The financial services industry is experiencing a profound transformation. After years of moderate stability and predictability, volatility has become the “new normal” for today’s investors. Each generation faces its own struggles as inflation continues to skyrocket the cost of living. One of the most critical roles a financial advisor must fill in this new landscape is to manage their clients’ fears and expectations, providing them with a realistic plan for success. This turbulence gives advisors a vital opportunity to connect with their clients and new leads in a meaningful way.
Transitioning to the Virtual Environment
With the onset of the pandemic, every advisor was forced out of their comfort zone, from hosting in-person seminars and appointments to taking their business completely virtual. In doing so, they were offered more flexibility than ever before and could extend their client base because they were no longer geographically bound. Advisors currently conducting a healthy mix of both seem to be coming out on top repeatedly. This strategy allows them to reach a broader, more diverse client base, which keeps their pipeline continuously full.
Virtual appointments have also become essential and even preferred by some clients. Providing them the luxury of being able to chat with their advisor within the comfort of their own home makes it easier for new leads to take the leap and say “yes” to booking an appointment. The convenience of virtual appointments is especially appealing to younger generations that tend to have more loaded schedules and a preference for online discussions. The rising popularity of virtual assistants and appointment automation, where meetings are booked directly onto an advisor’s calendar, also provides added efficiency for both advisors and their clients.
Marketing Automation
Now more than ever, meaningful engagement is key to building trust and long-lasting, fruitful relationships with clients. Engagement itself is not enough. There must be a clear strategy, and the content must be pertinent to the client’s needs. Advisors must take the time to understand their clients’ struggles and use content that connects to those topics.
From there, marketing automation services can do the rest of the work. While the advisor focuses on building those meaningful connections with their client base, services designed to nurture their leads and engage current clients will consistently send them relevant content targeted towards their interests and financial goals. This allows advisors to stay top of mind while saving one of their most valuable resources — their time.
Shifts in advisor marketing regulations have also allowed them to be more active on social media and review sites, opening more opportunities for advisors to benefit from these marketing services. Other novel technological innovations aid in converting prospects into clients with automated texts, phone calls, and email touchpoints post-workshop.
Adapt and Thrive
Advisors must adapt their business practices to thrive within the current landscape and into 2023. Being receptive to new market innovations and partnering with companies that will build them a digital strategy can help advisors scale their services while providing a competitive advantage. Client needs are ever-changing; advisors must respond to succeed.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
