Folks in our industry like to say that this is a relationship business.

It’s true – the work we do each and every day is only made possible through close relationships within our businesses and with our clients.

As a recruiter for financial advisors, I speak every day with business development teams, solo advisors and large institutions about their goals for the future. Just one month into 2021, all of the folks I speak to are still feeling the weight of the previous year. We are living through historic moments and have been forced to figure out how to show up differently for our teams and our clients, knowing the events we’ve faced will leave a lasting impact on each and every one of us.

Our industry is forever changed, but many would argue it has changed for the better. I spoke with three financial advisors about what they’ve learned from 2020, and how their approach to financial planning will reflect those learning lessons in the months, years, and decades ahead.

Technology Leads To Confidence
According to Marguerita Cheng, CFP®, RICP®, CEO of financial planning and wealth management firm Blue Ocean Global Wealth, 2020 reaffirmed the importance of financial planning first. Specifically, she says her firm’s early adoption of financial planning and risk management technology solutions enabled her to provide a more personal experience to her clients, keeping her calm in a high-pressure situation so she may instill confidence in them.

How will she take this experience into 2021? “My client’s value financial planning. I will make sure that I don’t just focus on the planning they want to do, but also the planning they need to do – and technology will enable me to do that most effectively,” says Marguerita.

Take Away: We know that firms who embrace technology are already ten steps ahead from those that do not – however, it’s also important to consider that these tech tools play a huge role in the value of your book of business. When you have, as Marguerita states, the ability to plan for what your clients need (ie. uncover needs they never even knew existed), you unlock a higher potential of success for both your client’s wealth and your entire book of business.

Learn To Adapt Quickly
Many of us learned throughout last year that those who embrace change will go furthest, and that is exactly what Ron Carson, founder and CEO of RIA Carson Group, says is key for 2021. “Last year highlighted one of our core values which is AQ: Adaptability Quotient. We adapted quickly with the changing environment and made tremendous infrastructure gains because of it. I believe we are very well-positioned for the future because of our ability to adapt.”

Take Away: It is important to remember that a key component to adapting is detailed goal-setting. Whether you are a solo RIA or belong to a large team, having definitive goals in place as your North Star will help tremendously when faced with the need to change course.

Over-Communicate—Even in the Quiet Times
Jeff Liguori, Partner and Chief Investment Officer at boutique wealth management firm, Napa Tree Capital, reminds us that one of the most difficult jobs a financial advisor has is managing the emotional aspects of investing. The goal, he says, is to effectively reach clients before they make any mistakes that are difficult to undo.

As we look forward, Jeff says, “It’s easy for advisors to get complacent because 90 percent of the time, markets are mostly calm and orderly. But communication is so effective for both retention and growth, and we should be more aggressive in our marketing because our message and our actions are proven effective during a crash.”

Take Away: It’s going to take many years for clients to shake the fear and trauma from the past year, especially for those who tragically lost loved ones. Consistent, empathetic, strategic communication is going to be key for financial advisors to set themselves apart.

Humanity Shines Through
Finally, my own experience working with advisors in 2020 proved something we’ve long known, but which I would argue did not fully realize until recently: in this profession, it is unequivocally important to let our humanity shine through.

With the absence of in-person meetings this year, social media and virtual meetings have shined a light into the lives of advisors that clients likely haven’t seen before. Their ties were loosened and the four walls of their high-rise offices became living rooms and desks shared with school-aged kids. And from this moment in time, we’ve come together as an industry to realize that this truly is a “relationship business.”

Stepping into a new year, I am confident that advisors will have a new outlook on the type of environment they want to conduct business in – and this is going to affect how firms position themselves in the recruitment market.

Last year caught many of us off guard, and few could have predicted the impact it would have on our industry and our world. However, there is a bright future ahead, and it is from these times of uncertainty that clarity takes over.

It’s important for us all to remember that strong, resilient advisors produce strong, resilient clients.

Ryan Shanks is founder and CEO of FA Match, a digital recruitment platform that connects experienced advisors with financial services firms equipped to help them thrive. Ryan brings over 20 years of experience as a recruiter and “sports agent” to financial advisors. Learn more at www.famatch.com.