Raising it at the year-end meeting

The year-end meeting is the place to raise financial planning with a business owner. The numbers are in front of both of you and the client came to talk about money. When to ask, one question to use, and what to do with each answer.

Introductions start when the accountant asks the client the question. Ask it at the year-end meeting, which is already in the diary, with the accounts on the table and the client expecting to talk about money.

Use the year-end meeting

The client came to the meeting to talk about the company’s money. A question about their own position fits there.

Put it at the end of the meeting

Do the company work first. Sign off the accounts, cover the tax position, deal with what they came for. Ask the personal question once the business conversation has finished and before either of you has stood up.

The question to ask

Wording you can use“We have covered the company. Can I ask what the plan is for you personally?”

The question is open and names no product. The client can say “all sorted” or talk for fifteen minutes about a business they want out of by sixty. Either way your firm learns something about the client it did not have in the file.

Four answers and what to do with each

“I keep meaning to sort that out.” Offer the introduction now, while it is live.

“I already have an adviser.” Ask when they last had a review. If it was years ago, offer the introduction. If it was recent and they are happy, leave it.

“The business is my pension.” Ask one follow-up question. Has anyone worked out what the business would need to sell for to fund that? If not, offer the introduction.

“What do you think I should do?” Stop there. Say it is a question for the Equity & General financial adviser, and offer the introduction.

Make the introduction while you are in the room

If they say yes, raise the introduction in the portal there and then, and tell them who will be in touch and roughly when. If you say you will send details later, both of you have to remember to follow it up.

What to tell the client to expect

They will meet a named Equity & General financial adviser. They will be asked six yes or no questions and to rank five priorities, and they can complete a Health Score. If there is nothing to be done, the adviser says so. You carry on with the accounts and tax work, and you can see in your portal where the introduction has got to.

A client couple going through their paperwork

If the client says no

If the answer is no, leave it. Ask again next year, in the same meeting, when something in their position may have moved.

Brief whoever runs the meetings

Where client managers run the year-end meetings, they are the ones who hear “I keep meaning to sort that out.” Give them an hour on the six moments and this one question, so they know what to listen for and what to say when they hear it.

Financial planning for your clients, alongside the accounts and tax work

Equity & General is authorised and regulated by the Financial Conduct Authority. There is no charge to your firm, and we do everything to set it up for you.