Client Service in a Post-Pandemic World

Adapting to a new normal in financial planning

By Brian Neil, Practice Management Consultant


How are you weathering the pandemic? It seems to be all we talk about these days. COVID-19 has transformed the way we do business, and for a relationship-based business like wealth management, today’s social distancing presents some unique challenges. Every day, changes that we thought were temporary become permanent, creating a multi-dimensional new normal. Here are some rules for serving clients in a post-pandemic world.

The pandemic has changed how we do business
Remote work and virtual meetings are a requirement, not an option these days, and that’s likely to continue for many people, even after the pandemic. The shift from in-person to online communication has made video conferencing the standard for everything from doctor’s appointments to group therapy to financial and retirement planning. If you want to stay connected to your clients today and in the future, leveraging these tech platforms and making sure clients can easily use them will be vital to your success.

COVID-19 has changed what we talk about
Small talk is about big things. Clients are dealing with pandemic-related disruptions to their lives, like job loss, divorce, and long-term care. Serious topics around which they need sound advice from trusted financial professionals. The increased contact between investment advisor and client during this time has led to more meaningful conversations and deeper relationships, creating the opportunity for investment advisors to gain insight and further enhance their value to clients.

It affects when we discuss important life events
There is a sense of urgency about settling affairs and protecting a legacy. Across the board, financial professionals are finding that goals-based planning has provided peace of mind during this turbulent time, shifting clients’ thought process to the big picture, versus short-term disruptions on client portfolios.

Social distancing has changed who we talk to
The broad adoption of previously underused technology, like virtual meetings, has brought attention to problems like the loneliness and isolation of the senior population, creating the drive and ability to improve outreach. Like remote workspaces, telemedicine has taken over and other industries are following suit. It’s more important than ever to stay connected, and financial professionals should double their efforts to keep in touch with their clients, especially the elderly who are more likely to feel isolated during this difficult time.

Additionally, DIY investors who felt secure in a bull market are seeking professional advice in the face of market volatility. If volatility is the new normal, that trend will continue to grow, expanding to younger investors who currently save through automated advisory platforms. Generations X and Y have now surpassed Boomers in wealth accumulation and serving that population involves evaluating and adapting to new strategies.

There are positives to operating in a post-pandemic environment. Momentum Independent Network offers a flexible platform to serve any model of independence. We provide marketing and outreach tools for prospecting, onboarding and back office support to manage customer relationships, as well as guidance on ensuring compliance with regulatory demands. We have the tools and technology to help you navigate the ups and downs of pandemic planning. Call 833.4HILLTOP (833.444.5585) today and speak to one of our representatives about how we can help you find solid footing in uncertain times.

The paper/commentary was prepared by Momentum Independent Network (MIN). It is intended for informational purposes only and does not constitute legal or investment advice. The statements within constitute the views of MIN as of the date of the document and may differ from the views of other divisions/departments of affiliate Hilltop Securities Inc. In addition, the views are subject to change without notice.

Momentum Independent Network Inc. is a registered broker-dealer and registered investment adviser that does not provide tax or legal advice. MIN and HilltopSecurities are wholly owned subsidiaries of Hilltop Holdings, Inc. (NYSE: HTH) located at 1201 Elm Street, Suite 3500, Dallas, Texas 75270, (214) 859-1800, 833-4HILLTOP. Member FINRA/SIPC

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