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.