What distinguishes a scheduled review from an ad-hoc review in client management?

The distinction between scheduled reviews and ad-hoc reviews primarily revolves around the planning and structure associated with each type of meeting. Scheduled reviews are characterized by their pre-planned nature, often outlined in advance based on a systematic approach to client management. These reviews allow wealth managers to assess and discuss the client’s portfolio, goals, and any necessary adjustments on a regular basis. Establishing a rhythm through regular checkpoints helps build trust and ensures that the client’s financial strategies are aligned with their evolving needs and market conditions.

In contrast, ad-hoc reviews are typically unplanned and occur in response to specific events or changes in the client's situation or the market. These reactive meetings can arise due to sudden market shifts, concerns the client may express, or significant life events that necessitate a discussion. While both types of reviews play an important role in client management, the proactive nature of scheduled reviews allows for more thorough planning and preparation, leading to potentially more productive discussions.

Understanding this difference can help wealth managers effectively engage with their clients and tailor their services to achieve optimal outcomes.