Financial reviews are powerful tools for clients and advisors

Any financial advisor that has ever purchased (or thought about purchasing) another advisor’s book of business knows two things to be indisputably true. First, there are unfulfilled client needs (and therefore revenue opportunities for the advisor) in virtually every book of business. And second, the best way to discover these opportunities is to contact every client to arrange a short review meeting to get to know the client and understand their needs.

One advisor’s client is another’s referral

When an advisor considers buying a book of business, they know nothing about the clients and therefore have no preconceived notions as to what gaps the clients may have in their coverage or what their needs might be. New clients are uncharted territory, full of opportunities to discover.

On the other hand, an advisor’s own book of business is often seen as familiar, and devoid of any new opportunities. When asked about opportunities in their existing books, many advisors use phrases like “they don’t need that” or “I already handle all of their insurance needs”. The familiarity of our own clients can blind us to their real needs.

The simple truth is that your existing clients represent many new opportunities for you in the same way that a referral, which is another advisor’s client, is a new opportunity. You just have to know how to find these opportunities.


The RazorPlan Review

To help advisors get better at discovering opportunities to serve their clients better, we have developed a review process that uses the RazorPlan financial planning software to analyze the current situation along with a meeting agenda and checklist designed to complement this analysis.

Click here to download a copy of the Insurance Policy Review Meeting Agenda and the Financial Review Checklist for use with RazorPlan financial planning software.


We call this process the “RazorPlan Review” and it can be conducted in any client meeting. The review takes a few minutes to complete and will immediately provide you and your clients with an analysis that will clarify their financial situation and demonstrate the value you provide as their trusted advisor.


In addition to providing additional planning value to you and your clients, adding the RazorPlan Review to the meetings you already conduct with clients requires little effort and provides you with a number of opportunities to address their unfulfilled needs. Below I have outlined 5 areas that a RazorPlan Review can bring added revenue to your practice.

Insurance Products

Life and living benefits insurance is designed to solve financial hardships that are created when a family’s primary bread winner dies, becomes disabled or suffers a critical illness. Insurance can also be used for capital creation to pay deferred income taxes, protect a business or to create an estate where one did not previously exist.

Conducting a RazorPlan Review provides you with an understanding of your client’s financial situation and personal attitudes that far exceed any insurance needs analysis or ‘Know Your Client’ form.

The RazorPlan Review will also show you how to identify more advanced insurance planning strategies such as:

  • Insured Retirement Plan
  • Estate Bond / Corporate Estate Bond
  • RRIF Estate Protector
  • Asset Estate Protector
  • Insured Annuity

In addition to helping you to identify clients with more advanced insurance needs, The RazorPlan platform will also assist in determining product suitability so that the recommendations you make are appropriate and address the needs of your client.

Investment Products

Most investment advisors would like to think they manage all of their client’s investment assets. However, research suggests that the more money a client has to invest, the higher the likelihood that the client spreads their investable assets among multiple advisors.

For clients with modest assets to invest, although they tend to use one advisor for all saving and investing needs, they rarely invest to their full ability.

In addition to potentially uncovering investment assets not managed by you, the RazorPlan Review will estimate annual savings required to meet your client’s planning objectives. Over time, a RazorPlan Review can assist in developing a level of trust that will position you to manage more of your client’s assets.

Annual Reviews

Whether your focus is on insurance, investment or comprehensive financial planning advice, preparing a plan for your client is only the beginning of an on-going process. With each review, you will discover changes to the client’s personal and financial situation, each presenting new opportunities and challenges that may affect the original recommendations made.

There are many life changes that can cause financial hardships to clients, including divorce, loss of employment, forced retirement, or the death of a loved one. Clients can benefit enormously from their advisor’s help in these situations.

However, many life changes create new and exciting opportunities for clients, such as marriage, birth of a child, job promotions, or the start-up of a new business. In these situations, additional coverage may be needed or your client may want professional advice.

Providing a RazorPlan Review as part of your service and value proposition is a proven way to retain your clients and keep them on track with their planning objectives, regardless of type of challenges and/or life changes they may face.

Client Retention

No matter how long you have been in the business, client retention is important to every financial advisor. The loss of a client to a competitor, regardless of the size of the account, is usually related to a perceived reduction in the value you provide as the advisor.

When you are perceived as a provider of product, the value you add is often directly related to how that product performs. If, due to market conditions the product fails to perform as expected, then in the eyes of the client the value you add is also diminished.

The RazorPlan Review helps to shifts the focus of the relationship away from provider of product to that of trusted advisor. There will still be clients that leave, but improving retention will have a significant long term impact on your revenues and the value of your business.

Estate Retention

Much has been written about Canada’s aging population and the impending transfer of wealth to a new generation. To be sure, this wealth transfer represents a great opportunity for financial advisors as younger clients look for advice on investing their new-found wealth.

Less commonly mentioned, however, is the potential downside that many financial advisors face. For instance:

  • Many financial advisors do not have a relationship with the children of their aging clients, suggesting that the children may use a different advisor to help manage their inheritance or to seek advice from on matters related to their life, disability and critical illness insurance.
  • Some portion of the assets to be inherited will be used to pay off mortgages and/or make major purchases.
  • Income taxes will take a big bite out of potential inheritances, up to 50% in the case of RRSPs and 25% for unrealized capital gains. Probate, trustee and legal fees will further reduce what is left for heirs.

The RazorPlan Review provides you with the opportunity to engage the next generation with their own insurance and investment planning needs, helping to create relationships that will increase the likelihood that you will retain assets when they are transferred. Financial advisors that do not provide any form of a financial plan can expect to lose a significant percentage of the business under their management.


razor-request-a-trialClick here for your
of RazorPlan.

Your clients will thank you!

2 thoughts on “Financial reviews are powerful tools for clients and advisors

  1. Hi Dave,

    Good blog. For the last 4 years I have been farming my existing client base which had proved as profitable with way less pressure than shopping for new clients and the Razor helps find the business while keeping it simple for the client . Thanks for the templates.. they will be a useful addition to what I already use.


    Liked by 1 person

  2. Thanks for the kind words. A few years back I read “The Checklist Manifesto” by Atul Gawande. Ever since then I have been a big fan of using checklists in my financial planning practice. These two forms are a small example of how a low-tech solution can improve the client experience.

    Liked by 1 person

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