Financial Advisors and COVID: How You Can Help Your Business Survive the Pandemic

The finance industry has been resilient in the face of economic shake-ups but the ongoing COVID pandemic has resulted in key shifts in the way clients search for financial advice — and the way they receive it.

This industry is built on forming a strong trust base with clients. In the past, that meant conducting in-person meetings. With the advent of social distancing rules, however, financial advisors have had to adjust to several years’ worth of digital transformation in a few months in an era where consumers are increasingly interested in a virtual experience.

But financial advisors and COVID can co-exist peacefully — even profitably — if advisors are open to changing the way they do business.

How Financial Advisors and COVID Can Coexist

While relationships with clients typically began offline during networking, volunteering, developing influence, and referrals, today’s COVID-wary client is more likely to search online for financial assistance.

Those investors that began with a digital channel are more likely to continue doing so, so financial advisors should make sure their websites and online presence is in order and become familiar with transformative tech tools that can help personalize — and optimize — the client experience.

Here are some ways you can boost your business digitally:

  1. Shift the Paradigm — Get Online

Advisors looking to attract new clients must have an online presence — and a website alone won’t do it. Consider having a strong social media presence.

If Twitter or Instagram is too trendy for your tastes, use LinkedIn to deliver compelling, useful content to your potential client base. Focus more of your networking and community-building efforts on your online community to develop relationships virtually.

  1. Use Good CRM Software

Customer relationship management (CRM) is critical for financial advisors — not only during the pandemic, but beyond as well.

Using a strong CRM software program will allow you to keep track of calls, discuss as a team how to approach clients who are fearful of losing money during the crisis, and ensure that all clients have a great customer experience with their advisor — and your firm.

  1. Choose Video Conferencing to Keep It Personal

Even the younger generation of investors appreciates a personal touch, particularly where their money is concerned.

Take advantage of new technology in video conferencing, including innovative new tools such as interactive white boards, to conducts face-to-face meetings or even digital happy hours to stay connected on a deeper, more personal level.

  1. Play It Safe

The shift to a digital environment can be notoriously difficult for paper-heavy practices such as finance. And as a financial advisor, you are held to significant data privacy regulations and compliance rules.

Being able to demonstrate a high level of cybersecurity to your clients will help manage their fears over conducting business in a digital environment.

To manage your clients’ online data safely, ensure you have deployed proper cybersecurity measures. Blockchain, data encryption, triple-entry accounting, access control, tokenization, and two-factor authentication are all ways to lock down data — and lock out cybercriminals.

Using a third-party managed services provider can help you sort out vulnerabilities, deploy security and protection measures, and keep technology up to date to deal with emerging threats.

Trust Perry proTECH to Help Your Firm Stay Relevant During COVID — and Beyond

At Perry proTECH, we understand the hesitation many financial advisors and firms feel over moving to a digital environment.

Going digital can seem daunting — and unsafe — when you are used to more traditional ways of approaching clients and managing their portfolios.

As industry experts in secure document and print management, managed IT services, and cybersecurity, our team has the right mix of experience to help your firm not just maintain business, but actually thrive during the pandemic.

Besides providing the cutting-edge technical knowledge you need to transform your firm digitally, we also offer state-of-the-art technologies such as interactive whiteboards and video conferencing solutions to help you keep that personal touch when you interact with your clients.

Help your financial firm stay relevant, productive, and safe during the pandemic. Contact a Perry proTECH consultant and discover how simple it can be to transform your advising business into a digital powerhouse.

2021-01-27T12:33:11-04:00February 15th, 2021|
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