The research is clear that financial advisors who have doubled down on digital marketing and virtual outreach during the pandemic have excelled.
To be more specific, 74% of advisors who have leveraged a multi-channel approach for building prospect relationships are reporting average or better results during the crisis (almost triple the rate of those who used email alone).
Those who have holed up in their offices and tried their best to ride out the storm using traditional marketing and lead generation efforts have stagnated and declined.
While there’s hope that the world will return to some sense of normalcy in the months ahead, the reality is that our industry will never be the same.
Preparing For What’s NEXT
This pandemic has accelerated trends that were already bubbling beneath the surface and catalyzed rapid, lasting changes as it relates to marketing, sales, lead generation, and client engagement.
The upcoming Virtual Financial Advisor Summit 2021: NEXT, which is co-produced by Advisorist and Broadridge Advisor Solutions, is set to take place on Wednesday, Feb. 10, 2021.
This free one-day Summit set an industry-wide record for attendance last year and is expected to shatter that mark this year.
Hear from a world-class lineup of speakers and presenters, including best-selling authors Ed Slott and Tom Hegna, thought leader Michael Kitces, CNBC contributor Brian Kelly, Cooper Schwartz of Money.com, hall of fame speaker Bill Cates, Facebook’s Ken Johnston, Mike Foy of J.D. Power, Benjamin Brandt of Retirement Starts Today Radio and more than a dozen others.
For advisors who are seeking ways to fast-track growth and adapt, this event will provide a glimpse into the sales and marketing techniques the top 1% of advisors are using to win big in the virtual arena.
Here are some of the powerful issues, trends, and developments that will be further fleshed out on February 10:
• The number of advisors doing in-person meetings with clients dropped from 36% (pre-crisis) to 5% (during the crisis). When the opportunity for in-person meetings re-emerges in the near future, it’s unlikely that our industry will return to pre-crisis levels. Video and Zoom meetings will continue to be the norm. Advisors who have learned how to master the art of visual meetings are closing prospects at much higher rates.
• 3 in 4 advisors who would prefer to be working in their office reduced their prospecting efforts. In contrast, just over 1/2 of advisors who enjoy working from home reduced prospecting. In other words, mindset everything. Advisors who have embraced this new normal are excited about the opportunity to adapt. Those who are uncomfortable in digital environments are struggling.
• Only 25% of advisors currently use digital channels beyond phone and email. Even more shocking is the fact that just 1 in 10 uses social media with their clients. For the advisors who do utilize these channels, there are significant opportunities to differentiate and slide past the competition.
• 82% of Americans believe working with a human financial advisor would help them as it pertains to their wellness. And when you consider that 65% of high net-worth individuals under the age of 45 believe it’s important for a financial advisor to have a strong digital offering, the importance of being digitally literate and active only grows.