Ten Crucial Conversations for Year-End Client Reviews: Strengthen Client Relationships, Showcase Your Value, and Build Momentum for the Year Ahead

The clock is ticking, and the year's final chapter is here—a high-stakes season where you can turn a good year into an unforgettable one. It's not just about crunching numbers or wrapping up loose ends. It's about owning the moment to forge stronger relationships, flex your expertise, and better position clients to hit the ground running in 2025.

Year-end reviews are more than just a formality or another item on the calendar. They are your best opportunity as an advisory team to show clients precisely why they've trusted you: a chance to roll up your sleeves, prove your value, and set the stage for an even stronger partnership in the year ahead.

Year-end review playbook

I recently asked a group of elite advisors to identify the ten most critical conversations they plan to have with their clients before year-end. Each conversation, they told me, represents a unique opportunity to showcase their firm's expertise, strengthen trust, and partner with their clients to provide clarity for the future. While most periodically address these topics throughout the year (in an effort not to overwhelm), items 1, 2, and 9 emerged as non-negotiables when it comes to wrapping up the year effectively. Let’s get into the ten crucial conversations to consider adding to your client reviews:

1. Make Taxes Work for Them – Nobody likes thinking about or paying taxes, but everyone loves a story about creative, thoughtful tax mitigation strategies. This time of year is perfect for exploring concepts that include:

    Tax-loss harvesting: Show clients how to minimize their tax bill by offsetting gains with underperformers; it's a great way to deliver tangible benefits.
    Charitable planning and giving: Discuss donor-advised funds (and QCDs for those over 70½) to help clients maximize their impact and tax efficiency.
    Roth conversions: Might converting a portion of the client's IRA assets make sense now or in the future?
   
   Work closely with their tax professionals to align strategies and leave no money on the table. Collaboration is key to enhancing the value you provide. Additionally, Michael Kitces offers educational resources, such as the "Kitces Masterclass on Reviewing Tax Returns," for advisors seeking to deepen their understanding of tax planning and identify opportunities through a focused review of clients' tax returns. 

2. Maximize Contributions & Avoid Penalties – If your clients aren't maxing out their tax deferral opportunities, they're missing out, and you're opening the door for other advisors. The same applies to potential tax penalties. Make sure you emphasize the importance of:

    Maximizing contributions to 401(k)s, IRAs, and HSAs before their annual deadlines.
    Meeting RMD requirements (for clients aged 73+) to avoid steep IRS penalties.  Taking advantage of catch-up contribution provisions (for clients over age 50) to help supercharge their retirement savings.
   

   
   Although this conversation may feel routine to you, it's often a critical reminder for clients – and allows you to deliver compliance and optimization. You might want to consider exploring the ChFC designation offered by The American College of Financial Services. The program addresses advanced financial planning topics, equipping you with the knowledge to better assist clients in maximizing contributions while adhering to tax laws.

3. Sharpen Their Legacy Game – Estate planning isn't a one-and-done proposition. The process should be continually evolving to reflect the client's changing life. Do any existing trusts need to be modified, or new trusts established? Take time to review:

    Beneficiary designations to ensure they still reflect the client's wishes.
    Gifting strategies like the annual per-recipient tax exclusion. The IRS offers an excellent FAQ on gift taxes.
   'Superfunding' 529 Plan accounts.
   

By focusing on your clients' long-term legacy, you not only position yourself as their trusted guide in wealth transfer and family stewardship, you unlock an ideal opportunity to begin engaging and building relationships with the next generation who will inherit their wealth.

4. Spending and Budgeting: Be Candid – Honesty is the best policy. Yet advisors often avoid uncomfortable money management discussions, kicking the can down the road. The end of the year is a good time to offer clients an honest assessment as to how they're managing their money by:

    Reviewing how well their spending aligns with their goals.
    Determining whether they're saving enough to fund the future they envision.
    Discussing any adjustments that could improve cash flow and efficiency.
    Assessing whether retired clients can spend more and still be confident about reaching their goals.
   

This isn't about spreadsheets. It's about showing your clients how every dollar can work harder for them or how they might better enjoy their hard-earned wealth.

5. Insurance: Cover What Counts – Risk management isn't glamorous, but it's an essential component of wealth management. Whether implemented for income replacement, asset protection, or wealth transfer, insurance should be regularly reviewed to assess:

    Whether their life policy meets the family's income replacement needs and wealth transfer objectives.
    If there are any new policy features, terms, or pricing available that might warrant consideration.
    How the client plans to fund long-term care costs (if they arise) in the future.
    If their property and liability coverage aligns with their current asset values.
   
   Rather than being perceived as an investment advisor, this discussion presents a terrific opportunity to reinforce your role as a full-service wealth management firm and demonstrate the value you add far beyond the confines of their portfolio.

6. Charitable Giving: Align Dollars with Values – For clients with a philanthropic mindset, year-end charitable planning discussions offer a moment to inspire. These conversations go beyond finances—they're about purpose, values, and making a meaningful impact as you explore together:

    What causes are they most passionate about?
    Are they leveraging the most tax-efficient charitable strategies (e.g., donor-advised funds, charitable trusts, family foundations, etc.) based on their goals?
    How does their philanthropy align with and reflect their legacy goals?
   
   Charitable giving conversations also provide an ideal opportunity to engage the client's whole family in decision-making around which organizations to support both financially and with their time and talents – allowing you to build connections.

7. Investments: Make Data-Backed Adjustments – Regarding portfolios, clarity is power, and consistency is king. It's not about change, for change's sake. It's about fine-tuning holdings to position clients better to achieve their goals.

    Rebalance to help them stay aligned with their risk tolerance and goals.

    Celebrate portfolio wins, but strategize next moves for underperforming holdings.
    Alter allocations based on life changes (e.g., income, expenses, or evolving risk preferences).
   
   Remember, you're not just managing your client's money—you're guiding them through the complexities of building wealth and tax-efficiently generating retirement income.

8. Update the Plan: Keep It Alive – Invariably, life changes, and so should each client's financial plan. Marriage, divorce, retirement, death, and other significant events should be addressed immediately. Make sure to ask:

    What wins or challenges were defined for them this year.
    What if any career, family, or health changes may have shifted their priorities.
    How well the current plan remains aligned with their long-term objectives.
   
   Take time to remind them that their plan isn't static. It's a dynamic, it’s a living, breathing document designed and intended to adapt and evolve as their life evolves.

9. Stay Ahead of Tax Law Changes – Legislation shouldn't be your client's responsibility – it's yours. As their advisor, it's your role to stay ahead of the changes, interpret the impact, and guide them so they can confidently focus on their goals.

    Are they prepared for pending tax changes that could impact their strategy?
    Should we accelerate income, defer deductions, or make other moves to stay ahead?
   What's our game plan for navigating uncertainty in the tax landscape?
   
   As with tax planning, this is an opportune time to reach out and collaborate with your client's tax attorneys and CPAs. Not only will it help ensure you're both rowing in the same direction, but it's also a chance to build and strengthen referral networks.

10. Eyes Forward: Inspire Action for the Coming Year – Strive to end every meeting by looking ahead to what's next. Shift the focus toward upcoming milestones, opportunities, and challenges. Outline steps you'll take together in the weeks or months ahead, and set clear expectations for how you'll support them.

     What are their biggest priorities for the year ahead?
     Are any major life events, expenses, or windfalls on the horizon?
     How can we better position them to stay confident and in control?
    
    This forward-looking approach will reinforce your role as a proactive partner, giving clients confidence that you're not just managing the present but actively planning for their future.

Pro Tip: Scale Without Slipping

If you lead a team, keep sight of the fact that scalability is everything. Make a New Year commitment to: 

• Delegate preparation, execution, and follow-ups to help keep things running smoothly.

• Use standardized templates for agendas and summaries.

• Encourage next-generation advisors to get more involved and learn to prepare them for leadership roles better.

Your process should be as polished as your advice.

Going Beyond the Numbers

Clients want more than portfolio management. They want a partner who truly sees them, celebrates their achievements, and supports them through every stage of life. Want to leave a lasting impression? Go the extra mile by:

• Reinforcing their trust in you by reminding them of the proactive steps you've taken together during the year.

• Sending handwritten thank-you notes.

• Sharing thoughtful year-end gifts (not overly extravagant, just meaningful, and relevant).

• Hosting a client appreciation event to celebrate their progress and your partnership.

These touches show you value them as clients and individuals with unique stories, goals, and lives beyond their portfolios. It's about valuing their achievements, understanding their challenges, and celebrating their milestones.

Investing in the relationship on a human level builds partnerships rooted in trust, respect, and genuine care for their well-being. These moments remind clients that they're not just part of your business; they're part of a meaningful relationship built on mutual understanding and shared success.

Ready to take your year-end reviews to the next level? Download our complimentary guide of future-focused client questions to explore their goals and priorities more deeply, uncover new opportunities, and build greater trust. It's an invaluable tool for enhancing your reviews, inspiring meaningful action, showcasing the value of your firm's advice and guidance, and reinforcing your shared achievements.

My Favorite Question

"Over this past year, what do you believe we've achieved together?"

Too often, advisors fail to take credit for all their work – allowing clients to define the firm's value based on their portfolio's balance. Of course, you need to be prepared to talk about all your activities on their behalf, but it's a great way to reinforce your relationship value.

Coaching Questions

1. What aspects of our current client review process are most effective in meeting client needs and expectations?
2. How can our team enhance its collaboration with clients to deliver more engaging and impactful year-end reviews?
3. To what extent do client reviews across our firm provide a consistent and cohesive experience, regardless of the Advisor conducting them?

About ClientWise LLC

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Our certified coaches are members of the International Coach Federation (ICF). They adhere to ICF’s strict code of ethics and have the experience and insight to work with you on the unique challenges and opportunities you face each day.

Drawing from an in-depth knowledge of the financial industry, ClientWise’s mission is to professionally develop industry leaders and consistently raise the bar for industry service, commitment and integrity. Simply put, our singular focus is to help you get clear, get focused, and get results.