/ by Don Connelly / Managing the Relationship / 2 comments
For years, the financial industry has lagged in its adaption of digital tools to market to, communicate with, and manage the relationships of clients. While Financial Advisors have gradually, sometimes begrudgingly, come to embrace new technologies, the covid19 pandemic this year has accelerated their digital transformation.
For growth-focused advisors, the crisis has been a catalyst for creating more digitally-oriented business development strategies. For example, according to Fidelity, the use of video conferencing for client interactions has doubled since the pandemic hit. In a survey by Ernst & Young, 55% of advisors say they plan to use virtual meetings more in the future.
As with most trends shaping the financial services industry, clients are leading the change. With 64% of high-net-worth clients and 75% of mass-affluent clients counting on their advisor relationship to be digital, it’s not just millennial clients who prefer a virtual relationship. For the most part, advisors are adjusting well to the change, finding it more productive and more effective at building their business. It also opens up more opportunities to find and work with clients who live in other parts of the country.
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6 Tech Essentials for Financial Advisors
/ by Don Connelly / Best Practices / 0 comments
Unquestionably, the advisory industry has been experiencing a significant transformation. Through advances in technology and the democratization of investing, financial advice is quickly becoming commoditized, much to the detriment of Financial Advisors who continue to languish in traditional business models. Today, adopting the right technology is becoming table stakes for advisors who want to maintain the trust of their clients and stand out in an increasingly competitive marketplace.
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5 Signs a Prospective Client Will Avoid Digital Engagement
/ by Don Connelly / Managing the Relationship / 2 comments
For years, the financial industry has lagged in its adaption of digital tools to market to, communicate with, and manage the relationships of clients. While Financial Advisors have gradually, sometimes begrudgingly, come to embrace new technologies, the covid19 pandemic this year has accelerated their digital transformation.
For growth-focused advisors, the crisis has been a catalyst for creating more digitally-oriented business development strategies. For example, according to Fidelity, the use of video conferencing for client interactions has doubled since the pandemic hit. In a survey by Ernst & Young, 55% of advisors say they plan to use virtual meetings more in the future.
As with most trends shaping the financial services industry, clients are leading the change. With 64% of high-net-worth clients and 75% of mass-affluent clients counting on their advisor relationship to be digital, it’s not just millennial clients who prefer a virtual relationship. For the most part, advisors are adjusting well to the change, finding it more productive and more effective at building their business. It also opens up more opportunities to find and work with clients who live in other parts of the country.
Read more