How The Pandemic Is Making Advisors Work Smarter with Clients

23rd Dec 2020

Illustration of man lifting heavy red balls

Financial planning has remained a necessity, but client relations have shifted since coronavirus hit the nation earlier this year. Financial advisors are still working to differentiate themselves to clients, but in smarter ways. Before the pandemic, advisors would build relationships at face-to-face meetings and events. Now the landscape has become almost entirely technology-based, with advisors connecting with clients through video, phone and the like.

What toll is this always-on, virtual work world having on everyone? Many working professionals, not only advisors and clients, have found it exhausting to constantly correspond via video. Zoom fatigue has become a common complaint, as being on a video call requires more focus than a face-to-face discussion – people need to work harder to process non-verbal cues such as facial expressions, tone of voice, and body language. To avoid burnout, advisors should work efficiently, while maintaining their personal style.

How to Best Serve Your Clients Remotely

Financial advising is a business built on community. While larger firms have found success in providing advice and portfolio management remotely, there are a great number of advisors who build relationships locally and in person. Most advisors live in the same city or an area nearby their clients and business development efforts reflect this.The activities that drive new business for advisors — community involvement, networking, workshops and conferences — have moved online. It’s important for advisors to selectively join virtual events, in order to obtain new clients yet stay connected to existing clients.

To best serve your clients, evaluate how they prefer to connect: Video, phone or email. While it’s currently not possible to meet in person, for many advisors it is still business as usual. The pandemic hasn’t deterred many high-earning investors from making financial moves before year end – and in some cases it has given them more investing opportunities.

“Although the world has changed, much of the high-touch service that we offer at Dedicated DB has remained business as usual,” says Raymond Lee, Dedicated DB’s Director of Sales. “We believe in extra communication during uncertain times, so that we can provide flexibility with clients’ plans and manage their expectations for contributions.”

Securing a Tax Advantaged Retirement Plan

When people feel financially comfortable, they look for strategies to save on taxes and boost their wealth. Many of our clients are sustaining success during this time, and some have pivoted their businesses but are earning the equivalent income or even more.

A recent report says the COVID-19 pandemic has accelerated the concentration of wealth, presenting an opportunity for advisors. As a third party administrator (TPA), we have seen our clients do well financially in wake of the pandemic and are seeking tax strategies. Our clients have opened Defined Benefit and Cash Balance plans, which are tax-advantaged retirement plans for self-employed, high earners. If you’re earning $100,000 or more a year as an only-owner business, independent contractor or at a side business, a Defined Benefit plan may save you large amounts in taxes. See how much you can contribute and save with our instant do-it-yourself calculator.




© 2024 Dedicated Defined Benefit Services, part of FuturePlan by Ascensus. All Rights Reserved.

OnePersonPlus is a registered trademark of Dedicated Defined Benefit Services.

Estimate contribution and deduction with our DB calculator Try it now

Call: 866-269-2706