Another thing that we’ve learned, during a decade of perfecting our own virtual wholesaling model, is that it’s more effective to educate than it is to sell, and consistency matters. As part of creating your unique customer experience, be sure to provide the educational content clients want and need. Maintain the right cadence of emails, social media posts, phone calls and virtual meetings to help them feel informed and let them know that you’re there—even at a distance.
Focus On Current Clients—And The Next Generation
Even during a year when many things were on hold, successful advisors and financial professionals were still focused on building their business, saying that the push for new clients (50%), attracting and retaining clients’ heirs (29%) and targeting high-net-worth clients (28%) were the top three factors for enhancing profitability in 2020.
Year over year, Advisor Authority has shown that successful advisors were more likely to maximize reach and build brand equity by changing their marketing strategies to attract the next generation of investors. Likewise, they have been more determined to stay engaged as wealth changes hands, by having a strategy to retain the heirs of their current clients.
To truly connect with the next generation on their own terms, you need to create a customer experience that reflects the preferences of these “digital natives.” With a digital client experience, including self-service tools and automated solutions, you can serve younger investors the way they want to be served—and in a way that is more efficient for you. Show up for them online, using LinkedIn, blogs, podcasts and videos. Build a multi-generational team, including younger advisors and financial professionals who speak their language. Reduce fees for them now—and graduate them into a full-service model over time.
The ‘New Normal’ Is In Sight
With many experts suggesting that a booming recovery is gaining momentum, while many positive factors continue impacting the stock market, and more Americans are vaccinated every day, the “new normal” is in sight. Things are changing. And the need to pivot is even more important. As this past year has shown, the CEO mindset of successful advisors and financial professional has allowed them to pivot, putting them on a path to thrive now and positioning their firms for future profitability. It’s time to take a page from the successful advisors’ playbook—or be left behind.
So, how will you pivot?
Craig Hawley is head of Nationwide’s annuity distribution.