So trust doesn't just live in the plan. It also lives in the questions you are asking. Remember, it was in the first of these meetings, the human-centric initial meeting where we've reflected on the different components of trust, and we reflected on your motives, on your level of understanding, on your track record and your abilities and your character, right?

(13:58):

So track record and abilities you have demonstrated, but this is really, you know, by asking curious questions to the effect that I mentioned, you're really illustrating or signaling that you are wanting to understand them at a deeper level. And of course, you're conveying also your motive here. You're conveying your character here by asking these questions. And trust isn't, isn't about proving you're right. That's important as well. I think it's about showing you still care enough to ask, especially after transitions, after losses or disengagement. This curiosity, it reopens doors. Okay? So you want to ask these thoughtful questions that appreciate that the client's lives are evolving. You want to show genuine interest. You signal that their story matters and that you're walking beside them, not ahead or behind, but with them. This is how you build the trust and how you rebuild it and renew it.

(15:05):

And the other thing that I think is really important to consider as well is that trust is a two-way street in the sense that you know, I think this is a bit of a risk sometimes that the way we talk about this is as though it is the client who is biased and the client who has evolving goals, and the client who has perhaps a particular worldview and so on. But of course, it isn't just the client. It's also you. I mean, you also have a certain type of mindset. You will also have attitudes. You will have beliefs, you will have emotional reactions, you will have a personality, et cetera. All these things, if you remember perhaps you're aware. But in my podcast, on the Money:Mindshift podcast, I always ask my guest, what is your money personality? And everyone pretty much everyone can describe it and say, well, I am the saver type.

(16:03):

I'm the innovator type. I am the spender type. I'm the giver type, I'm the et cetera. So different people, different guests on my podcast, then they can describe this. And of course, the purpose of me asking the question is that there's, there's no right or wrong answer to this. But I believe that it is important to be mindful of your own money personality, because if you do not have that knowledge, if you have no awareness of your money personality, then to quote this famous Carl Jung quote all the, everything that matters in your life, you will call it fate, because you're unaware of your unconscious. The quote is something like until you make the subconscious conscious, it will determine your life, and you will call it fate. That's the Carl Jung quote, right?

(17:00):

So you want be aware of this, and I think that that is important. You ask better questions. You gain a better understanding of your client's mindset and your client's goals and values and centres and those things, if you're really clear about your own as well. As far as listening skills go, I just want to reflect on two things very quick. One is I would really encourage you to record the meetings and evaluate them, go through them afterwards. I think it's easy to say of yourself that you are a good listener because you are asking many questions, you think, and you're letting the client speak, you think. But it may be worthwhile checking and critically assessing whether or not that is really the case. So what you want to do when you go through recorded sessions and meetings, is you want to look into, like, did I really ask open questions?

(18:00):

Did I invite storytelling? Did I not do simple things like, you know, asking three questions in one and you know, being, being unclear about what I actually was after? And you can also look at, on a more logistical or quantitative side into, you know, how much time do you actually give the client to speak? So questions like these, I think you want toask yourself as you go through a recording. And the other thing I want to invite is just very quick on you know, follow up questions, good follow up questions. And you have here, I invite you to pause, hit the pause button. As you know, sometimes you don't even have to ask follow up questions. There is sometimes there's real power in remaining silent just doing an encouraging Hmm. Or, you know, like nodding, something like that, just to illustrate that you're listening and you're inviting the client to keep going.

(19:00):

So follow up questions, of course, are a good a good technique as well to use so as to encourage more and, and, and deepening thoughts, right? Let's look then into the structure of the client review meeting and here in the opening. So this is of course about framing the conversation, about setting expectations, establishing the right tone. This stage is important because it determines whether the meeting will be just another financial check-in or a meaningful conversation. So you want to create this warm and engaging start. So a simple, you know, how have you been? That can be the invitation to, to something deeper. We had those reflections on small talk and the importance of small talk, but also on how you want to move on from small talk. If, you know, there've been major life events, I don't know, travel related, a new child or grandchild, things like that, a career change.

(20:01):

Then reference this and show this genuine interest. Then you want to confirm the agenda. So an example could be, here's what I was planning for today based on our last conversation and what you mentioned in the intake form. Does that still feel right or is there anything new you'd like to focus on? And, and, you know, this is what ensures that the client's concerns are addressed and, and, and avoids making the meeting feel as though it's adviser driven. And you want to potentially prime the client for a different type of conversation. So if this meeting is indeed intended to be more reflective than usual, then give the client a heads up so they aren't caught off guard. So, you know here's a , statement. I know many advisers normally start with investment performance, but I want to begin with a broader check in what's been on your mind lately.

(20:58):

So something like that. You can say, you know, that we'll bring this back to your financial plan, et cetera, but, but you can, you can begin more broadly. So, so this is what I recommend you begin with the reflection. Yeah. So, and this is stage two of the meeting, and to protect about 10 to 15 minutes for this. So this is a stage that ensures that the meeting isn't just about reviewing past performance, but also about identifying any shifts in the client's lives, priorities, or financial goals. And this reflection helps you, you know, prevent disengagement by making sure that financial plan stays relevant to who the client is today, not just who they were when that meeting or when that plan was, was built in the first place. So key objectives here in that reflection stage are to uncover life changes and evolving life priorities.

(21:49):

So, you know, you could ask something like, since our last meeting, has anything changed in your life that might affect your financial plans? So, you know, anything that that, that invites the clients to, to volunteer updates, then you want to reconnect the client with their with their goals. So some goals may no longer be relevant and new aspirations may have emerged, and you should help your client sort of articulate these. So an example here could be like, if we were to start your financial plan from scratch today, is there anything you would want to change? Perhaps that's on reflection as I say this, this is perhaps a question that invites the client to say, no, everything's fine. So think about how you want to rephrase this. Perhaps you want to ask something like, if we started from scratch today, what's the one thing you would change?

(22:44):

Or something like that, right? So that really activates the client to to think more hard on what, what it is that may have changed. And then you also want to give an opportunity, of course, to identify concerns that they haven't voiced yet. So perhaps they're feeling uncertain or hesitant about any major life decisions. I don't know be it retirement related, be it how to you know, balance supporting adult children and their financial security, whether their current career or business still brings them happiness or aligns with how they think it will bring them long time happiness, those things. So I think this is, these are questions you want to ask. So and then you pave the way for that financial check-in as well. So of course, you know, you want to, so there is a financial component to this, but I think it is important to connect financial planning back to the client's evolving life.

(23:50):

So ensuring that updates on investments, taxes, cash flows, and other areas that they feel relevant and meaningful rather than just routine. So this is the part of the meeting where technical topics are covered, but I do think it's important that they don't dominate the conversation or feel disconnected from what was discussed in the reflection stage. So ensure that when you have this type of conversation, ensure clients understand where they stand financially provide that clear, high level summary before diving into detail. And you could ask something like you know, let's take a look at where things stand you know, provide this update. You are on track for your long-term goals, but we have a few areas to refine based on what we just discussed. So really avoid data dumping as well. So yeah, keep it engaging, keep it relevant.

(24:43):

So instead of you know, conveying that flood of numbers that perhaps your planning team have given you connect the financial updates to the priorities that the client has indicated and given you in that reflection stage. So for example, if, if a client this is, this is the example here. If, if a client mentioned they wanted to travel more, then you can frame the discussion such as, like, this, your portfolio performance allows for flexibility. If you wanted to add an extra trip next year, we could adjust your withdrawal strategy slightly without disrupting your long-term goals. Okay? So this is how you how you consolidate or how you reconcile both the financial side with the client's needs. And if a client identified a new financial concern in that reflection stage, then address it first, rather than sticking rigidly to that original agenda.

(25:46):

So if they expressed a worry about job transition, for example, and begin with cashflow planning rather than investment performance. And then lastly, you want to look forward and this is, this is important when you know, you're building a long-term time horizon, we spoke about the importance of that stretching long-term time horizon. And that is also something, you know, it really shifts the conversation from reviewing past performance to actively shaping the client's future. So this is about helping clients imagine what's possible, clarify their evolving priorities, and align their financial plan with their next chapter. This is my experience. Many advisers focus heavily on tracking progress and review meetings, but spend less time on exploring what's next. And this, this stage here and this conversation, this stage in the conversation ensures that you remain forward looking and engaging, reinforcing, you know, the ongoing value of what you deliver.

(26:49):

So, so I speak about this in, in another webinar, the 12-18 month goal. And this, I think is a timeframe that is long enough to be meaningful, but short enough also to feel actionable. So a question you could ask is, is, is something like this? What's one thing you'd love to accomplish in the next 12 to 18 months that we haven't planned for yet? And then in closing, you want to ensure that the client leaves the meeting with clarity, with confidence, and a sense of progress. So too often I think review meetings end with just a quick wrap up missing an opportunity to reinforce the adviser's value and, and deepen that engagement. And, and this is the stage where you provide a structured conclusion that summarises key takeaways, reinforces the client's progress, and financial security ensures alignment on next steps.

(27:55):

And, and it ends on a high note, yeah. So that the client feels you know, leaving good about their plan. And that is very much the structure of that client review meeting. I think what you want to do when following up is you want to give an updated financial plan that's best practiced, or one that, you know, reinforces the value you provide as the financial planner and keeps the client engaged and informed. So what you include in, in the plan is, you know, summary of key updates discussed in the meeting, the new goals, if applicable, changes in cash flow investment, major life changes. You want to ensure, and I provided this example earlier of a document that is concise, that is clear, that is visually engaging. And, and you know, I think it is important that you highlight progress made since the last meeting.

(28:50):

This is just, you know, this, this speaks to the non-technical side of track record, right? So that you want to provide the opportunity to reflect on what you have achieved. Yeah. you also want to provide a detailed somewhat detailed actionable list of next steps for both you and the client. For example, you know, update beneficiary designations. I don't know, on your side, it may be something like you want to research new insurance policies or rebalance portfolio, something like that. But this I think is important because, you know, it provides clarity on what your responsibilities are and what their responsibilities are. And this is a way to grow trust when they see you taking action on your end, right? And you want to schedule the next meeting as well. So so yeah, suggest a timeline for the next check in, whether that's the regular review, meeting or follow up to address any specific issues discussed at the meeting. And that finishes the human-centric client review meeting. Just a quick reminder on what we discussed when this is CPDable content. Thank you again for listening. And in the next webinar in this series, we look at the client review meeting for long-term clients. Thank you for watching.