How Technology is Transforming the Financial Advisory Practice

technology for your financial practice

COVID-19 has forced us all into an experiment.  A “virtual” experiment where all of us had to go digital. We have had to embrace communicating virtually and have no choice but to conduct business online. The effects on the traditional financial advisory practice are obvious.

Whether a result of the pandemic or younger generations coming of age, according to the founder of The Rudin Group, April Rudin, in a recent article in ThinkAdvisor, 64% of high-net-worth individuals are counting on their future financial advisor relationship to be entirely digital.

For the financial advisory industry & practice, technological disruption is actually a positive thing; we are no longer limited by location, or, in fact, the high capital demands of the traditional brick & mortar office model.

As a driver toward the adoption of digitalisation, coronavirus has allowed us to test some of the digital processes that were more than likely only part of future plans – and guess what? It works well – incredibly so.

I took the leap over six years ago, being one of the pioneers of virtual financial advisory, and back then there was a lot of trial and error – many were not onboard with the idea. Slowly but surely though, my clients soon realised how much simpler it is.

Receiving advice or giving advice from the comfort of your own home is easy, and you save a great deal on overhead.

Embracing digitalisation has certainly been the silver lining amidst the these trying times. Here are some of the major transformations I have seen, combined with some insight from April Rudin.

embracing digitisation

You Have the Ability to Shape Your Next-Gen Clients’ Perceptions

For the next generation, the financial & societal impacts of the pandemic are the first monetary relationship crises they have ever been through.  How will they react? How will it impact how they perceive planning, investing, and saving?

Their future is in your hands; you have the power to influence their perception. You can shape it virtually – more like a partnership as opposed to the advisor/client relationship we have seen in the past.

This power, or influence rather, is a great responsibility. By becoming more accessible to your clients, your relationship grows deeper – meaning your approach needs to be more holistic.

Relationships Are More Important Than Ever

When strategizing for the future, virtual financial advisors need to focus on building relationships. Relationships are no longer based on financial return only – they are based on overall advice; giving clients direction – how they should spend their money and what decisions are best for securing their ideal future.

zoom call with financial advisor

Your Online Presence Needs to Be More Compelling

As I have mentioned in previous articles, your presence online is the most vital aspect of being successful as we emerge into the new normal.

Your website cannot simply state your service offerings and a bit of a background like before. If you are to survive as the next generation comes of age, your story, what you offer and how you advise needs to resonate with your audience. Your website is where you live – your new head office, your digital storefront, and the internet is where your client’s shop. Your website is essentially your practice now, and all your communication and activity online needs to align with that. This is what the next generation requires.

You need to tailor your approach to make your clients’ experience more personal. It is time to revaluate your brand.

Further to this, social media has become social selling and is a great opportunity for you to grow and expand your business. It is more about building relationships rather than acquiring clients.

You will Need to Help Your Clients Build A New Kind of Life

Gen Xers and Millennials are opposed to working tirelessly now, only to live life to the full in their twilight years. You will be required to help them build a life that looks a lot different than previous generations.

Next-generation clients are accustomed to moving quickly, switching jobs almost annually, and using technology in absolutely everything they do. They want to build lives centred around a combination of exiting life experiences now while balancing for the future, rather than working hard now and retiring at age 65.

Try Conneqtor

If you are feeling overwhelmed by the impact technology is having on your business, consider Conneqtor. My virtual advisor system offers a hand-in-hand, step-by-step guided migration to a virtual financial planning practice that operates like a virtual sales engine, bringing in leads to you through a robust digital marketing footprint.

It is time to adapt. Afterall, the impact technology has had on the financial advisory practice is permanent; there is no going back.  Human behaviour has changed.

Stay ahead of the curve.

I hope you enjoyed reading.  Want more?  Check out my eBook, The Virtual Movement Proclamation.

Kind regards,

Derek Notman

How Becoming a Virtual Financial Advisor Keeps You Ahead of The Curve (Forever)

staying ahead of the curve as a financial advisor

During the COVID-19 Pandemic, most businesses have struggled to survive. There are so many that rely on in-person interaction, and they have taken a huge knock, especially the travel and hospitality industries.

As a financial advisor, though, you are in an incredibly unique situation. You can run your entire financial planning practice online. In fact, by transforming your practice into a virtual one, you will not only survive the challenges of doing business during this tumultuous time, but you will thrive and stay ahead of the curve forever.

As a financial advisor who made the virtual migration over six years now, my business is booming at the moment. Although I have felt the effects from a social perspective just like anybody else, my business is rocking!

Tradition Vs. The Future

Although the finance industry is traditional and relies on face-to-face interactions, you can still operate remotely with the technology available today. It may even be more suited to your target audience.

I run my entire practice remotely from my home office and have the freedom to run my business from anywhere in the world, at any time of the day.

The best part? My overhead is minuscule in comparison to what I used to have to fork out when I was running a physical practice.

Most of my clients prefer communicating via a virtual meeting, conference call, or combination of the two as they can take my call from the comfort of their own home, or from anywhere really – whatever suits them – no more commuting or prepping before meetings.

The benefits of holding virtual client meetings are now evident to everyone, but they were not so clear just a few months ago. The future is now.

virtual financial advisor zoom meeting

Being A Virtual Financial Advisor Is Simpler

“Why should I spend days on end traveling, away from my family, if I can conduct business just as effectively online?” This is a common answer I get from advisors when I ask how they are coping with the new normal.

If anything, COVID-19 accelerated what we all knew was inevitable; a fully digital world.

Why would you pay thousands of dollars a month on office space, or spend a fortune on travel expenses to meet with and maintain your client relationships when you can have the same impact on their lives digitally? It’s illogical, no matter which way you look at it. Being a virtual financial advisor is simpler, cheaper, and easier to control.

As business owners, yes, most financial advisors should consider themselves business owners, we must look at things from a place of logic and scalability.

Generating Leads as A Virtual Financial Advisor

When speaking to my peers, their primary concern of going fully digital is almost always lead generation. How do you find clients without leaving your home? Quite simply, you need to rethink your approach to communication and marketing.

Although, theoretically, much of how you run your financial planning practice remains the same, your approach to sales needs to change, and it needs to change fast if your business is to survive.

It comes down to adapting your approach to your consumer’s needs. To stay ahead of the curve, you need to create a virtual presence that drives inbound clients to you while enhancing the client/advisor experience.

Your lead generation will be a direct result of how much effort you put into digital marketing. As of March 2020, 1.8 billion people do their shopping online, and half of those people shop from their handheld devices. When we refer to shopping, this includes shopping for services such as seeking a lawyer or financial advisor.

Those numbers are only going to increase, so you would be doing yourself a disservice by failing to adapt. You’ve got to sell your services in the place where your audience lives, and according to the statistics, that place is online.  You simply can’t argue with the data!

digital marketing for financial advisors

Staying Ahead of The Curve

Although the transformation to a virtual business takes some doing, don’t be spooked – luckily, I have paved the way for you. You don’t have to endure the trial and error I did. As a result of my experiences, I decided to create a virtual advisor system called Conneqtor.

I understand what it takes to run a virtual financial planning practice and have thought about absolutely everything.

Conneqtor will show you, step by step, in great detail how to:

  • Hire a team of virtual assistants
  • Build a virtual client contact/service module
  • Communicate digitally over email and social media
  • Create a website that converts leads
  • Create a blog and use it to generate leads
  • Use social media for brand awareness
  • Use SEO to generate leads
  • And so much more….

To learn more about how my system can help you, download our free ebook today.

Thanks for reading!

Now, go get ahead of this curve before it passes you by!

Kind regards,

Derek Notman

How to Build a 100% Virtual Financial Services Practice – The Virtual Advisor Series

how to build a 100% virtual financial services practice

What does the future of financial services look like and what can financial advisors do to help create, as well as benefit from this future? Will the bricks & mortar setup still be relevant in a post-COVID world? Financial advisors might be asking themselves, “How do I build a 100% virtual financial services practice?”

How to Build a 100% Virtual Financial Services Practice

Derek discusses these pertinent questions and more with Vice President of Advisor Development at advisors Excel, Brad Johnson. Brad is committed to helping financial advisors worldwide transition from bricks & mortar to digital during global pandemics and beyond.

It was only fitting that Brad featured Derek on ‘The Virtual Advisor Series‘, since Derek was one of the first financial advisors in the United States to go virtual back in 2013.

The Virtual Advisor Series provides education to financial advisors, on how they can use:

  • Digital marketing to increase sales.
  • A virtual office culture to increase productivity.
  • Leadership to improve operations.
  • Technology to stay ahead of the curve.

Derek and Brad discussed the benefits of a 100% virtual financial services practice, what tools empower advisors in making the transition from bricks and mortar setups easier, what challenges Derek face along the way, and the process of growing a relationship with a potential new client virtually.

Watch the episode with Brad below

If you aren’t familiar or aware of the virtual financial advisor movement then you can learn more about the age of the virtual financial advisor here.

Adopting a Digital Financial Model – The Exponential Era Webcast

the exponential era webcast digital financial model

‘Staying ahead of the curve’; a phrase that has become the new normal as financial advisors from across the world search for new ways to find more ideal clients in a pandemic stricken world.

Beyond the notion of ‘staying ahead of the curve’, what does this concept mean for advisors and how can financial advisors evolve from the traditional bricks-and-mortar setup to not only survive, but thrive in the new world?

The answer? Adopting a digital financial model for your financial practice!

Adopting a Digital Financial Model

Conneqtor founder, Derek Notman recently had the privilege of featuring on the Exponential Era webcast hosted by David Espindola and Michael Wright recently.

The webcast focussed on how adopting a digital financial model allows financial advisors to thrive in a post-COVID world. Since taking his practice virtual in 2013, Derek has been able to:

  • Establish an incredible life-work balance.
  • Generate more ideal clients from virtually anywhere in the world.
  • Increase revenue, while managing risk.

What makes this so possible in a post-COVID world? The consumer is now consuming more virtual content than ever, and feel more comfortable building relationships virtually.

Derek didn’t want to be a slave to his business and believes that every financial advisor should be able to enjoy this reality. Since there was no roadmap for the journey he embarked on in 2013, it took him a while to figure it out. Fast forward to today and Derek is enjoying the spoils of what Conneqtor has to offer and more.

Watch The Exponential Era Webcast by Intercepting Horizons below and dive deep into Derek’s journey as a virtual financial advisor and how COVID-19 affected his business:

 

Building a Virtual Advisor System for Advisors – XY Adviser Podcast

xy adviser podcast virtual financial system episode

Founder of Conneqtor, Derek Notman chats to Clayton from XY Adviser about how and why he built a virtual advisor system for advisors that acts as a gateway to becoming a Next Gen advisor.

Listen to the podcast for free while you get your day started or are doing those mindless admin tasks via Apple iTunes, Sticher, Spotify or just press play on the YouTube video above.

Build a Virtual Advisor System for Financial Advisors

Since 2013 Conneqtor founder, Derek Notman has conducted business as a financial advisor entirely virtually which has allowed him to generate more revenue, while reducing overhead and risk. Going virtual has resulted in an incredible life-work balance and an ability to exceed his personal hopes and dreams.

Below are links to key pieces of literature about the virtual financial system that allows advisors to easily go virtual,  scale their business and find their ideal client with a 24/7 lead generation potential:

5 Tips for Becoming A Virtual Financial Advisor During & After the Covid-19 Pandemic

How To Build A Financial Planning Practice Online

The Age of The Virtual Financial Advisor and COVID-19

What is XY Adviser?

XY Adviser describes itself as the social network for financial advisors. In honor of the evolution of financial advice and empowering advisors with the technology they need to scale their business, XY Adviser allows advisers to:

  • Exchange ideas between their peers on delivering the most useful financial advice, while mitigating any spam or advisor to advisor promotion.
  • Engage with their peers in a safe and respectable environment.
  • Develop a client-centric approach that is practical, helpful and beyond reproach.

You can view Derek’s XY profile here.

Serving Financial Advisors Around the World – CapIntel Webinar

capintel how to build a virtual financial practice webinar

Conneqtor Serves Financial Advisors Around the World

Building a successful virtual practice will become the norm for financial advisors as we move into what can be perfectly described as the era of the virtual financial advisor. 

Derek sat down with James Rockwood from CapIntel to explore how financial advisors came make the transition to the virtual model and how they can successfully build a virtual financial practice.

As advisors battle with the future of growing their business in a post-pandemic world, Conneqtor’s virtual advisor system provides a gateway to becoming a Next Gen advisor. Next Gen advisors are not only able to survive, but have the knowledge and tools at their fingertips to thrive amidst, and after global pandemics like COVID-19. CapIntel is one such tool!

What is Capintel?

Much like Conneqtor, Capintel exists to empower advisors. CapIntel do this by providing a market leading sales platform that allows advisors to compare client portfolios and investments with ease. The ability to do this, coupled with the infrastructure to produce world-class proposals has resulted in advisors selling 50% more of their assets compared to advisors who don’t use the CapIntel system!

Taking Your Practice Digital

In this webinar Derek covers the hows and why’s involved in going virtual including:

  • The first step financial advisors need to take to go virtual.
  • Building and leveraging a robust digital footprint in a post COVID world that allows you to find more ideal clients and better service existing ones.
  • The possibility of a semi-virtual vs fully-virtual model.
  • The biggest lessons Derek wish he had under his belt when he went virtual in 2013.

Watch the webinar below:

5 Tips for Becoming A Virtual Financial Advisor During & After the Covid-19 Pandemic

5 Tips for Becoming A Virtual Financial Advisor

The COVID-19 pandemic has forced businesses of all kinds to rethink how they work and interact with clients, including financial advisors.

We have had no choice but to turn to video for communication, and we are learning very quickly why this is the preferred method of interaction with younger generations.

With video, you can communicate with anyone from anywhere in the world, and as a virtual financial advisor, this is incredibly beneficial.

Building and maintaining relationships with your clients over video is just the first step, though, as there are other important factors to consider for a successful virtual financial practice.

As you transform your practice into a virtual or semi-virtual business, use these five tips to drive success.

1.  Invest Time into Your Practice’s Future

Business may be slow at first during the pandemic, and as you migrate online, but I see this as the perfect opportunity to use this time to determine how you can streamline your business for when you’re back in full action.

How about embracing business process automation? Thanks to technology, you can now have the administrative side of your business (the mundane tasks) fully automated! Here are some examples of the work you can automate:

  • Jobs you do every day or on a schedule
  • Functions that involve capturing and moving data between applications
  • Mundane tasks that do not require problem-solving
  • Tasks that distract you from what you love doing

As you migrate online, automating your processes will help you as you build a virtual staff.

financial advisor mailchimp rss feed automation

2.  Marketing For The Next Gen Financial Advisor

If you look at your competitors, you will have noticed that many of them have cut down on marketing during the pandemic.

My advice is to put even more emphasis on your marketing efforts.  People arguably need our advice and services more now than ever.  You’re offering them a solution for during this time, so make it known.

As you transform into a virtual financial advisor, your overhead can drastically be reduced, I have dropped mine by ~60%!  Consider using some of this to invest in your marketing – this is how you can gain a competitive edge in the months and years to come.

You also will free up a significant amount of time by embracing the virtual or semi-virtual model which can now be allocated in part to spending more time on creating content for free social sites like Facebook and LinkedIn which are a great way to increase your marketing reach while not costing you a penny!

facebook ads for financial advisors

3.  Use Conneqtor To Get You Started

Yes, I created Conneqtor to help advisors around the world.  But first built my virtual practice for me, to make more money while getting my life back and having an awesome life/work balance!

So yes, I admit that this is a little marketing plug from my side, but Conneqtor is a system I have created to help you migrate your financial planning practice online. More specifically, it’s a system that will help you generate leads 24/7.

It will teach you how to build a virtual or semi-virtual financial and insurance practice that will empower you to:

  • Make more money while expertly managing risk
  • Find and work ideal clients through predictable lead generation
  • Work from anywhere in the world while expanding your reach
  • Leverage your money and time to improve effectiveness while achieving an excellent work/life balance

I have successfully run an MDRT* Court of the Table financial practice, almost 100% virtually since 2013, so I have a deep understanding of what it takes.

the virtual advisor system for financial advisors

4.  Build Stronger Personal Relationships with Your Clients

So, you can no longer take your client out for dinner or a coffee, but you can use video to connect with them.

When people need to be selective about who they work with, they will commonly approach those who identify with them on a personal level. As a virtual financial advisor, you are dealing with arguably the most intimate aspect of a person’s life – their wealth and future.

Your catch-up calls don’t have to be all-business though. Introduce them to your loved ones and pets. Share your challenges and what you have been up to during the crisis – how you’ve been keeping sane. Talk to them about their problems and what they’ve been up to, and ultimately use this time to connect and develop stronger bonds with your customers.

Even little things like sending them a short video to wish them a happy birthday can make all the difference and show them you are thinking of them.

5.  Financial Advisors Should Create Valuable Content

In the meantime, as you transition to a virtual practice, take this time to create valuable content that will attract prospective clients.

Your audience lives online, even more so now, and the best way to get them interested is by giving them something of immense value for free. You are an expert in your field, so share some of your insight with your audience online. Be it through blogs, an eBook, explainer videos, or infographics, show your prospective clients why you are their best bet.  It could even be as simple as basic posts in places like LinkedIn and Facebook.  Be present and drive value!

I hope this helps and that you found my article insightful! If you would like to find out more about Conneqtor, get in touch with us.

Kind regards,

Derek Notman

Altruist’s Grow Episode 4: How to Grow a Virtual Advisor Business

Altruist's Grow Episode 4: How to Grow a Virtual Advisor Business

Want to learn how to grow a virtual advisor business? You’re in the right place!

Altruist Corp is most famous for offering a software that helps financial advisors achieve better outcomes. Much like the virtual advisor system Conneqtor, Altruist makes growing a virtual advisor practice both possible and scalable.

How to Grow a Virtual Advisor Business

Conneqtor founder and CEO, Derek Notman features on episode 4 of Altruists ‘Grow’ series. Grow is dedicated to providing financial advisors with growth hacks to succeed
in an ever changing economic climate.

Tyrone Ross explores how Derek has successfully launched his virtual advisory business, having being virtual since 2013. In episode 4 Derek covers:

  • Why he started a virtual advisor practice.
  • How to successfully grow an advisor practice online.
  • How to market to your ideal client.
  • How you can start building your virtual advisor practice today.

Watch the full interview here.

Download the virtual advisor e-book here OR get started immediately and purchase the virtual advisor system today.

How To Build A Financial Planning Practice Online

financial planning practice, online financial planning

To successfully build a financial planning practice online, you need to embrace the virtual model, at least in part, to position yourself as a leader and resource to your potential and current clients.

You have also got put all your effort into building real connections with your clients – relationships that align with their specific missions, visions, values, and goals.

I built my virtual online practice initially for myself to have something scalable, repeatable and that also gave me an awesome life/work balance. A lot of advisors end up asking me how I did it all, which is what inspired me to create Conneqtor.

My Virtual Advisor System, Conneqtor, is a proven program that will show you how to start or remodel your practice into a virtual powerhouse, enabling you with the right tools to acquire and work with your ideal clients from virtually anywhere in the world.

Like myself, you probably have questions such as:

  • Where do I begin?
  • Will my current clients be OK with the virtual model?
  • Do I have to work 100% virtually, or can I do both?
  • What infrastructure will I need to be a virtual financial advisor?
  • How do I market my financial planning practice online?
  • How do I build a virtual team?

The Starting Point

By now you are probably used to catching up with family, or meeting with your employees over video. During the pandemic, it has been the primary means of communication. Well, younger generations actually prefer virtual relationships, be it with any service provider.

Whether via Skype, Zoom, FreeConferenceCall, or FaceTime, this is the primary way you’re going to be communicating with your clients from now on, especially since it is how they want to interact with us to get our services and products. Millennials and Gen Zers make up a combined 48% of the consumer population, so it would be a missed opportunity for a financial advisor not to adhere to the changing demands of almost half of their potential customers.

Get rid of the files and paper too, you’re going to need to migrate everything online, and there are brilliant tools for that.

group zoom call

The Infrastructure

So, you’re wondering what exactly you need to set up a financial planning practice online? A computer and a stable, fast internet connection. That’s it, really.

The beauty of working online means that your overhead is virtually zero. There are plenty of tools for organizing, administration, and communication, so your infrastructure requirements are low to given how many of these tools are free or minimal in cost.

Part of what Conneqtor teaches advisors is the physical infrastructure they should put in place to conduct virtual meetings and drive inbound sales.

The Ideal Client

Through trial and error and through making the migration myself starting back in 2013, I have designed a virtual financial advisor system that will set you up with everything you need to build a successful financial planning practice online.

My system will show you how to build a robust online and digital presence that will drive inbound leads to you 24/7. By no means am I overselling. After starting my business Intrepid Wealth Partners and going digital in 2013, I have used all my experience to build a system that offers you a repeatable and tested online sales process that has clients asking to buy from you.

Conneqtor enables you to choose the clients you want to work with. The best part about setting up an online financial planning practice is that you can work with clients from anywhere in the world. Your location no longer restricts you, nor do you have to spend money on travel, high office & staff overhead, etc.

You are liberated to go after your ideal clients, and getting in touch with them is simple. Not easy, but simple.

So how do you bring in new clients all while working virtually? Well, I’ve created an InboundSalesMachine webinar to share my journey as a virtual financial advisor and what I designed to help advisors generate inbound leads without ever having to cold call or meet in-person ever again.

Mixing It Up

If you enjoy meeting with clients in person, you can set up a semi-virtual financial planning practice. Once we overcome the COVID-19 pandemic, you can certainly meet with your clients in person again; it’s your choice whether to mix it up or not, but if anything, the pandemic has proven beyond a doubt that the virtual or semi-virtual model works really, really well.

When working with Gen X or Baby Boomer clients, they may still want to meet in-person once this is over. Nevertheless, once you introduce them to the virtual model, I assure you that they’ll be happy to meet via video conferencing. It’s just more convenient for both parties.

Marketing

When it comes to marketing your services, an effective strategy can make or break your business. By catering to a variety of generations, you’ll need to find them where they now live – online.

A powerful strategy will increase your SEO ranking, drive traffic to your website, enhance your social media presence, and convert prospects into clients through inbound marketing.

online financial planning, digital marketing for financial planners

Virtual Staff

As is the case with client communication, so too is the process of building a virtual team. Whether you need a personal assistant or a junior financial planner to help you with your business’s administrative side, outsourcing is the way to go.

There are professionals of all kinds who are rearing to work online, and finding the right person is all the more possible with the number of companies that offer virtual staffing solutions.

I hope this information answers some of your questions. For a deeper understanding and a full guide for building a virtual financial planning practice, download my free eBook, or purchase Conneqtor straight away.

I hope you enjoyed reading it!

Kind regards,

Derek Notman

Great Tips For How To Get Clients As A Financial Advisor Online

With technology evolving at such an incredible rate, more business around the globe is being conducted digitally than at any stage in history. This age of digital transformation has accelerated since the pandemic with businesses being forced to adapt to such extraordinary circumstances.

With the internet so readily available, clients are finding it easier to educate themselves on financial markets and services online. Due to this ease of access, there are a growing number of people who have more confidence in digital platforms for their financial service needs. The financial service industry has been pretty much set in its ways with their traditional methods finding themselves ever more obsolete in recent times as the old way of lead generation for financial advisors appear to have dwindled.

Financial advisors have been mostly caught cold trying to adapt to this digital climate and have found varying degrees of difficulty in reaching and accommodating new and existing clients. The millennial generation, in particular, they have adopted the digital space with tablets and mobile phones as their primary means of communication. In light of this, they appear to have little interest in finding what they want and conducting business through traditional methods.

Barriers to traditional financial advice in the digital age

Financial advisors are realising that the digital transformation of financial advice is having a significant impact on redefining the client experience with financial services and products. With clients now having the ability to easily access information at the touch of a button, many of the traditional barriers of financial advice and services have been removed.

This then begs the question, are traditional financial advisors still relevant? With financial information having more open-access sources, clients are becoming more knowledgeable and this has increased their appetite for financial services and products. There is growing transparency within the financial industry with detailed information and sophisticated financial tools available to anyone with an internet connection. In this new age, people don’t just passively accept advice and recommendations from a financial advisor as they now have the ability to analyze the markets on their own and come to their own conclusions on how best to invest their money. The digital age has brought with it a new type of client that is self-assured and requires something special to win them over. They still want expert human advice, but the way they want it has changed.

All of this points to a financial advisor’s job becoming more difficult as they find themselves in the precarious position of having to justify their advice and recommendations, always keeping up to date with the markets, regularly having to improve their knowledge of the financial services industry, and constantly brushing up on their services in order to justify their fees. The good news is that there is an ever-increasing pool of qualified leads for financial advisors that are in circulation. Finding ways to attract this growing market can be seamless with a dedicated effort to digital transformation. The demand for personalised financial advice across the globe has never been greater, and any innovations to the traditional financial system are sure to drive up a client’s appetite.

Leveraging technology to attract clients

The financial industry has had to work hard to embrace newer technologies in an effort to win over clients that appear to be more independent and self-sufficient. While technology has done wonders to improve the efficiency and cost-effectiveness of the financial sector, there seem to be more people who are interested in smaller portfolios that can be facilitated independently online.

While this may sound discouraging, these new habits from clients should create a shift in perspective for financial advisors as they can use these advancements in the digital space to expand and diversify their offering in order to reach out to an exciting new market. While

people these days want to engage instantly on a digital platform, they want the satisfaction and reassurance of personalized service.

By maximizing the potential of technology with a tailor-made offering for each client, financial advisors can offer a hybrid advisory solution that is in keeping with the times and giving clients what they need on a platform that is convenient to them.

leverage technology to get clients as a financial advisor online

Dynamics of the 21st-century financial advisory practice

Financial advisors who want to make an impact in this digital age must transform their offering into the 21st-century virtual (hybrid) arena that provides an all-encompassing offering to potential and existing clients. While a client can easily get the financial products and services online, an online financial advisor is able to nurture personal client relationships with tailor-made advice that is unique to each client’s circumstances.

Shifting to a digital offering can offer more visibility, greater client engagement, and a more efficient service offering. By leveraging technology to reach and accommodate your clients, your work as an online financial advisor is made easier as you can focus your energy on delivering the personalized services that clients expect. While clients have the assurance that you are there to offer them specific guidance based on their portfolio, finances, insurance, etc. they also have the convenience of conducting business virtually as opposed to the traditional manner that financial advisors have become accustomed to.

Reduced Costs

By working in the digital space, 21st-century financial advisors are able to cut down on costs drastically. Expenses such as physical infrastructure with fancy offices is no longer a requirement as meetings can be conducted on a digital platform from anywhere. There are no rental expenses and utility bills such as office supplies for your staff, internet subscriptions, insurance, payroll taxes, electricity, water and sewage, and/or a cleaning company are cut to the bone. Without the need for physical offices, online financial advisors may not require as many staff, so savings can be extended to the reduced payroll of the practice. Other savings associated with a digital financial advisory practice include not paying for maintenance on plumbing, electrical, and appliances.

The sweet spot for advisors of the 21st century will most likely settle in that of a hybrid model where the majority will embrace the efficiencies & effectiveness that come from at least some digital transformation but while also maintaining a physical footprint, albeit smaller, to serve those that still want to meet in person on occasion.

Outsourcing

For core elements of the practice, many businesses that have made digital transformations in recent times have chosen to outsource specific work to industry professionals. Outsourcing specific parts of the practice, like digital marketing, will help online financial advisors save on added costs while ensuring that all clients are getting the best possible service. Online financial advisors also have the luxury of using the outsourced services only when necessary, so they do not have to worry as much about the traditional payroll and employee benefits regarding those tasks. Not only is outsourcing cheaper than hiring permanent staff, but you can get expertise in a variety of different skill sets. There are many professionals working remotely who can help you move your business forward with the precise skills that you need. You can also employ freelancers or access a whole team of experts, using them only when you need them.

Creating a Balance

Online financial advisors have many digital tools at their disposal to help with the reorganization, administration, and financial planning associated with their business. Improving the infrastructure is beneficial in reducing overhead costs that traditional financial advisors have typically been burdened with. All of these savings that the practice takes advantage of can be filtered back into the business and invested in creative methods that reach out to the client’s in a novel and engaging way.

With a newfound way of doing business, online financial advisors will not be bound to a specific physical location and have the freedom to determine how their virtual (hybrid) office will operate. This is extremely important in creating a healthy balance between your work

and personal life, thus contributing positively to your well-being. By embracing the 21st-century financial advisor model, you are able to position yourself as a leader and resource for current and potential clients.

Since the very essence of being a financial advisor means making a special effort to build a connection with your clients that align with their unique vision, goals, and values, you are still required to use a hands-on approach as this keeps the human connection alive. With that being said, there are specific techniques that you should adopt in order to adapt to this digital environment.

Adapting your financial practice to a changing world

For financial advisors to transition from the traditional way of the promotion of financial services and advice to a digital format might sound like a daunting prospect. This couldn’t be further from the truth, however, as all it takes is a little shift from the ordinary and a bit of creative implementation.

Financial advisors who are not au fait with the digital concept of business might wonder how they go about setting up a digital financial advisory practice. Essentially, a computer with a fast and reliable internet connection are the core elements that you will need in order to maximize your efforts in this new business lifestyle – remarkably different from the traditional financial advisor’s handbook.

While traditional financial advisors have kept client records and files for decades in their physical form, technology now enables us to store all of these online. Storing hardcopy records will require a lot of space, as traditional financial advisors will tell you (I had 5 metal filing cabinets at one point!), so having an efficient and secure digital platform to store records will save space and become more cost-effective. The beauty of storing documents digitally is that they are easily accessible and saves precious time – something we all want more of.

Virtual Communication

The new generation of clients are drawn to virtual relationships when dealing with service providers, and this is where financial advisors will need to switch things up. The evolution of communicating with others will mean that financial advisors must leverage digital platforms such as Skype, Zoom, WhatsApp and FaceTime, amongst others, to keep up with the needs of the new age client.

Traditional financial advisors are well aware that client satisfaction is of paramount importance, so being available on platforms that are convenient to your clients is vital to growing your digital business. In these modern times that we are living in, more and more people have chosen to interact virtually for their products and services. In light of this, online financial advisors operating in such a dynamic environment must maximize this opportunity in order to reach out to the plethora of potential clients that have infiltrated the digital space.

virtual communications as a financial advisor online

Build a Website

You can’t expect to get clients as an online financial advisor if you don’t have a website. Think of your website as your digital storefront, or better yet, your new office. Your website is where people come to find out more about you and find out how you can help them.

Whether a prospective client discovers you through a referral, an advertisement, social media, or a Google search, the first place they’re going is your website. So, it needs to look slick, relay the right information, and encourage them to reach out to you.

Your website should include necessary information about your firm’s services, team biographies, your pricing, whom you serve specifically (not just “guys with jobs”), and of course your contact information – it should also offer something for free, be it an eBook, a webinar replay, or even a free risk assessment with a tool like Riskalyze.

The best advisor websites are clean, simple, and easy to find information. The key points you should make sure are on your website are:

  • Who you are (show a personal side);
  • Who you specialize in helping;
  • What your services are;
  • What your process is; and
  • What your prices are.

Without these, potential clients will not have enough information to feel comfortable coming to you for an initial meeting.

building a website for a financial advisor online

Social Media Marketing and Advertising

Social Media Marketing

Acquiring clients online may be achieved via social media marketing, but not through merely posting about your business. You’ve got to dig deeper. You have to offer real value. You must publish educational content, and not sales orientated. Make sure to have a nice blend of personal and business and to focus on outcomes, benefits, etc. Answer the questions people are already having in their minds with your content.

You can do these via blogs, infographics, or explainer videos. Just make your content engaging and valuable. You’re the pro, so showcase it.

At the same time, you need to develop personal relationships with people of influence online. These people can be accountants, attorneys, or HR directors. Anyone who would work with your ideal client but offers them a different service to yours. Find these people online and ask for their help but also showcase them and their services. You need to give to receive.

This is just the first step in your social media marketing, but it is a great way to start building meaningful connections and relationships that will lead to you getting clients online.

 

social media marketing platforms

Social Media Advertising

By updating your practice to that of a 21st-century advisor, you’ll be saving so much money. You can most certainly pocket what you save, but make sure to use even 10% of the funds towards social media advertising.

Once you’ve got a website and some engaging, valuable content, it’s time to advertise it.

Facebook and Instagram offer incredibly robust paid advertising features. You can literally have one post (cross-platform) that gets shown to users on both.

The targeting available through Facebook & Instagram’s advertising tools are precise, meaning you can target a specific age group in a certain income bracket that live within 20 miles of a zip code, and love reading novels.

Even better is once you have advertised to a specific target market, you can re-advertise to those who clicked the link and visited your site through something called a “Pixel.”

Use LinkedIn

As a 21st century financial advisor, you should have a LinkedIn account – I mean, it’s been around for 18 years already. You would have used it as an online CV (that’s all I used it for, for years!), but now’s the time to start using it for getting clients online.

LinkedIn leads for financial advisors are easily achieved by connecting with old contacts, building up a reputation as an industry expert, and growing your professional network.

With LinkedIn, you can post original, useful content, interact with prospective clients, and even request referrals via mutual friends or other industry experts.

LinkedIn is arguably one of the most powerful places you can go to drive inbound clients. Like Rome, it takes time to build an empire. Don’t be cheesy and pushy, build meaningful relationships, share content of immense value, and help others. In fact, LinkedIn has recognized just how powerful of a “creator” platform they have and are rewarding those that create content of value for others….

Digital Marketing

Financial advisors can no longer sit behind their desks waiting for clients to come to them and will need to change the way in which they reach out to clients. Digital marketing for financial advisors is all about connecting with the right clients at the right time in order to make a lasting impression. This means that the 21st-century financial advisor must meet their clients at the places that they frequently visit in the digital space. Many businesses

successfully use financial digital marketing to find the right clients online and it has become part and parcel of good business practice to have a strong online presence.

In order to stand out as an online financial advisor, it is pivotal to have a strong digital presence where internet consultation and recommendations can provide the perfect endorsement of your abilities and services. You must be able to effectively market your service offering through strategic practices.

With a powerful financial digital marketing strategy in place, your financial advisory practice can elevate to new levels through SEO ranking, increased traffic to your website, enhanced social media engagement, and improved conversion rate of clients through your overall strategy for marketing of financial services. You must always keep in mind that your digital presence will only strengthen if you are methodical about building awareness, actively engaging with your digital audience, and acting decisively.

The Bottom Line

Transitioning into a digital platform can be an overwhelming experience for traditional financial advisors who have to now learn a completely different method to conduct business that lets them thrive in the 21st century. It is, however, an exciting and rewarding chapter that the financial services industry must embrace. With that being said, the immeasurable opportunities that exist in the digital space are ones that you must leverage to your advantage in order to take your business to the next level.

I believe that in every issue lies an opportunity, and the transition into the digital space is too good to be missed. My company, Conneqtor, empowers 21st-century financial advisors to grow their advisory practices by using our highly effective strategies. Make sure to visit my website here and download my free eBooks that will help you with your transition into the 21st century.

Sending positive vibes your way,

Derek Notman