Podcast Episode 305: Different Types of Client Reviews
Periodic reviews with certain clients can look very different from reviews with others. We’ve worked with just about every type of personality through the years so let’s talk about how our conversations might sound depending on who we’re meeting with for a review.
These reviews are essential to assess your investment performance to ensure you’re on track to reach your financial goals. But how we manage those conversations or what we discuss is different from person to person.
The first personality we see is the always positive, never worried type. This person is comfortable with their situation and nothing in the news seems to bother them. This is a great mindset to have but you still have to take a close look at your finances and make sure you are doing everything you can. Just because you don’t feel like any changes or adjustments aren’t needed doesn’t mean something won’t come along to change that so let’s stay on top of it.
Then there’s the person that never has time to come in and meet. Getting them to sit down for a review is like pulling teeth, but we need to make sure those necessary conversations are taking place. We understand people are busy but this process shouldn’t be a burden for you. It’s our job to have everything prepared so that we make good use of your time, but we need to have a check-in to see what, if anything, has changed.
Another person we meet with is the one that always has something going on – a new job, a new house, a new spouse, or a new dream for the future. For this situation, we want to get to the core of things to see if what they’re going through is actually going to affect their plan. Plus, we want to make sure with the constant change that they’re actually building towards something along the way.
Let’s finish with the person that’s always on edge or worried about their money. When things aren’t going well, the immediate reaction for most people is to blow it all up and start over. But that’s typically the last thing you want to do. So our job is to help you see the full picture and make sure you’re invested where you need to be so that you don’t have to worry when the market moves.
Understanding these differences and tailoring our conversations accordingly can help ensure the best possible outcomes for our clients. Whether you’re a pre-retiree or retiree, it’s essential to choose someone who recognizes that no two clients are alike. By working with a financial advisor who can provide personalized recommendations to meet your unique needs, you will feel much more confident about your future.
Here are some of the things we discuss in this episode:
1:02 – Clients that always need us to explain something again
2:07 – The client that is positive about everything
3:12 – The client that never wants to come into the office to meet
4:30 – The person with a great new idea or something always happening
5:45 – The person that’s always worried about everything
8:44 – On the case with Heath: Getting too enamored with one product
12:44 – Mailbag question on bank failures
14:14 – Mythbusting with Matt: Social Security is its own independent decision
19:47 – Mailbag question on retiring early
