Experienced advisors know there's no substitute for face to face meetings to review portfolios, especially in times such as these.

In some instances, however, a client's location or schedule make it impossible to meet face to face - in those cases, you need to look at an alternative method to conduct that review.Recently, I've talked to a number of advisors who are having good success with structured telephone meetings to conduct portfolio reviews.

To be successful, telephone reviews have to look and feel like a face to face review.

An appointment is set for the call, just as would be the case for a meeting.

An agenda for the phone meeting is agreed to and sent to the client in advance of the meeting.

Clients are given the opportunity to raise questions and have concerns addressed.

And after the call, clients receive a summary of what was discussed and next steps.

For maximum effectiveness, you need to be able to point to a client's statement during the call and clients should have visual support for any recommendations you're making.

To do this, advisors can either email material to clients beforehand or utilize web conferencing software such as gotomeeting.com or webex that allows advisors to email clients a link. When clients click on that link, the advisor controls their screen and can take clients through their statement online or through a PowerPoint presentation.

In talking to clients who are using telephone meetings, another advantage of phone meetings is that they tend to be more focused - clients are less likely to drift off topic, since the visual on the screen keeps them on track

Just remember, telephone meetings lack the intimacy and personal dimension of a face to face meeting - while they can be a good supplement to face to face reviews, they are not a substitute, for key clients it's still important to meet once a year.

To see a short video interview with one advisor who has focused on telephone reviews, click below:

http://tv.investmentexecutive.com/video-7036-Part-Advisor-touts-the-best-elements-of-phone-reviews