So in our always-connected world, how are advisors interacting with their clients today? Half of those surveyed say the best way to engage with clients is still through in-person meetings, while 41 percent believe that Gen Xers prefer to be communicated with via text and e-mail. Online offerings and apps from most financial services firms enable clients to obtain quick answers to questions around the clock without even needing to contact their advisor directly, but for planning and review meetings, face-to-face remains the most effective method according to those surveyed. For many clients, “the update call” has been replaced by a text or an email or even a brief Facetime “virtual” meeting, however, the advisor’s challenge of educating and reassuring through a personal touch has not vanished. At least for now, the most effective handholding is in person, not through instant messaging.
While it’s natural to maintain a focus on boomers, as generational wealth begins to shift and millennials become the country’s largest demographic, it is increasingly important for advisors to consider the evolution of the industry. While the more things change, the more they stay the same—being aware of changes that can significantly impact your practice will allow for ongoing success in the future.
Andrew Crowell, vice chairman of D.A. Davidson & Co.’s Individual Investor Group, is responsible for several key areas for the firm. Crowell serves as executive leader of D.A. Davidson’s community relations functions, including acting as the company’s private client group liaison for the Securities Industry and Financial Markets Association (SIFMA). He is a co-manager of the firm’s California region and also sits on the board of directors for D.A. Davidson’s parent company, D.A. Davidson Companies.