Everyone’s time is valuable. Sometimes you do not feel that way, especially when kept on musical hold forever. Advisors have client meetings frequently. It makes sense to prepare an agenda for each meeting. Here are reasons why:
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It establishes a purpose. Clients might assume they are getting together to review performance. You have other things in mind, like asking questions to determine if anything has changed in their situation. An agenda spells out why the meeting is worth the time for both of you.
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Agendas tell clients how they should prepare. Suppose you have included year end tax selling as a topic. As their advisor, you know about their holdings at the firm. You know little about assets held away and even less about gains or losses year to date. Detail on the agenda topics can let the client know what information or documentation they need to provide.
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Ask the client if they would like to add topics. Your client might be sore about the fees they are paying. A competitor might be telling them about a service they provide, but your firm does not. Put another way, they have something on their mind. Ideally you make their concern topic #1. Some people stop listening when they have “something on their mind” and are not receptive to new ideas until their concern is addressed. You are getting in front of this problem.
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Decisions will be made. Some prospects lengthen the cultivation process or “string you along forever” to put it another way. An advisor in Indiana shared a great strategy: When gathering information for the financial plan, he explained: “At our next meeting we will review the plan along with my recommendations. We will decide at that meeting to implement or not implement those recommendations.” The prospect knows the next meeting is decision time. The downside to this strategy is the second meeting never happens because they were not really intending to take action. That is time saved for you.
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Agendas can set a timetable. “I anticipate this meeting will take an hour. You can extend it if you choose.” Your busy client knows how much time to allocate. If everyone sticks to your agenda, you are out on time. If they want to introduce a new problem or have questions, the client can choose to extend the time. Busy people will know how this fits into their schedule.
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You can introduce new products or services. This is an opportunity to gradually increase your client’s understanding of ways you can help them. It can be done in a non-salesy way, like a commercial. It can be an educational component of your meeting.
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You set yourself apart. As an ex-New Yorker I often feel like saying “Get to the point” when people ramble. With an agenda you are being respectful of your client’s time. When their other advisor calls or wants to meet, they might ask: “What do you want to talk about?” If they don’t have a concise answer they might ask: “Why don’t you have an agenda?” They compare you in a favorable way.
You probably have a mental agenda before you enter a meeting. You know what you want to accomplish. Why not put it into print?
Related: Answering: What is your Minimum?