Suitability reports. They’re part of the job, sure, but they’re also so much more. They’re a chance to show your clients you’re listening, you understand them, and you’ve got their best interests at heart. Done well, these reports don’t just meet compliance standards, they strengthen relationships and build trust.
But let’s be honest, most clients aren’t excited to read a long, dry document. The challenge is making these reports clear, meaningful, and easy to understand, without losing the detail that matters.
Here’s how you can make suitability reports work for you and your clients.
Why Suitability Reports Actually Matter
- They Simplify the Complex: Clients come to you because they trust you to make sense of the financial world for them. A good suitability report clears up any confusion about what you’re recommending and why.
- They Build Trust: When clients can see you’ve thought through every angle, it reinforces that you’re on their side. These reports are a chance to say, “Here’s the plan. It’s personally made for you, and here’s why it works.”
- They Keep You Covered: Of course, compliance is non-negotiable. A thorough suitability report shows you’ve followed the rules, acted in your client’s best interests, and kept a clear record of everything.
What Makes a Suitability Report Stand Out?
If you want your reports to go beyond ticking boxes, focus on making them client-first. Here’s what matters most:
- Start With the Client’s Goals: The report should feel like theirs, not just another document. Open with a summary of their goals and concerns, so they know you’ve heard them. Keep it personal and specific.
- Explain Your Recommendations: What are you recommending, and why? Keep it simple and tie everything back to the client’s goals. The “why” matters just as much as the “what.”
- Be Honest About Risks: No one likes surprises. Outline any risks in a clear and calm way, so clients know what to expect and can make informed decisions.
- Break Down the Costs: Make costs easy to understand. No hidden fees, no jargon, just a clear explanation of what they’ll pay and what they’ll get in return.
- Show Your Thinking: Briefly mention other options you considered and why you landed on this one. It shows you’ve been thorough and thoughtful.
- Keep It Human: Avoid stiff, templated language. Write like you’re talking to the client, clear, direct, and personal. A little effort here goes a long way.
- Meet Compliance Without Losing Clarity: Yes, the report needs to tick every compliance box. But that doesn’t mean it should feel like a legal document. Keep the language simple and digestible.
How to Make Reports Easier to Read
Even the most thoughtful advice can get lost if the report is hard to follow. Here’s how to keep it clear and engaging:
- Start With a Quick Summary: Begin with the highlights: what you’re recommending and why. This gives clients the big picture upfront.
- Keep the Language Simple: Clients don’t want to wade through jargon or technical terms. Use plain English, and if you need to include something technical, explain it in a way they’ll understand.
- Use Visuals to Break It Up: Sometimes a chart, table, or bullet points can say more than a paragraph ever could. Visuals help clients absorb the information faster.
- Focus on What Matters to Them: Don’t lose sight of the client’s goals. Keep bringing it back to the outcomes they care about, whether that’s financial security, retirement plans, or peace of mind.
- Make It Easy on the Eyes: Short paragraphs, clear headings, and bullet points make a huge difference. No one wants to read a wall of text.
- Include Risk Discussions: If you’ve talked about risk, put it in the report. It helps manage expectations and shows transparency.
How Consenta Makes Suitability Reports Easier
Creating suitability reports can feel like a chore, but that’s where we come in.
We use your templates and report-writing software, such as Genovo, to produce clear, client-friendly reports that meet every compliance requirement without losing the personal touch. You save time, your clients stay informed, and your advice stands out.
These reports are more than just paperwork. Done right, they show your clients that you’re thoughtful, thorough, and always on their side.
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