How Advisors Are Adapting During the Unprecedented Pandemic

14th Jul 2020

Businessman writing in calendar and looking a mobile phone

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,

Via National Association of Plan Advisors

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.

Via Financial Advisor IQ

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.

Via Insurance News Net

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.

Via Forbes

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.

Via Money

Dedicated DB@ DedicatedDB

Bad News on IRA and 401(k) Contribution Limits for 2021 via @kiplinger #retirementplanning #IRA #taxbreaks https://t.co/tu1WbIeEkT

9:30 PM 27 October 2020

Dedicated DB@ DedicatedDB

Learn how micro businesses can maximize retirement savings and save on taxes #smallbiz #retirementsavingshttps://t.co/pFDfjonIZb

7:16 PM 27 October 2020

Dedicated DB@ DedicatedDB

Women in finance share ways to reinvent your business via @forbes #womeninfinance #entpreneurship #smallbusiness https://t.co/WJm9ofUhVW

5:56 PM 27 October 2020

Dedicated DB@ DedicatedDB

Higher taxes could be around the corner. How the wealthy might prepare via @CNBC #taxplanning #taxreliefhttps://t.co/yIkknQLbyB

4:36 PM 27 October 2020

Dedicated DB@ DedicatedDB

Rethinking the traditional retirement planning approach with 2 alternative strategies via @forbeshttps://t.co/8iQkbaex1k

9:24 PM 26 October 2020

Dedicated DB@ DedicatedDB

Chiropractors take a crack at a Cash Balance retirement plan #cashbalanceplan #retirementplanning #taxsavings https://t.co/Q9irhdZVEA

7:24 PM 26 October 2020

Estimate contribution and deduction with our DB calculator Try it now

Send this to a friend