As we begin to emerge from the Covid-19 pandemic, it may be beneficial to look back on the past 18 months and reflect upon the lessons we, as financial advisors, have learned. You may have used virtual technology before the pandemic or fully embraced it during the pandemic, but one thing is for sure: virtual client service is not going away.
But speaking from personal experience, I can attest that while many clients truly appreciated meeting via Zoom, others were not as open. Some wanted nothing to do with virtual meetings and simply requested telephone conference calls!
That being said, where do we go from here? Initially, I contemplated integrating, even mandating, some degree of virtual technology with every client going forward. After discussing the idea with a few of my long-term clients, I found that the notion was not universally accepted. I also discovered that a number of my clients didn’t really want to meet with me four times per year in person anyway. This understanding of client desire along with many thoughtful conversations with my coach (Greg Wingard, Red Bucket Strategies) led me to the conclusion that I should develop a menu of options for clients based on their preferred mode of communication and desired frequency of annual interactions.
Take a look at these five reasons why I believe every advisor should reflect on the past 18 months and use this opportunity to enhance or recreate their client service model:
- Clients appreciate having choices.
- Client desires and expectations may have changed.
- Your competitors may be offering alternative service models.
- You can gain efficiency and time savings—streamline your practice.
- You can increase productivity/capacity.
Although the idea of multiple service delivery modes might seem unmanageable, you may be pleasantly surprised at how simple and efficient it actually is. As I previously mentioned, it turned out that a number of my clients did not want to meet as often as we had been meeting in the past. Ironically, clients that had been working with me the longest (many of them my largest) made reference to the trust they placed in me. Some clients went so far as to indicate that if supplemented with a regular call cycle, meeting once annually would be sufficient.
I believe that during Covid-19 clients grew more appreciative of the trusting relationships they have built with their financial advisors. In my case, this increased appreciation of trust caused a number of my clients to rethink their face-to-face communication needs. Frequent face-to-face meetings that were once needed for planning and financial reviews may now be conducted in ways not considered in the past. If for no other reason, many clients indicated they are busier now than ever before, which consequently has made their time more precious. The lightbulb moment—less could be more!
Included in my communication menu are conference calls, in-person meetings, virtual meetings and any combination of the three. Supplemental regular email blasts and occasional impromptu calls as well as birthday and holiday greeting cards are automatically added to all menu options. Until a client changes his or her desired mode and frequency of interactions, the selected options may simply be noted in your contact management system. Many, if not all, of the tasks can then be scheduled far into the future.
The pandemic has had a devastating impact on many people, families and businesses. We have not yet seen its long-term effects on our economy. I suggest we all seek any hint of a silver lining (as faint a glimmer as it may be) and use this opportunity to better serve our clients and streamline our practices. Ask your clients what they want—you may be surprised what you hear. Allowing clients this gift of choice may just be the personal touch that they need most.