How to Provide Ongoing Support and Reviews for Your Financial Planning Clients

As a financial planner, your job doesn't end once a client's financial plan is developed. Providing ongoing support and reviews is crucial to ensuring that the plan remains relevant and effective over time. The financial landscape is constantly evolving, and clients' personal situations can change, too. Therefore, your role as a financial planner is not just to create a plan but to guide clients through its execution and adjust it as necessary.

In this article, we will explore how to provide ongoing support and reviews for your financial planning clients. This actionable guide will help you build strong, lasting relationships with your clients while ensuring that their financial goals stay on track.

Establish a Clear Communication Strategy

Effective communication is at the heart of successful financial planning. You need to ensure that your clients feel comfortable reaching out to you for support, and you should also initiate regular check-ins to maintain an open dialogue.

Actionable Steps:

• Set Expectations Upfront: In your initial meetings, establish how often you'll communicate and what form of communication will work best for the client. Some clients may prefer in-person meetings, while others may prefer emails or phone calls.
• Regular Check-ins: Schedule periodic reviews, such as quarterly or bi-annual meetings, to ensure you stay updated on any life changes that could impact the financial plan.
• Be Available: Provide clear contact information and ensure clients know when you are available for consultations. Offering an online calendar for booking appointments can help streamline the process.
• Proactive Outreach: Don't just wait for clients to come to you. Reach out with updates about market conditions, tax law changes, or other financial insights that could be beneficial to their plan.

Why This Matters:

Clear communication fosters trust and ensures that clients don't feel neglected or uncertain. By being accessible and responsive, you build confidence and show that you are actively involved in their financial journey.

Implement a Regular Review Process

Financial plans should be living documents. They should evolve as your clients' circumstances and the broader financial landscape change. A regular review process is essential to assess progress and make necessary adjustments.

Actionable Steps:

• Annual Reviews: Schedule at least one formal review meeting every year to evaluate the performance of your client's portfolio, assess their goals, and make any necessary adjustments.
• Trigger Events : In addition to scheduled reviews, set a system to track life events or changes in financial conditions that may require an unscheduled review. These might include:
  • Marriage or divorce
  • Birth of a child
  • Significant changes in income or employment status
  • Retirement or health issues
• Performance Analysis: Review the performance of investments and strategies against the client's goals. Discuss any underperforming assets and make adjustments where necessary.
• Goal Assessment: Assess whether the client's goals are still relevant. For example, if the client has paid off a significant amount of debt, they may want to adjust their goals to focus on saving for a vacation or purchasing real estate.

Why This Matters:

A regular review ensures that the plan is always aligned with the client's evolving life and financial situation. This ongoing evaluation not only optimizes the plan but also strengthens the client-advisor relationship.

Provide Educational Resources

Financial planning is a process that requires continuous learning. Clients may not always understand the strategies or decisions that are in their plan, which can lead to frustration or poor decision-making. Providing educational resources can help your clients stay informed and feel confident in the plan you've created for them.

Actionable Steps:

• Create Resource Materials: Develop easy-to-understand documents, infographics, or videos that explain complex financial concepts. Topics could include retirement savings, tax strategies, or risk management.
• Host Webinars or Seminars: Offer regular webinars or seminars on trending financial topics, like changes in tax law, retirement planning, or investment strategies.
• Share Industry Updates: Keep your clients informed on industry developments, such as shifts in tax policies, new investment vehicles, or regulatory changes. This can be done through newsletters or email updates.
• Be a Resource: Encourage your clients to ask questions whenever they have doubts. Being patient and willing to educate not only empowers your clients but also establishes you as a trusted expert.

Why This Matters:

Education enables your clients to make informed decisions about their finances and feel more secure in their choices. The more knowledgeable they become, the more likely they are to stick with the plan you've crafted for them.

Monitor and Adjust Investment Strategies

The investment world is dynamic, with markets constantly shifting. What may have been an ideal strategy when the plan was created may no longer be optimal months or years later. Regular monitoring and adjustment of investment strategies are key components of providing ongoing support.

Actionable Steps:

• Portfolio Monitoring: Use tools to track the performance of your clients' investments and monitor market trends. Ensure that their portfolio is aligned with their risk tolerance, time horizon, and goals.
• Rebalancing: Recommend rebalancing the portfolio at regular intervals to ensure that the asset allocation stays in line with the original financial plan. Rebalancing can help take advantage of market fluctuations and mitigate risks.
• Tax Efficiency: Evaluate the tax implications of your clients' investments and suggest tax-efficient strategies like tax-loss harvesting or tax-deferred accounts.
• Risk Assessment: Reassess the client's risk tolerance periodically. As clients age or experience changes in their financial situation, their appetite for risk may change. Adjust the portfolio to reflect these shifts.

Why This Matters:

Consistent monitoring and adjustment ensure that your clients' investments continue to meet their goals and minimize unnecessary risk. Staying proactive in this area also positions you as a knowledgeable advisor who helps clients navigate market volatility effectively.

Offer Estate and Legacy Planning Assistance

Estate planning is often a difficult topic for clients to approach, but it's an essential part of financial planning. By offering ongoing estate planning support, you ensure that your clients' wealth is preserved and passed on according to their wishes.

Actionable Steps:

• Review Estate Documents: Encourage clients to review their wills, trusts, and other estate planning documents regularly to ensure they are up to date.
• Incorporate Charitable Giving: If clients have philanthropic goals, work with them to create charitable giving strategies that align with their values and offer tax advantages.
• Prepare for Changes in Tax Laws: Be proactive in helping clients navigate any changes in estate tax laws, and ensure their estate plan remains tax-efficient.
• Coordinate with Other Professionals: Collaborate with estate planning attorneys, tax professionals, and insurance agents to ensure that all aspects of the client's estate plan are covered.

Why This Matters:

Estate planning is crucial for wealth preservation, and failure to review and update it can lead to unintended consequences. Ongoing support in this area helps clients secure their legacy and ensure their wealth is distributed according to their wishes.

Offer Holistic Financial Wellness Support

Your role as a financial planner extends beyond investment strategies. Clients often require support in other areas of their financial lives, including budgeting, debt management, insurance, and retirement planning. Providing holistic financial wellness support can make you an indispensable partner in your clients' long-term success.

Actionable Steps:

• Budgeting and Cash Flow Management: Help clients track their income and expenses and suggest strategies for saving, cutting unnecessary expenses, and increasing savings.
• Debt Management: Offer advice on debt repayment strategies, whether it's consolidating loans, refinancing, or tackling high-interest debt.
• Insurance Review: Periodically review insurance policies (life, health, disability, etc.) to ensure that clients have adequate coverage based on their current needs.
• Retirement Planning: Regularly check in on your clients' retirement savings and adjust strategies as needed. Evaluate whether their retirement goals are on track, and if they need to increase contributions or adjust investment strategies.

Why This Matters:

Providing comprehensive financial wellness support helps clients make informed decisions about all aspects of their financial lives. By being a trusted resource for all their financial needs, you deepen the relationship and ensure that the client remains satisfied with the services you offer.

Track and Celebrate Progress

Tracking and celebrating progress is an important part of ongoing support. Clients want to see that they're moving toward their financial goals. Acknowledging milestones can help build trust and motivate them to stay committed to the financial plan.

Actionable Steps:

• Goal Progress Reports: Regularly provide clients with progress reports that show how far they've come toward achieving their financial goals. Include visual elements like graphs or charts to make it easier to understand.
• Celebrate Milestones: When clients hit major milestones, such as paying off debt, reaching a savings target, or successfully navigating a market downturn, acknowledge their success.
• Provide Positive Reinforcement: Use progress as an opportunity to reinforce positive financial behaviors, such as consistent saving, prudent investment decisions, or successful budgeting.

Why This Matters:

Tracking progress and celebrating achievements keep clients motivated and engaged. It also reassures them that their financial plan is working and that their goals are within reach.

Conclusion

Providing ongoing support and reviews for your financial planning clients is essential to ensuring long-term success. By implementing a regular review process, offering educational resources, adjusting investment strategies, and providing holistic financial wellness support, you can help your clients stay on track with their financial goals.

Your clients need to know that they can rely on you for guidance and expertise. By staying proactive, communicating regularly, and celebrating progress, you can build strong, lasting relationships that go beyond simple financial planning and foster a partnership that evolves with your clients' lives.

View Product