active client support.

No two families are alike, so how do we systematize this kind of workflow?

We find that for any given workflow to accommodate the widest range of possibilities, it makes sense to widen the constraints, and operate from a place of principles.

Every family is unique and their situation might require a custom workflow, but the process by which that workflow is born tends to follow a pattern.


Below is an example pattern that we find works well, but can certainly be adapted for each family, you know your clients best:

Immediately following plan implementation, we should have a discussion with the family to better understand their preference for the flow of the relationship and meeting frequency, or some combination of virtual vs in-person.

At an absolute minimum, we should be keeping the accounts in balance and ensuring the plan parameters and assumptions are reviewed at least once every 12 months, ideally more often.

Some families prefer more interaction than others. Some prefer quarterly, some annually, some in between. The best way to serve a family is to accommodate their preference on communication and frequency of interactions.

Each meeting might hit on a new element such as, debt, review estate planning, insurance review, or tax planning.

Once you've established that optimal meeting schedule, immediately add a follow up task within the CRM to set up the future meeting.


3 - 6 months later


The CRM notifies you its time to set up a meeting, now is the time to set an appointment for a week or two out. Ask your client to send you any items they'd like at the top of that agenda.

Remember, serving an active client is, in its simplest form, a repeating pattern of updating, validating, and running through those three critical functions:

1. Investment Policy = where we want to be, this is our financial anchor

2. Action Items = the steps we'll take to get there, and who does what


Before your review meeting:

  • Review Investment Policy, do we need to address anything new?

  • Update Action Items Report

  • Run an Investment Report

  • Draft the Agenda (an example might look something like):

    • Important client agenda topic 1

    • Important client agenda topic 2

    • Review current estate and review assumptions

    • Review our action items, assign some new ones

    • Review investment and insurance policies


A couple days before the meeting, confirm everything with the client and send a copy of the agenda.


Host Review Meeting


Address the hot topic agenda items sent to you from the client, these are the things on their mind, they are the most important.

During the meeting, you might be reviewing the Investment Policy, and marking up changes and suggestions. You're revisiting assumptions, estate planning issues, and discussing the accounts and how we've kept them in balance.

Review which Action Items we've done, and which we will be working on between now and the next meeting.

Adapt to the needs of your client.


After this Meeting

Send the client an updated Investment Policy and an updated Action Item list to reflect where we are now, and where we are headed.

Add a detailed CRM notation of the meeting.

Add a CRM task to schedule the next meeting.

Add any tasks in the CRM relating to action items you need to accomplish before the next communication.

As noted previously in the Financial Planning Principles; quality financial planning can be summed up as:


Given everything we know right now, what's the next best step?
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Reassess
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Repeat

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