Effective Discovery Meeting Agendas for Financial Advisors
In the financial advisory industry, having well-prepared meeting agendas is crucial in setting the tone for successful client relationships. An effective financial advisor meeting agenda ensures you cover all discussion points within your limited meeting time. Asset-Map Discovery™ empowers financial professionals to streamline data collection by collecting client information and turning it into a visual Asset-Map Report™ in minutes.
In this article, we will discuss how to create financial advisor client meeting agendas that promote efficient consultations, how to leverage technology for agenda planning, and how Asset-Map can enhance your discovery meetings.
Understanding The Goals of Discovery Meetings
Before we outline the critical components and share sample financial advisor discovery meeting questions, let’s review the goals of a financial advisor discovery meeting. In the financial advisory industry, a discovery meeting determines how you can help prospective clients meet their financial goals most effectively.
The primary objectives of this first meeting generally include:
Defining and understanding client needs
Filling in gaps in client data
Establishing trust with clients
Laying the groundwork for financial planning
Recommending the appropriate financial services
Preparing an effective financial advisor meeting agenda streamlines the discovery process to help meet these primary objectives. Make every minute count by proactively planning what questions you will ask prospective clients in this initial meeting. Whether your discovery meeting is in-person or remote, it’s essential to take the time to create an agenda.
Components of an Effective Financial Advisor Meeting Agenda
To keep your conversation on track, you should create an agenda that covers several main components. In the financial advisory industry, these components remain the same for most discovery meetings.
Be sure to include the following components in your financial advisor or CFP discovery meeting agenda:
Client’s Financial Background Overview
Set aside time at the beginning of the meeting or call to discuss the client’s financial situation. This will include asking about what caused them to reach out for the meeting in the first place, what significant life changes have occurred in recent years, what their net worth is, and what they hope to get from working with a financial planner.
Discussion of Financial Goals and Concerns
Arguably, the most crucial part of the meeting is addressing the client’s financial goals, where they are in the process of meeting them, and any concerns they may have about their current financial situation.
During this discussion, some clients may be quick to explain their financial goals and have pinpointed areas they would like help with. Other clients may feel overwhelmed and unsure of where to start with their financial situation. In either scenario, ensure new clients that you’ll walk with them every step of the way.
Overview of the Advisory Process and Your Services
The next bullet point on the agenda will highlight the financial advisory process and your services. After engaging in a candid conversation with the client, you can devise a strategy and offer your services.
Walk the client through the financial planning process to ensure they understand how it works. Answer any questions, and don’t be afraid to discuss them in detail if you have the time. Address what services you provide and how they can directly impact the prospective client’s financial goals.
Next Steps and Action Items
Lastly, you should close the discovery meeting by outlining the next steps and action items for the advisor and client. These next steps include setting up a follow-up meeting, importing client data into your financial planning software, or having the client bring well-defined financial goals to the next meeting. Additionally, you may ask for bank statements, tax returns, insurance policies, estate planning documents, investment accounts, or other financial information from new clients before providing financial advice.
Best Practices for Creating Meeting Agenda Templates
When creating discovery meeting agendas, you can tailor your approach to the client’s needs while maintaining a structured approach. Here’s how:
Consider the Client. Based on a contact form or other form of communication, you may have an inkling about the type of services the prospective client may be interested in prior to the meeting. Use this information to inform your agenda planning based on the type of client and their financial life.
Find the Right Meeting Length. There is no hard and fast rule for how long a discovery meeting should be. However, most financial advisors have found 60-90 minutes ideal.
Tailor Your Discovery Questions. Your discovery questions can easily be tailored to the prospective client's category (wealth management, general financial planning, retirement planning, estate planning, etc.).
Keep a Good Pace. To prevent the meeting from dragging, be sure to keep things moving by utilizing technology or some sort of presentation. You want to use every minute of the meeting wisely to build credibility and present how you can help a client.
Remain Flexible. While going into a discovery call with a financial advisor meeting agenda is essential, it is also vital to remain flexible and client-driven. Allow the client to dictate the conversation’s direction based on their queries or concerns about their financial future.
Leveraging Technology to Streamline Agenda Creation
Technology such as Asset-Map can streamline agenda creation for financial advisors. Asset-Map helps gather and organize client data effectively to inform each meeting’s agenda. Our Discovery™ tool collects high-level facts from clients on people, entities, and household financials.
With the Asset-Map platform, you can create visualizations using client data to better engage clients in meetings. Additionally, Asset-Map’s Client Portal and dashboards can be used during meetings to facilitate valuable discussions. These features give clients access to their Asset-Map Report, Target-Maps, Signals, household members and entities, financials, balance sheets, and policy summaries.
Integrate Asset-Map with other financial technology applications you’re already using to create a streamlined client experience. Some integrations include Nitrogen, Orion, MoneyGuidePro®, Black Diamond Wealth Platform, and our newest integration Holistiplan.
How To Avoid Common Pitfalls in Meeting Preparation
What are the typical mistakes that financial advisors make when preparing meeting agendas? Common pitfalls include:
Overloading the Agenda
Financial advisors often overload a discovery meeting agenda with the hopes of discussing a variety of topics related to financial planning. Overloading an agenda is quite easy. To prevent this, consider having a “must-talk-about” agenda and additional “nice-to-get-to” topics that can be squeezed in if there is enough time.
Lack of Client-Specific Customization
A lack of client-specific customization is another common mistake financial advisors make when preparing for discovery meetings. Asset-Map can help solve this with visualization features and reports tailored to each client.
Not Leaving Room for Questions
Similar to overloading the meeting agenda, financial planners may forget to leave enough time between sections for new clients to ask questions or express concerns. Be sure to pencil in some buffer time for deeper discussions.
Be aware of these common pitfalls when planning your meeting agendas. You only get one first impression, so make it count!
Enhance Your Client Meetings with Asset-Map
Well-structured meeting agendas for financial advisory meetings are vital for the overall effectiveness of discovery meetings. With a strategic approach and the use of technology, financial advisors can build strong client relationships and drive productive discussions.
Using Asset-Map for Discovery™ and other financial advisory features, you can create effective meeting agendas that drive success for you and your clients. Explore Asset-Map’s tools and features to enhance meeting preparation and practice management.