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How to Supercharge the Review Meeting!

Welcome to the last in the series covering The Review Meeting. We've discussed the importance of keeping your clients in lifetime relationships, high value versus low value, the cake (and the icing), the importance of delivering lifestyle outcomes and saying your fee loud and proud However, there is one last challenge to address. How to supercharge the review meeting.

How to Supercharge the Review Meeting

What do you currently do for your existing clients? You know, the ones who have been receiving your investment focused review meeting year after year? They may well have received solid investment or pensions advice from you, but have you ever done a cashflow model for them, or asked them the power questions from George Kinder, Bill Bachrach or Dan Sullivan?

I believe you have to introduce these things to your existing clients at some point, to spice up the relationship and deliver highest value added for them.

If you are a little dubious, then by all means practice on new clients to develop these skills and services, but once you are up and running don't miss this golden opportunity to sex it up for your existing clients (not in a Tony Blair kind of way, of course).

Power Questions

By introducing the power questions you will inevitably find out new things about your clients and their dreams. In my experience as a business consultant to advisers, I know you are resisting this. How? Here is a typical conversation I have with my adviser clients when I suggest they ask their existing clients power questions:

I really think you should ask your clients these power questions from George Kinder, Bill Bachrach and Dan Sullivan.

Really? I've worked with some of these clients for over 20 years, Brett. I know them better than I know myself. I don't need to ask these questions.

Ask them anyway.

Do I have to?

No, of course not. It's totally up to you, but I strongly recommend you try it at your next review meeting. You might be surprised!


After the next review meeting.

Brett, I asked the questions and you'll never guess what happened!

What happened?

The client opened up on a whole bunch of stuff I never knew about. I've now offered to build them a cashflow model that will include all the new stuff they told me they wanted to do.

Well, cut my legs off and call me Shorty. No way!

Yes. Way. It's brilliant.

Good. Now try it with all your other clients as well.


Cashflow Modelling

It's important to get as many clients as possible to do a cashflow model so that you can address their key concerns, which are: how much is enough and will my money last as long as I do?

By doing this you change the nature of the review meeting, and you can focus on showing your client that everything is going to be alright (and what to do if it's not). Some firms try to sell the cashflow model as a new add-on clients have to pay for. If you can do that, then good luck to you, but I have to be honest, I'd rather do it for free. Let your clients see the value and insight the cashflow model delivers, and let them know that to remain on this system they need to pay 1% pa not the 0.5% they have been paying. If you position it correctly, this could be your lever to get clients paying what you need them to pay to allow you to deliver your amazing service.

If you already charge 1% pa, then simply introduce cashflow modelling as part of the service you provide. It will make your clients a whole lot stickier and protect you against downward fee pressure in the future. Not only that, you often uncover new opportunities to add value and generate increased revenue from these existing clients, which pays you for the extra effort you've made. Some firms call or write to clients before their next review meeting to get the expenditure information (and anything else) they need to build a cashflow model, so that when they come in there is one ready to go (even if it's a bit rough around the edges and needs some modification as a result of the meeting).

Supercharge: The Power Duo

The key to supercharging your ongoing review meeting is using the power questions and the cashflow model together, as a superhero team (a bit like Batman & Robin). [click it to tweet it]


When clients can see that you have uncovered something that really matters to them (their dream) and then used this great new piece of technology to find a way to allow them to pursue it, you've got them for life.

By Brett Davidson



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Author: Brett Davidson
Posted: Wednesday, November 20, 2013 | 11:24:46 PM

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29 November 2013 | 11:10:07 AM  Iain Wishart wrote:
This article is simply a rehash of the work done by Paul Armson and Truth over the last 5/6 years - Brett is miles behind the loop in only recommending cashflow modelling now.
25 November 2013 | 6:22:48 PM  Adeline Luther wrote:
Again this is one more way of making the client see you as a person whose goals and visions in regard to his portfolio is linked to their expectations. Be prepared for these expectations to change every 5 years because everybody lives in an imperfect dynamic world. Nobody said it is going to be easy to be an IFA.

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