In addition to personalized communication, in our new normal clients want on-demand, real-time, access to financial data through a digital portal 24/7. This has gone from being a nice-to-have to a must-have when it comes to meeting the needs of clients who want the same experiences for all things money and finances as they can have for online shopping. (This has become even more the case amid the heavy market volatility and economic uncertainty brought on by the pandemic.)
The pandemic has also greatly increased familiarity with e-signature, cloud-based document management and video conferencing technology, according to the third-quarter 2020 issue of “The Cerulli Edge—U.S. Advisor Edition.”
Below are some key tips for how advisors can get the most value out of digital offerings, and optimize their human touch with clients in our new normal.
Your Clients
- Automate and personalize your communication with clients. One futuristic way this can be done efficiently is via algorithms that select feature articles, news items, podcast recommendations and more media content that connect with client interests and concerns.
- Talk to your clients about their preferences for the format and frequency of communication.
- Use digital tools and touchpoints to enhance client relationships, from email gift cards to virtual meetings.
Your Practice
- Foster the same level of trust digitally and in person.
- Offer virtual learning opportunities to enhance financial literacy.
Your Technology
- Provide clients with on-demand, real-time access to their financial data through a digital portal 24/7.
- Communicate via social media (as allowed by your compliance department.)
- Use videoconferencing technology to facilitate virtual, face-to-face meetings with clients.
The pandemic indeed has sped up the digital transformation of our industry, with digital serving as the needed human touch between advisors and their clients in more ways than ever. The age-old advisor-client relationship won’t go away in the digital age, but, via the right technology and tools, instead it can become even deeper and more meaningful than ever.
Dani Fava is Head of Strategic Development at Envestnet, Inc.