Managing Client Reviews

Logging a review

Review notes can be brief - remember the purpose is to document how you went about ensuring the client's financial plan is still appropriate or how planning was adjusted to meet changes in their circumstances.

Whether the client's circumstances have changed and how it affects their planning should be recorded. Interactions throughout the year are automatically logged and should be in the client's Interaction Log. Reviews specifcally ask whether the client's planning is still appropriate and allow you to record how you went about determining that.

Steps to log a review

  1. Search for a client and navigate to their profile
  2. Click on 'Log Review' in the Top Menu
  3. Select the 'Review Time' and 'Date'. This is normally the date of the appointment with the client where the review was conducted. If the review was sent via email or post the date of sending can be entered.
  4. Next, the 'Review Type' can be set. Bear in mind that selecting 'Could not reach' implies the client could not be reached at all and marks the review as complete. It should not be used to postpone reviews. When selecting 'No longer a client' the client will not automatically be marked inactive, meaning their review reminder will come again next year. Remember to mark the client inactive if you'd like.
  5. Review notes allow you to record notes/comments related to the review. This can be used in any way, but normally review comments would include:
  6. changes in the client's circumstances since the last review
  7. discussion notes around any telephonic or physical discussions
  8. where additional information regarding the review can be found, e.g. emails saved
  9. whether feedback on the client's policies or investments were provided.
  10. Click 'Log Review' to save the review

ClientManager reviews: General overview

ClientManager's annual review tool has a slightly different focus to the legislative annual reviews. The intention of the ClientManager review tool is to keep track of client reviews from an interaction and advice perspective. When referring to 'reviews' or 'annual reviews', we refer to Step 6 of the six-step financial planning process.

A client review, from an advice perspective, normally includes the requirements outlined above along with any of the following:

  • A portfolio summary
  • An investment review (e.g. cashflow planning, asset allocation, performance review, etc).
  • Risk profiling
  • Review of risk planning needs
  • Other relevant documents and discussions

ClientManager assists with the above process by providing a space to record discussions and reviews notes. The notes feature can be used for this purpose. Appointments, whether virtual or physical can be arranged and confirmed using ClientManager's meeting scheduler. Reviews can also be done via email, and ClientManager's email storage can be used to record these interactions.

All of these client interactions are stored in the Interaction Log, forming part of your record of advice.

The purpose of the review tool is to keep track of who you've had sufficient interactions with to be considered “reviewed”, and who you still need to make appointments with (or send emails to). Generally financial plans should be reviewed annually. All clients don't require the same level of review - for some clients it may just be an email containing a portfolio statement and a few questions or some investment feedback. For some clients the review may be more involved.

It is up to each adviser, their practice, and their specific compliance requirements to determine what constitutes a review. ClientManager therefore isn't prescriptive in what should be included and simply provides an open space for review comments to be added. If a client is not ready to be reviewed, a review date is postponed, or a review should occur later in the year than is suggested, it is recommended that you change review date and make a note rather than mark a review. This will help you keep track and keep your review log accurate when checking your compliance.

If a client should not be reviewed at all, change their state to inactive or deceased. Once a review has been logged, the client's profile will reflect the state 'REVIEWED' instead of 'TODO' under the Reviewed field in their personal details.