Mastering Client Meetings: How to Avoid Overwhelm and Deliver Massive Value

Sue was spending four hours preparing for every client meeting and up to eight hours preparing for prospect meetings. When I heard this, I wanted to learn more about what her client meetings were like.

I was shocked to learn that each client meeting was two hours long. Not just estate planning meetings, not just investment meetings – every single meeting is two hours long, four times a year.

I was so curious. Why were meetings that long? What was being presented? How was she keeping the client engaged for so long? How was she getting things done? How many clients could she serve on that model?

My questions were flooding into my brain faster than I could ask. I peppered poor Sue with a barrage of inquiries to better understand the client's experience. Here is what I learned: her clients, like mine, mentally check out around the 45-60 minute mark. Sue kept the meeting going despite the signs that her client was giving her that they were done. We all know those signs, right? The ones we give when we are dying to get out of the room but too polite to move?

Here are some common behavioral signs that indicate a meeting is over for me:

1. Summary or recap: The leader or participants summarize the main points or decisions made during the meeting.
2. Action items: Specific tasks or action items are assigned, and deadlines are discussed.
3. Closing statements: The leader makes a closing statement, thanking participants for their time and contributions.
4. Questions and clarifications: There is a final call for any questions or clarifications, often signaling the end is near.
5. Body language: Participants start gathering their belongings, closing laptops, or shuffling papers.
6. Verbal cues: Phrases like "If there’s nothing else," "I think we’ve covered everything," or "We can wrap up now," are used.
7. Change in tone: The conversation shifts from formal to more casual, indicating the official business is concluded.
8. Standing up: Participants start to stand up or push back their chairs.
9. Small talk: People begin engaging in small talk or off-topic conversations.
10. Scheduled end time: The meeting reaches its scheduled end time, prompting a natural conclusion

An inefficient process

I always think to myself, “Don’t sell what’s sold.” When a meeting is going too long, your client is moving further away from being able to implement their financial plan.

I asked Sue why she kept the client in the meeting despite knowing that they were “done.” She told me she was terrified of not going over all aspects of their financial plan during the meeting. When I asked what “sections” of the planning she covered in the meeting, she said it was all of them.

Sue used the CFP Board’s checklist to create summations of different aspects of a client’s financial plan with her reporting software. She printed it out, put it into a three-ring binder, and presented it to her clients every single meeting. Each report included the following sections:

1. Financial Statement Preparation and Analysis;
2. Insurance Planning and Risk Management;
3. Employee Benefits Planning;
4. Investment Planning;
5. Income Tax Planning;
6. Retirement Planning; and
7. Estate Planning.

All seven sections of a person's financial plan, every meeting, for two hours, four times a year. It was certainly thorough! But was it productive?

There is a demographic of people with whom this style might work reallywell. If it is your client book and your practice is growing — if you're delivering value, managing your time, and finding joy in your process — then do not change a thing.

For Sue, this was not the case. She was anxious about client meetings, stressed about not growing her practice, and dealing with tight cash flow because she didn’t have any time to dedicate to prospecting with so many hours spent conducting research and building reports.

Sharpen the focus to shorten, optimize client meetings

Sue's experience highlights an important lesson for all financial advisors: Our clients hired us to help them, not to overwhelm them. Breaking down the areas of financial planning into manageable segments is crucial for effective client meetings. Tackling two or three areas per meeting – rather than all seven – ensures that clients can digest the information and take meaningful action.

Most clients won't take action if they feel overwhelmed. When they mentally check out, they miss important details, and the likelihood of implementing their financial plan diminishes. By focusing on a few key areas each meeting, we keep clients engaged, reduce their stress, and improve their ability to follow through on recommendations.

Remember that clear communication and personalized education are our allies. Starting with jargon-free explanations and tailoring educational materials to each client's unique situation fosters a better understanding and trust. Interactive sessions and step-by-step guidance make the process more relatable and less daunting.

Providing a variety of educational resources and encouraging ongoing learning ensures that clients are continuously informed and empowered. Seeking feedback and adjusting our approach based on client preferences further enhances their experience and our effectiveness as advisors.

Let's keep our client meetings focused and manageable. By doing so, we not only respect their time and attention but also increase the likelihood of them taking the necessary steps to achieve their financial goals. This approach not only benefits our clients but also allows us to manage our time more efficiently, reduce our stress, and ultimately grow our practices.

Micah Shilanski, CFP®, is a financial planner who achieves the impossible. Micah is recognized as a leader in the concept of lifestyle design for financial planners and has spoken at conferences across the country. Micah is an advisor with Shilanski and Associates, a founder of Plan Your Federal Retirement, and a co-founder of The Perfect RIA.

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