Ted Sarenski isn't shy about finding out whether his clients think he's been naughty or nice.

The Syracuse, New York-based financial adviser and CPA mails out a year-end survey to gauge overall satisfaction with his firm during the prior 12 months. The two-page document asks clients pointed questions about whether promises were fulfilled and the ways the firm's service can be improved.

"It seems a lot of advisers are reluctant to talk to their clients about that stuff," says Sarenski, whose staff of 10 has about $230 million under management.

Of course, like most advisers, he also uses the end of the year to sit down with clients face to face whenever possible for a big-picture account of their financial situation. Sarenski begins reaching out in mid-November to set up meetings, which start then and continue through the end of December.

This year, besides perennial topics such as capital gains, portfolio performance and overall investment strategy, Sarenski is discussing the implications of the Affordable Care Act, new Medicare rules and other changes in tax law that will affect clients' budgets in 2014.

"We (already) talked ... about some of the new taxes that cropped up. It gave us a talking point at mid-year," he says. "At year-end, we're going to remind everybody of those same things again."

Most financial advisers understand that year-end checkups - in person, over the phone, or even virtually with Skype and online meeting platforms - offer an important window to review investment performance, as well as a look at tax, retirement, savings and related strategies for the coming year.

But they're also a time to gather feedback, sometimes unflattering, on the firm's own performance, say experts, who note it is often difficult for analytically minded professionals to ask soft questions about how they're doing.

And given the reflective nature of the holidays, annual reviews also present a chance for advisers to gather broader intelligence about changes in their clients' lives such as milestones like the birth of a grandchild, a promotion or career setback, or plans for marriage or divorce.

"Make sure part of that annual review process is more than just about core advice," says Hannah Shaw Grove, a New York-based family office consultant and principal at HSGrove LLC. "It is an opportunity to take the temperature of the client. Where are they in their life? Earthquakes, hurricanes, super-storms - all those things can interrupt your life."

Not Time To Play Catchup

Shaw Grove notes, however, that the year-end meeting is no excuse to forgo regular communication for the other 11 months.

Based on her firm's research, the most successful financial advisers initiate contact with their clients about half a dozen times throughout the year about investment and finance issues. They connect far more frequently, about 17 times on average, about more personal topics: everything from mutual interests such as sports to checking in on a child's college applications, she says.

Michael Goodman, a New York-based financial adviser and CPA who represents high-net-worth clients, maintains connections beyond the numbers. It's rare, he says, that he is blindsided by client news during a year-end meeting.

"We have deep meaningful relationships with our clients," says Goodman, whose firm manages about $300 million. "The investments don't mean anything until you understand what they're trying to do."

Even though his firm provides clients an agenda ahead of annual reviews, Goodman makes it a point to kick things off with a series of open-ended questions such as "What's new?"

"You'll be amazed at what you can find out," Goodman says, noting that discussion of the financial portfolio typically comes last. "Any advice we're going to give them in that meeting is based on that information."

Given the busy time of year, however, some financial advisers find it increasingly difficult to get clients to commit to these face-to-face sessions.

But that shouldn't stop them, says Michael Kitces, director of research for Pinnacle Advisory Group, a Columbia, Maryland, firm overseeing more than $1 billion in assets. Kitces says it's increasingly common to turn to virtual meetings as a solution.

"It's a lot more productive when no one has to drive and go through traffic," says Kitces, adding the technique offers a means to bridge geographic barriers with clients who have retired and moved out of state.

Not everyone is a fan of the year-end review, though.

Jennifer Murray, a Morristown, New Jersey-based adviser with about $45 million under management, says she does not schedule them. But she does touch base with her small base of clients, mostly widows and other single women, who prefer more interaction, six to eight times per year and sees them in person at least twice during that time period.

Murray also makes herself available to field end-of-year calls on topics ranging from charitable giving to maxing out 401(k) plans.

"I'm in close contact with my clients all year long," Murray says.