Client Review Prep
Workflow
Step 1: Client Context
Gather or look up:
- Client name and household members
- Account types: Taxable, IRA, Roth, 401(k), trust, etc.
- Total AUM across accounts
- Investment Policy Statement (IPS): Target allocation, risk tolerance, constraints
- Life stage: Accumulation, pre-retirement, retirement, legacy
- Last meeting date and any outstanding action items
Step 2: Portfolio Performance
For each account and the household aggregate:
Performance Attribution:
- Which asset classes / positions drove returns?
- Top 3 contributors and top 3 detractors
- Any outsized single-position impact?
Step 3: Allocation Review
Current vs. target allocation:
Flag any drift exceeding the IPS rebalancing threshold (typically 3-5%).
Step 4: Talking Points
Generate a meeting agenda:
- Market overview (2-3 min): Brief macro context and outlook
- Portfolio performance (5 min): How did we do? Why?
- Allocation review (5 min): Any rebalancing needed?
- Planning updates (5-10 min):
- Life changes? (job, health, family, home, education)
- Income needs changing?
- Tax situation updates
- Estate planning updates
- Action items (5 min): What are we doing before next meeting?
Step 5: Proactive Recommendations
Based on the review, suggest:
- Rebalancing trades (if drift exceeds thresholds)
- Tax-loss harvesting opportunities
- Cash deployment or withdrawal planning
- Roth conversion opportunities (if applicable)
- Beneficiary updates or estate planning needs
- Insurance review (life, disability, LTC)
Step 6: Output
- One-page client review summary (Word or PDF)
- Performance table with benchmarks
- Allocation pie chart (current vs. target)
- Recommended action items
- Meeting agenda
Important Notes
- Know your client before the meeting — review notes from last meeting
- Lead with what the client cares about, not what you want to talk about
- If performance was bad, address it directly — don't hide or spin
- Always end with clear action items and next steps with dates
- Document the meeting notes and any changes to the IPS
- Compliance: ensure all materials are compliant with firm policies and regulatory requirements