A client comes with a requirement, but your recommendation also has to match their needs. Advisors who can separate these two things in a meeting and record them clearly make better recommendations and face compliance checks with more peace of mind.
A requirement is not the same as a need
A requirement is what the client says themselves: “I want a mortgage with a monthly payment under CZK 18,000.” A need is what follows from their situation, even if they do not mention it: the family lives on one income and could not manage the payments if that person fell ill. A good recommendation addresses both, and the record has to show it.
Questions not to skip in the meeting
- What do you want to achieve, and by when?
- Who earns in the household, and roughly how much is left each month?
- What commitments and savings do you have?
- What would happen if one income stopped for six months?
- For investments: how long are you putting the money aside for, and how would you cope with a temporary loss?
How to record it: examples
Weak: “Client is interested in protection.”
Good: “Client (34) and husband (37), two children. Husband is the main earner. If he were unable to work, the household could not cover the CZK 18,000 mortgage payment. Savings cover 2 months.”
Weak: “Insurance recommended.”
Good: “Recommended term life insurance with cover for the husband’s inability to work, because it covers the household’s main risk and the premium fits within the client’s budget.”
Linking to the recommendation
Every recommendation should be traceable back to a requirement or a need. If for each point of the recommendation you can answer “why?” and the answer is in the record, the record is in good shape.
Leave the note-taking to ZAPSIO
During the meeting, focus on the client. From the recording, ZAPSIO fills in the requirements, needs, recommendation and the reason for it, and alerts you if any part is missing. You then just review the record and save it as a PDF.
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ZAPSIO prepares the meeting record from your client meeting. Try it free for 5 days.
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