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7 Reasons Advisors Should Have Annual Reviews

The Financial services industry is more competitive than ever.

More people are seeking advice.

Are you being the best advisor ever?

If not, you are leaving your clients & business vulnerable (to your competitors).

Aside from television commercials telling your clients they should be reviewing their benefits or portfolio, other Financial Advisors are advertising to them regularly.

Your clients need to know YOU are staying on top of the market, new products & their specific needs.

You don’t have to spend thousands of dollars or endless hours chasing clients for reviews.

You just have to create & implement a clear outreach campaign.

Your clients chose you for a reason.

Annual Reviews are a great way to remind them why they STAY. 😉

1. Fiduciary Responsibility

For some of our advisor clients, having Reviews with their clients is due to their licensure or FINRA requirements.

They must disclose changes, stay in contact with their clients & make sure the products or investments are still ‘suitable’.

Working with CFPs and Fee-only fiduciaries, I know they value their business & emphatically protect their clients interests.

Annual Reviews are a simple and effective way to meet the needs of their Financial Clients & their fiduciary responsibility.

2. Your Protection & Theirs

For other Financial & Insurance advisors – it is a way to protect themselves from potential legal issues.

Your service is helping be compliant. I just worry about being sued if someone dies, and their lawyer say I didn’t do this that or the other thing. Now i have proof that i am trying to contact them to review their coverage. Keep beneficiaries up to date etc. etc.. No law requires this, but it doesn’t stop you from getting sued, (and losing). Just one more piece of security.”

-EVOLVD Client

Checking in systematically with clients (rather than waiting for them to reach out to you); allows you to be aware of changes in their lives and may add a layer of protection for you & them.

For more on this visit Investopedia How FAs can Protect Themselves from Lawsuits

3. Manage Client Emotions

Apart from the legal benefits for reviews – another very real & valid reason for Annual Reviews is to help manage your client emotions.

Regardless of what the market is doing, it’s important to stay in contact with your clients.

They are human. And CNN, FOX News or any other outlet can influence their emotions.

By being in contact with your clients, you can balance out what they are hearing, seeing or thinking.

Plus, just knowing you are ‘there‘, provides most people peace of mind.

Pixabay Credit

4. Improve Client Retention

As insurance or financial advisors, your clients are being advertised to (every day).

They are being told through Social Media, Online, Radio and TV commercials that there are better options, rates or investments available.

Are you the one telling them that – or is your competitor?

Regular Annual Reviews with your clients allows you to be the expert & showcase your value as a trusted advisor.

You can answer their questions, find out if you can save them money, add to their portfolio or simply demonstrate you care about their wellbeing now & their future needs.

If you are staying top of mind & meeting your Financial clients needs, they are not going anywhere.

5. Increase Revenue Opportunities

Another reason or benefit of having Annual Review is an opportunity for cross-selling.

Part of reviewing portfolio performance or policies with your clients, is having real conversations.

Discussing what is going on in the market, gives you time to hear what is happening in their lives and/or the lives of their children.

Are they getting ready for college? Can you offer some solutions to alleviate stress or provide financial suggestions?

Do they fear LTC costs (or have they even considered what that would like)?

What does their Estate Plan look like?

While the above questions are only a few – you should get the idea.

Annual or Policy Reviews don’t have to be stuffy or robotic.

You have relationships with your clients.

Be prepared for the conversation, have an agenda (talking points), and find out what’s going on in their lives.

This opens the door for offering solutions & revenue growth. Win-Win.

How EVOLVD Can Help

6. Enhance Quality of Your Clients’ Lives

2020 was a year riddled with uncertainty.

Aside from it being something most had never experienced before – it was also a year that showed many of us what we are made of.

We witnessed some Financial advisors choose to retire. Others had to change their business development strategy entirely (from seminars/in person to virtual/Zoom).

The advisors of ours that were already doing Annual Reviews with their clients – hardly noticed a change.

Their clients didn’t need to meet in person. They already had relationships established and trusted the advisor.

So phone & virtual reviews were effortless.

In fact, we saw these advisors thrive during COVID.

Annual Reviews were a great way to communicate with clients, provide peace of mind & make important changes.

7. Referrals

Lastly – taking care of your clients needs not only strengthens the relationships you have with them, it also creates raving fans.

When Financial clients are happy with your service & the work you do for them – they naturally send family, friends & even strangers your way. 🙌

Annual Reviews give you a very organic way to get referrals.

Find ways to effectively serve your clients & they will find ways to show you their appreciation.

In short, there are many reasons to have Reviews with your clients & to be in contact with them.

You simply have to execute a consistent strategy to support them & serve them.

If not, some one else will.

Not sure how to start an Annual Review campaign?

Reach out and see if we can help.

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