Annual Reviews
Hi All,
I asked this question exactly 2 years ago here and surprisingly didn't receive any answers. I'll try again now 
What do you use for your annual reviews? Any specific IO reports, cashflow, etc?
I am reviewing our process for 2019 so any feedback would be highly appreciated.
Many thanks
Anna
Comments
Hi Anna
We went through this process quite recently.
We have a Planning Meeting Agenda template which is created (at first review) or updated (for future reviews) to cover the higher level objectives and goals as well as agenda items for discussion. This also includes a checklist for the adviser to go through and cover off i.e. state pension forecasts obtained, Wills, POAs, Health. We also paste a table that is created from our Back Office software showing the last 12 months money weighted returns/returns since inception and current values on portfolios.
We use Voyant so we update everything we can at our end and then pre-meeting send the balance sheet and income/expenses sheet to the client so they can update and return prior to the meeting (in an ideal world!!). We then update our Master Plan and any What If Scenarios and plan any further scenarios the client may want to see. If there is any information critical that is missing to build an accurate financial plan, we will also ask for it at this time.
Once we have completed the planning meeting we add detailed notes to the Planning Meeting Agenda and update Voyant with any further info. We also update our back office fact find with all the information gathered and discussions held and upload all relevant documents to back office and complete the review activity.
Finally, we put this together in a Planning Meeting Confirmation document which is a 1 page report so easy for the client to understand. This covers Objectives, Agenda Items, Next Steps as well as the MiFID II cost disclosures/buy sell hold etc. If any regulated advice is given off the back of the meeting, we confirm a full recommendation report will follow in the Next Steps section. We then email the clients confirming their meeting confirmation and any accompanying docs are uploaded to their client portal login.
We felt our review confirmations were too wordy so made a 1 page confirmation that is easy for the clients to understand and see where they are at (we are currently working on making this look a bit jazzier though!). We also save a snapshot of the current Master Plan and Scenarios on Voyant at time of planning meeting and if the clients want this we send this as well (although we remind them it is literally out of date the second it's printed and its a continually moving document).
I suppose everyone is different how they work but we spent some time putting together a template Agenda, Processes and Confirmation document that all advisers can follow.
Regards
Nathan
Similar to Nath.
Aside from some quick to download valuation and performance reports we focus on getting Voyant into the best shape possible before the meeting and let the adviser do their magic during it. This includes a review FF confirming objectives and nudges as per Nath said (state, pen nominations, LPAs etc).
Thereafter it's tidying up Voyant / CRM with any changes etc that come out from the meeting.
If no further action is required it's a quick report / email to confirm; if planning matters need attending to then it moves into an advice piece with the associated research and rec.
We try and make the pre-reveiw process as time efficient as possible for all concerned. You could spend hours coming up with whizz bang reports and planning ideas only for the client to sit down at review mention a change in their circumstances that throws all that hard work out the window.
Thank you Nath and Jona! Very useful to know what other people do.
Anna