Your actions in your first client meeting will set the stage for the success (or failure) of the ongoing relationship. If you handle them carefully, you'll uncover sales opportunities, lay the groundwork for a mutually rewarding relationship, and avoid errors-and-omissions risks. If you don't, you'll open the door to trouble. To avoid the latter happening, follow these best practices.
Do a great job collecting client data. This will allow you to identify the client's financial goals, wall off unrealistic objectives, and document your findings for the client file.
Review and assess client data. Be sure to record your evaluation and conclusions based on what you learned.
Design and present a solution. This involves considering alternatives to the client's current situation, assessing benefits and costs of various product options, how well those options fit the client's goals, linking your proposed recommendations to the client's goals, and then documenting the above steps for the file. If the client refuses to follow a recommendation you believe is important, document that as well.
Implement the solution. To protect yourself, document the client's approval or disapproval of your recommendation, as well as follow-through steps required. Depending on your license and standard of care, you may wish to disclose conflicts of interest, compensation methods and material relationships.
