Here is the test. At the end of the meeting, finish this sentence: “The proposed change is needed because ___ changed.”
A review should establish whether the plan still fits. A new product may genuinely be appropriate, and often is. The process should still explain what changed, which problem the change solves, what alternatives were considered and what the existing arrangement would lose. Costs, tax, new underwriting and conflicts belong in the comparison.
Be cautious when most of the meeting is devoted to recent performance or provider marketing while your goals, cash flow and circumstances remain unexamined. Also be cautious when “doing nothing” is treated as unacceptable without evidence.
Try this now
At the end of the meeting, write one sentence: “The proposed change is needed because ___ changed.” If the blank can only be filled with “there is a new product”, ask for the analysis again.
Ask your advisor
- Which new client fact or planning need led to this recommendation?
- Can the existing arrangement meet the need?
- What will be lost, charged or paid if we change?
- How are you remunerated for the proposed action?
A transaction can follow a good review. It should be the documented result of the review, not its hidden starting point.