Before the client review: a prep checklist for small RIAs
Before a client review, a small RIA should pull the household's current details, each account's strategy and the IPS in force, recent activity and fees, open requests, what was promised at the last meeting, and anything due, such as a suitability review, beneficiary check or required distribution. Put it on one page the advisor reads the day before. The meeting then goes on the client, not on looking things up.
Ten minutes into a review, the client asks whether the fee went down after last year's discount. The advisor isn't sure. Then: "Did you ever change my daughter's beneficiary on the IRA?" Nobody knows. The meeting turns into a list of follow-ups. None of it was hard to find. It just wasn't pulled together before the client walked in.
The prep checklist
| Pull | Why |
|---|---|
| Household details and contacts | Changes to address, family or trusted contact |
| Each account, its strategy and the IPS in force | Confirm they still match the client's goals |
| Activity since the last review | Deposits, withdrawals, trades, transfers |
| Fees billed in the period | Answer fee questions on the spot |
| Open requests | Anything still waiting on you |
| Last meeting's promises | The follow-ups you said you'd do |
| Anything due | Suitability review, beneficiary check, required distribution, IPS refresh |
The routine
- Two days before, the operations person pulls the checklist onto one page.
- Fix anything quick: a missing form, an unanswered request.
- Put anything that needs the client on the agenda.
- The advisor reads the page the day before.
- After the meeting, record notes and new follow-ups on the client's record the same day.
A worked example
Take a hypothetical two-person RIA that starts preparing every review this way. In the first month, prep turns up an IPS that still describes a strategy the client left last spring, a beneficiary form that was never returned, and a withdrawal request sitting unanswered. Two are fixed before the meetings. The third goes on the agenda. The advisor walks in knowing all three.
What are the common gaps?
- Prep done in the five minutes before the call.
- Last meeting's promises nowhere to be found.
- Fee questions answered with "I'll check."
- Due items, like beneficiary checks, discovered by the client first.
When is this overkill?
For a quick check-in call, a glance at open requests and last meeting's notes is enough. Use the full list for annual reviews.
How Advorra fits
Advorra keeps households with member-level suitability, each account's strategy and IPS versions, the trade and billing blotters, and communications on one record, with a 36-month suitability clock, so most of the prep page comes from one place. See the product page, or read about the annual review agenda and scheduling reviews across your book.
One thing to do this week: before your next review, write last meeting's promises at the top of the prep page.
An operations checklist, not legal, compliance or investment advice.
Questions advisors ask
How far ahead should prep happen?
A day or two before. Earlier and details change; later and there's no time to fix what you find.
Who does the prep?
Usually the operations person, with the advisor reviewing it the day before.
What if we find a problem during prep?
Fix it before the meeting if you can, or put it on the agenda so it's raised by you, not discovered by the client.
Should the client see the prep sheet?
No. It's an internal checklist. The client sees the agenda.
Is this compliance advice?
No. It is an operations checklist.
See it on a demo firm
Advorra is practice software for independent RIAs: clients, models, IPS, billing and compliance records in one place, on top of the custodian you already use. Built by The CollabHub.
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