4 Challenges Financial Advisors Face in the New Digital Environment – And Solutions

4 Challenges Financial Advisors Face in the New Digital Environment – And Solutions

There’s no doubt about it: The past six months have changed our business. It’s not just because those of us in the financial advisory business have changed. Our markets and our clients have changed, too. Their habits and behaviors are different.

Case in point: Those of us of a certain age remember closing lots of sales at the kitchen table – often late at night. But with the pandemic, few people are going to invite a salesperson into their home. That way of doing business was disappearing even before the pandemic. Now it may be gone forever.

Here are four communications challenges your peers are facing – and a few words on some possible solutions. We’ll have more in depth content on each of these topics in the future. But here are the basics to get you started.

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Financial Advisors and Social Distancing: How to Keep Prospecting and Servicing Clients

Financial Advisors and Social Distancing - How to Keep Prospecting and Servicing Clients

Traditionally, being a financial advisor has been a face-to-face business. We are creatures of the working lunch, the handshake, the coffee meeting. Appointments are the lifeblood of our business, because we’re in the business of personal relationships. That’s our real advantage over the low-cost robo-advisors, and a big part of how we justify our fees.

But social distancing is changing all that in a flash. I’m optimistic about the economy and the stock market long-term. But this bug isn’t going away anytime soon. We are undergoing a rapid cultural shift where social distance may very well become the norm for a good, long while.

And all of us old-school financial advisors, as well as brokers, planners, insurance agents, all of us, are going to have to adjust.

I’ve talked with a lot of people, and I’ve seen a lot of economic cycles. Here’s what I suggest you do to keep growing your business even with social distancing.

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Get Your Work Done in Sixty Percent of the Time

Get Your Work Done

I can tell you without hesitation that the amount of time you spend marketing yourself this year determines how much you will grow next year. If you don’t prospect and market yourself, your business will wither and die.

I can also tell you without hesitation that running your business gets in the way of growing your business. The details eat up your time. There are only so many hours in the day. What to do then? Why do we give tasks more time than they need and what can we do about it?

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