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How to Track Your Ongoing Advice

Whether you use our suggested agenda for ongoing review meetings or one that you have created, it is likely that some of your time at these meetings is spent reviewing various financial or wealth planning topics, such as retirement income planning, tax mitigation strategies, charitable giving plans, and beneficiary designation reviews.

From a planning perspective and since your clients are likely paying for your advice on an ongoing basis, it makes sense to track these conversations so you can stay on top of any action items that you’ve agreed on, as well as review them at appropriate intervals so nothing slips through the cracks.

There are many ways to do this:

  • Set up your Client Relationship Management (CRM) system to provide reminders.
  • Rely on a spreadsheet to organize last review dates and notes regarding action items.
  • Your financial planning software may provide a process for making and tracking updates, perhaps in an Executive Summary section that you can print out and provide to clients along with their updated plan.
  • Or, if you follow our recommended process of sending clients a recap summary after every review meeting, the topics you review, and any action items would likely be included in your summary letter or email.

But what if you wanted to provide clients with a cumulative report, updated each year, of the items you have reviewed with them, the last review date, and any notes or action items that resulted from the review discussion?

That can be done, too. Check out our Wealth Planning Topics checklist for just one way to create such a report for your clients. Some of our client-advisors provide an updated version of their checklist to clients to keep in their financial organizer. This practice goes a long way toward reminding clients of the value you have provided and continue to provide year after year. We have also helped several of them put together a one-pager that outlines all the various wealth planning topics those advisors review with their clients year after year.

If you’d like a copy of our 2-page Wealth Planning Topics checklist, just send me an email.

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