How Advisors Are Adapting During the Unprecedented Pandemic
14th Jul 2020
Most financial advisors say human connection is a critical part of developing a trusted relationship with clients. In the wake of the COVID-19 crisis, many advisors are now working from home and finding new challenges with building and maintaining client relationships. They have adjusted their practices through customized training and digital tools to help them connect with their clients virtually. Before the coronavirus pandemic, most RIAs’ efforts to integrate digital tools were minimal and few made using and adopting these strategies a priority. Post-pandemic, digital transformation will not be just “nice-to-have” for RIAs, but essential to stay competitive. Here are our top stories on how advisors are learning to adjust during the pandemic.
How Advisors Are Adapting to a Remote Environment
As the COVID-19 pandemic creates unexpected and unique challenges for advisors prospecting for new clients, new survey results provide insight for advisors looking to expand their client base. According to survey, two-thirds of advisors surveyed reduced their prospecting activity in the first few months of the pandemic, and 51% reported below average results from the prospecting they have done as they adjusted to a fully remote environment,
RIAs Need to Get Digital Fast. Here’s How
The COVID-19 crisis has dramatically changed the way financial advisors engage with clients. Before the pandemic, most RIAs efforts to integrate digital tools or offerings were nascent and few made this a priority for client use. After the pandemic, digital transformation will not be just “nice-to-have” for RIAs, but necessary to stay competitive.
Advisors Challenged By Social Distancing, Study Reveals
Remote work has been a challenge for financial advisors trying to serve clients during the COVID-19 crisis, a recent study revealed. Nine out of 10 advisors said that not being able to meet with clients in person has had the biggest impact while social distancing measures are in effect.
How Financial Advisors Are Learning to Adapt
Since the pandemic, financial advisors have been evaluating how they run their businesses and finding new ways to serve their clients to adapt to the “new normal” driven by social distancing and current economics. As a result, independent financial advisors have been evolving their businesses in several new ways.
More Advisors Planning to Go Independent
A growing number of wirehouse advisors are decamping to RIA firms. A survey found that 40% of financial advisors reported being “more likely” now than six months ago to break away and go independent. While a third of respondents indicated that the pandemic and accompanying market turbulence may delay their plans, interest in starting or joining an RIA firm remains strong.