This article for initial client interviews will assist you with:

We have developed a step-by-step guide for you to follow, to ensure that your initial client meetings have structure and purpose, setting you up for a successful relationship with your new client.

1. Develop a structure for your meeting

You can create transparency for your meeting with an agenda, which can also help to build trust at this early stage. Ask your client to add their own points to this so they know their interests and concerns are paramount. Whilst structure is sensible, be open to flexibility, as it is possible your client may steer the conversation in an unexpected direction.

You could base your agenda on the following template:

The opening few minutes of a first meeting are the part that is most under your control, and it is also the time when the client’s well-being is at its most fragile. Feeling comfortable and at ease, for you and your client, is key, and one way to achieve this is by relying on well-rehearsed processes.

2. Determine which documents you require

In order to determine goals and create an investment plan to achieve these, there will be certain documents you will need from your client. Some clients, however, are reluctant to give their adviser too much information in one go, and with this in mind, you may need to think about which documents you really need and ask your client to bring only those to the initial meeting.

3. Formulate a few important questions to ask your client prior to the meeting

The advice given around documents also applies to the meeting itself. If you ask for too much preparation, some clients will not prepare at all, so finding a middle ground is sensible. Formulate a few important questions that will make your client think about the purpose of your meeting and their hopes and goals beforehand. Sometimes it might feel slightly awkward posing personal questions this early on in your client/adviser relationship, but this will subside over time.

Questions you could consider may include:

Or, about money:

4. Help your client to ask you the right questions

Support your client by suggesting some questions which are crucial to understanding the expected quality of service. These may concern, for example, your remuneration or communication.

The underlying reason for discussion around remuneration is usually due to the client not recognising the added value of the services presented to them. Be confident when talking about fees. If you have made a good first impression there should be no sustained enquiries about your remuneration. If your client feels the fees are too high, find out their reference point. Often, reference points do not include all the information, and hidden costs may, in the past, have given the client the wrong picture. Help your clients to see that advice is an investment rather than a cost centre. The added value of advice should also be quantitively evident after a few years.

With a precise value proposition, you create transparency and build trust which is essential for building a strong relationship with your client. When clients ask the right questions you can also steer the conversation in the direction you would like it to take, and understand your client’s goals and motivations.

5. Create the conditions for a long-term relationship from which both sides benefit

Developing a relationship with your client based on mutual respect, honesty and trust takes time, however, you can lay the foundation for this from your first meeting. Simple financial plans and proactive behavioural coaching form a good basis for a long-term relationship.

Creating a simple financial plan shifts the focus from selling “certainty” to navigating an uncertain environment. You become the guide in a changing landscape, not a defender of a changing plan.

A good, simple financial plan sets a clear framework. It reminds the client what is important to them and how their decisions align with that. The initial simple framework fits best between the first and second conversations with the client. The financial plan becomes a reminder as needed, especially during your regular progress meetings.

Conclusion

Investment is a challenge for everyone, and advisers are only human. The future is not predictable. Often it is the way people – whether they are advisers or clients – deal with this uncertainty that leads to better investment decisions. By implementing these straightforward steps at the start, advisers can lay a firm foundation for successful and long-term client relationships.

Action points