The Covid-19 pandemic has proven the power of pivoting for short-term survival—and for long-term success. Harvard Business Review detailed how many types of businesses pivoted during the pandemic, adapting in ways that created value for both the company and their customers. This included offices adopting remote work models, restaurants switching from dine-in to delivery, and manufacturers shifting from luxury products to essentials. There are benefits in being able to think quickly and pivot fast to prioritize pressing needs.

The pandemic presented an outsized challenge for advisors and financial professionals at every level—even the most successful. But what differentiated successful advisors and financial professionals—defined as those earning $500,000 per year or more, or individually managing assets under management (AUM) of $250 million or more—was their power to pivot quickly. By confronting the pandemic’s impact head-on, they were able to stay one step ahead of the challenges and one step ahead of the competition.

The Competitive Advantage Of The ‘CEO Mindset’
Successful advisors and financial professionals said the pandemic was the number one threat to the success of their practice in 2020, according to the Nationwide Retirement Institute’s sixth annual Advisor Authority study of more than 2,500 advisors, financial professionals and individual investors. Due to the pandemic, only 57% of successful advisors expected the profitability of their practice to increase in 2020, compared to 81% in 2019. And only 37% reported an optimistic financial outlook for 2020, compared to 53% in 2019.

But as Advisor Authority has shown year over year, successful advisors and financial professionals have the competitive advantage of the “CEO mindset.” By having a clear vision, thinking strategically, acting decisively and taking charge, this CEO mindset has allowed them to thrive in the best years as well as the worst. To succeed in the face of today’s complex dynamics and position your firm for future profitability, you should be ready to pivot—or be left behind. Adopt the successful advisor’s CEO mindset to pivot your practice with these three lessons revealed by our latest Advisor Authority study:

No Turning Back From Tech
Advisor Authority showed that successful advisors and financial professionals stayed agile in 2020, and technology was a major factor. The Covid crisis accelerated everything. Successful advisors and financial professionals had to change—and they had to move fast. Technology was key to transforming their client experience on the front-end, providing a more holistic planning process, and creating a more efficient back-office. For many successful advisors doing business is different now—and there is no going back.

According to Advisor Authority, successful advisors were more focused on serving clients remotely in 2020 (37%), saying it was the number one way that they would use technology to better meet client’s needs. Other added benefits of using technology included freeing up time to focus on one-on-one relationships with clients (31%) and allowing them to offer more personalized holistic planning (30%).

As a result of going remote, successful advisors said “e-signature” solutions (38%), mobile websites/mobile apps (32%) and interactive websites/client portals (30%) topped the list of new technologies they were adding in 2020. New tools for risk management and portfolio stress testing (32%) were also a clear priority, as protecting assets and protecting portfolios against losses due to the pandemic shot straight to the top of investors’ financial concerns last year.

The X-Factor Of A Unique Customer Experience
Nurturing trusted relationships with your clients is the foundation for a thriving practice. But it’s not easy when you can’t meet face-to-face. Many advisors have told me about the challenges of prospecting for new clients and maintaining meaningful connections when everything has been virtual.

But providing a digital experience for clients (27%) was among successful advisors’ top priorities for pivoting their practice in response to the pandemic. Successful advisors have leveraged the power of the customer experience to help them attract and retain satisfied clients. And during the pandemic, the “X-factor” of a unique customer experience was like the lifeblood for their practice—and a lifeline for many of their clients.

Successful advisors have known that from the moment a client visits their website, interacts with their client portal, transacts on their mobile app, or schedules their next Zoom call, the process had to be personalized, it had to be integrated and it had to be seamless. Every single touch point was important. And during the pandemic, it mattered more than ever. 

First « 1 2 » Next