This article was originally published in FA Mag.
Do you look forward to a medical appointment as a highlight of your week? Of course not! Do you arrive expecting good news? You are relieved if they say: “Everything is fine, see you next year.” You are not uninsured, but you have deductibles, so you know it is going to be costing you money. “If I am OK, why do I need to bother coming in?” As an advisor, you might see how similar thoughts are running through some client’s minds mind when you ask them for a face-to-face review meeting.
1. Clients will forget future scheduled meetings. When you see your family physician, their last task is often to send you to the reception desk to schedule your next visit. They ask you if today’s date in 2025 works for you. They hand you an appointment card. This is easily lost.
Doctors: They send you reminders weeks and again days in advance.
Advisors: You need to remind clients the review date is approaching. Where is it easiest for them to meet?
2. Clients will not do prep work unless reminded. Your doctor often wants a blood test done in advance.
Doctors: You likely get a text and an e-mail reminding you to get this done. If you get a call from a live person, they remind you too.
Advisors: You want your client to bring statements for assets held away. You would like to see how their retirement plan assets fit into the picture. You remind them to be prepared.
3. Doctors review the blood test results in advance. You are also weighed, and your blood pressure is checked before the doctor sees you.
Doctors: At previous visits they might have told you to lose weight, change your diet or take certain medications. The blood test and other tests give them clues if you have been following instructions.
Advisors: You review their account statements in advance. Have they been adding money, following the dollar cost averaging strategy? Have they been keeping their spending under control?
4. Clients will expect at least what the stock market indexes return. The closest to a medical example is patients want an “all clear” diagnosis. Nothing needs attention.
Doctors: Patients want to hear all their numbers are within acceptable ranges.
Advisors: You are considered a “stockbroker.” They often feel their performance should equal or exceed the broad market return. The exception is when the indexes decline. Then, they hoped they did not lose money. Advisors need to explain the client has an asset allocation containing stock, bonds and cash. Their return needs to be compared to a blended index.
5. Doctors realize patients often understate alcohol consumption. Sometimes they ask: “How often do you have a drink” or “How many units a week do you consume?”
Doctors: They realize the patient’s estimate is often on the low side.
Advisors: When reviewing performance, the client might wonder if the stock market is up and their investments did well, why hasn’t their account grown accordingly? The advisor needs to remind them they removed money several times during the review period.
6. People tune out technical conversations. Medicine is both complex and scary. If your doctor talks about what might happen using technical terms, it might not register with the patient.
Doctors: Discussions with patients need to be brought down to the simplest terms possible. Analogies help.
Advisors: Clients will tune out technical explanations they don’t understand. Unless they have great confidence in the advisor, they are afraid of the unknown and won’t immediately agree.
7. How long is this appointment going to take? Doctors often see many patients during a day. The unknown variable is how much time will pass between being led into the examination room and the doctor actually seeing you.
Doctors: Your appointment often starts with: “I am sorry I kept you waiting.”
Advisors: You need to tell clients in advance how long the meeting should be lasting. Let them know they can extend the time if they have additional questions.
8. Sometimes the spouse should be present. Medical exams are private matters, but the addition of the spouse means two sets of ears are hearing the doctor’s diagnosis. We often tend to hear only what we want to hear or minimize bad news.
Doctors: They are welcoming of spouses, especially if there is a serious illness. The spouse wants to be present.
Advisors: On joint accounts, you want to treat both parties equally. Having both in the room can eliminate the “I need to ask my better half” objection. The advisor might gain an ally in the discussion.
9. Bad news only gets worse. Some people have this attitude. If they have a serious illness, it is the beginning of the end. The doctor needs to make the case for treatment.
Doctors: They give the patient hope. They suggest a few options to move forward.
Advisors: When the stock market is doing badly, they remind clients markets tend to be cyclical. They offer hope too.
10. People are reluctant to stop doing things they enjoy. The patient might not have a serious problem, but they drink too much or binge on fatty foods and processed snacks.
Doctors: They talk about moderation. They might suggest diets. They talk about restricting intake, not giving up.
Advisors: Clients may be reluctant to rebalance from stocks to bonds when the stock market is going up. Advisors need to remind them about “buy low, sell high.”
11. Meeting with you is going to cost me. This might apply more to dentists and car inspections, but it holds true for doctors if your medical plan has an annual deductible.
Doctors: They identify there is a problem. They propose a solution. They explain the consequences if the problem is ignored.
Advisors: Ideally you have made money for the client and are asking for fresh money for new ideas. You make the case for why the new investments are a good fit. You explain costs upfront.

There are other instances of client behavior that don’t have a medical example as a correlation.
1. Clients will ask for a lower price. People often ask for discounts. They might read articles with that suggestion. They are used to buying things on sale. Getting a discount conveys a feeling of control. Is giving a small discount such a bad thing? Set a time period.
2. Clients might expect yesterday’s higher yields today. This might happen when interest rates start to decline. They might ask if those higher yielding bonds or CDs you showed them six months ago are still around. They might be in the secondary market, but they cost more, reflecting the lower interest rate environment.
3. Clients might not know where they stand in gains vs. losses. This can be an issue of they are also short-term traders in addition to long-term clients. Try to get them to share this information on a regular basis. Explain the tax consequences.
4. Some clients are happy to see one item going up while others are going down. Investors are often optimists. Experienced investors know markets move in cycles. They are often open to the idea of putting more money where they think the “smart money” is going. This might be sector rotation under a different name.
In the U.S., we are big on preventive medicine. It is easier to treat an illness if it is caught in the early stages. Your periodic portfolio reviews seek to utilize the same logic.
Disclosures:
This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel. Any investment products or services named herein are for illustrative purposes only and should not be considered an offer to buy or sell, or an investment recommendation for, any specific security, strategy or investment product or service. Always consult a qualified professional or your own independent financial professional for personalized advice or investment recommendations tailored to your specific goals, individual situation, and risk tolerance. All examples are hypothetical and are for illustrative purposes only.
Information contained in the materials included is believed to be from reliable sources, but no representations or guarantees are made as to the accuracy or completeness of information. This document is provided for information purposes only and should not be considered as investment advice.
Bryce Sanders is the president of Perceptive Business Solutions Inc.. Dunham & Associates Investment Counsel, Inc. and Perceptive Business Solutions Inc. are not affiliated companies.
Dunham & Associates Investment Counsel, Inc. is a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC. Advisory services and securities offered through Dunham & Associates Investment Counsel, Inc.