By James Morris
As the end of the year quickly approaches, now is an excellent time to schedule your annual client reviews. When the kids head back to school and the holiday season is not yet upon us, this can be a convenient opportunity to get on your clients’ schedules. Client reviews are important for a number of reasons, one of the best being to remind your customers of the value you can provide as a trusted resource for their financial life.
Over the course of a year many things can change. Employment situations, inheritances, property sales, and marriages and divorces are just a few of the many life events that can trigger the need for financial counsel. Use your client reviews to not only assist your customers but possibly uncover opportunities that may not have been available the last time you met.
Client reviews may not be your favorite way to spend time, as scheduling can be challenging, but I encourage you to persist. Once you have a review scheduled, you can use this time to educate your customers concerning new products, upcoming RMD needs, retirement planning that is now a year closer, insurance, long term care, and estate and college planning needs. Also, the recent bull market combined with market volatility should provide context for a discussion of asset allocation consistent with risk tolerance and needs in the coming year and beyond.
As a financial professional, it is easy to forget that not all people are as well-versed as you are concerning financial matters. Your customers look to you to educate them, so use your client reviews as an opportunity to remain their first call whenever a financial question arises. Speaking of education, the recent tax code changes take effect for tax year 2018. Though you may not be a tax expert, make sure your customers know the changes will apply to this tax year and there is still time to meet with their CPA or tax attorney to discuss ways to maximize their tax benefits and implement tax-efficient financial planning.
Client reviews are an important part of your client relationships and should be done at least annually. One way to think of client reviews is to consider them a very warm client lead: Instead of prospecting for new customers, your best opportunities may be with your current clients. If you would like to discuss ways to make your client reviews more effective, please contact AAAE’s marketers at 800.321.3924.
Ann Arbor Annuity Exchange
Please note that Ann Arbor Annuity Exchange and its representatives do not give legal or tax advice. Encourage your clients to consult their tax advisor or attorney.
Designed for Financial Professionals.