How to Create a Mutually Beneficial Advisor-Client Relationship

build mutually beneficial client advisor relationship

In the age of instant gratification, Millennials and people from Generation Z are not your average clients. They want what they want when they want it. While this may be daunting, it also provides us with an opportunity to connect with them in the place where they are most likely to be found; online.

The Coronavirus has only served to drive more people into the online realm, and this has become the place where your current and future clients will be looking to interact with you. To succeed in any industry these days, it all boils down to keeping up with the times and being agile enough to accommodate your clients’ needs.

Here’s my advice on how you can form good connections while running a virtual financial planning practice.

First – Be Selfish and Focus on the Advisor Experience

So much is said and written about the Client Experience that most advisors forget to address the Advisor Experience.  All too often advisors focus on trying to create an amazing Client Experience but neglect to consider how doing so may negatively impact their own lives and business.

It never made sense to me that so many advisors essentially put their lives on hold only to help their clients realize their hopes, dreams, and goals.

Advisors who focus on creating an amazing experience for themselves first are empowered and positioned to create a really great Client Experience.

Just like when flying, make sure to put on your oxygen mask first, then help those around you.

Be the example your clients are looking for.  Make it a point to be happy, excited, motivated, and living the life of your dreams.  This will resonate with your clients more than anything else.

Once you have this sorted then the following tips are crucial.

Embrace Technology

The first step to better serving your clients is to embrace technology. Yes, it is fast-paced and ever-changing, maybe even confusing, but connecting with your clients requires an understanding of the environment where they are most comfortable.

Whether this means communicating with them on a platform that they choose or learning to use a new app, embracing technology is paramount to maintaining a good relationship with your clients.

embrace technology and social media

Create A Virtual Relationship

Forming a relationship with your clients online includes building trust with them from scratch. Without face-to-face interactions, building trust in a virtual environment needs to be intentional because, ultimately, this will be your key to success.

Get to Know Each Other

Make sure you get to know your clients personally – tell them about yourself and arrange video calls with them. Fostering any good relationship begins with getting to know someone and being genuinely interested in their lives.

having video calls with clients

Proactively Communicate

Without real-life meetings, clients can feel like they’re getting lost in the fray, so it’s crucial to actively communicate with them and make them feel important to you.

Set a reminder to check in with your clients regularly, to touch base and reconnect. Even if it means sending out some useful tips or some extra personalized advice – providing value to your clients is also an excellent way to connect and maintain a good rapport.

Work with Their Needs

Chat with your client about how they’d like to work, whether that be seeing a presentation, a monthly video call, or simply an email. Making them feel comfortable involves finding out their preferences and molding them with your own.

New-age clients often like to see their stats and information in real-time, so be prepared for that and find software that could allow for that.

Set Clear Goals

At the outset, make sure that you know your clients’ goals and explain how you can work together to achieve them. This will show your client that you’re committed to understanding them and what drives them. Show them that you’re invested in their needs.

Spending some extra time on creating a solid relationship with your clients will go a long way to building trust and creating a dynamic where you can lead your clients towards making the best financial decisions.

Show A Robust Digital Footprint

Clients are now particularly interested in your digital footprint, which is essentially how you appear online. To gain new clients or build trust with current ones, I advise having a robust digital footprint.

This includes being active on social media channels, having a great website, and communicating a variety of content (personal and professional) through these channels.  People tend to trust someone who has an influential digital presence over someone who doesn’t, and it’s quite simply because they can see what you’re all about.  Don’t be a creeper, be a creator!

Tell them about who you are, what your focus is, and how you can help them. If they can find you in a quick Google search, you’re on the right track. Let’s face it; we all Google someone before we go ahead and use their services or buy their product. Adding in social media channels and a blog, would further solidify your digital presence and add to your credibility.

financial advisor google ranking

Conneqtor can help

If you’re feeling overwhelmed by the idea of adjusting to this digital world, I can help. My virtual advisor system, Conneqtor, teaches you how to leverage all the tools that you need to transform your business into a virtual or semi-virtual one.

My system will lead you step-by-step into the virtual space, and help you get more leads by showing you how to establish a digital presence.

Get in touch with me. Let’s get you set up in the virtual financial planning world so that you can meet your clients where they’re at, foster your current client relationships, and build new ones, the modern way.

I hope you found this of value!

Kind regards,

Derek Notman

Riskalyze Session Replay: The Brick & Mortar Financial Advisor is Dead!

riskalyze week in review

Long Live the Virtual Financial Advisor

The wave of change has crested the financial services industry. The traditional financial advisor has to learn to ride it, or be crushed by it.

As financial advisors begin to navigate the inflection point that was catalyzed by the COVID-19 pandemic, its imperative that we as an industry begin to not only acknowledge, but embrace the fact that technology has evolved to a point where our ideal clients are beginning to expect a different, more streamlined service from us.

Our founder, Derek Notman, was privileged enough to present at this years Riskalyze #Fearless Week last week. In future fashion, this year Riskalyze had no other choice, but to embrace a virtual alternative to their regular conference format, which actually made the conference more accessible to advisors across the globe.

View Derek’s session below:

Riskalyze Virtual Conference Agenda

  • The Financial Advisor of the Future.
  • Why does any of this matter?
  • Who is Derek Notman?
  • A global megatrend.
  • The consumer has evolved.
  • The financial advisor is stuck in 1985,
  • How Conneqtor is empowering advisors.

the financial advisor of the future

What can financial advisors do right now?

It might seem like we are just throwing around a bunch of concepts and telling you to accept them. No, we are just introducing you to a very apparent reality and want you to know that the solutions are with in virtual reach.  These changes were already underway, COVID-19 simply sped them up.  Advisors must evolve along with the rest of the world.

If you want to know more about what it means to adopt a (semi) virtual financial advisor model, then we highly recommend downloading and starting with our free e-book. It is for lack of a better phrase, a virtual step in the right direction.

If you’d like to chat more about what Conneqtor can do for you, please do not hesitate to get in touch.

Thank you!

Cheers,

Derek Notman

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

The Brick & Mortar Advisor is Dead. Long Live the Virtual Advisor

the virtual advisor is here to stay

The world is changing so rapidly that soon Google will tell you what you’re going to eat for dinner without you even having to ask it. But one thing remains constant, and that’s the value of human relationships – especially in the Financial Services industry.

We’ve witnessed many changes with the Covid-19 pandemic, but one thing has stood out for me: people’s need for other people, especially family. The pandemic and ensuing global crisis have shown us how vital our social connections are.

Another thing that humans hold very close is their finances. Not just in uncertain times, ALL THE TIME. People have a very personal relationship with their money. One of the most important questions we ask ourselves daily is, “Am I going to be ok, will there be enough to sustain my future?” The world may change, but one thing that won’t is the fact that people will always seek financial advice.

Yes, artificial intelligence (AI) and robo advisors might be able to offer financial advice and strategies at a fraction of the cost, but I would argue you then only get a fraction of the value!

There’s nothing like personal, face to face (virtual or in-person) meetings with another human being who has the knowledge and mind to help guide you. Maybe that’s because human beings have the ability for empathy.  No algorithm can do that!

Through empathy, we can help each other deal with stress (because dealing with our money can be very stressful), guide each other to clarify goals, and assist one another with behavior modification. AI doesn’t do empathy.

So as a financial advisor, will you have a job in the future? The answer is yes. Will you be able to not only sustain but thrive with a brick and mortar operation, the answer is likely no.

The pandemic has made us realize that many businesses can function virtually. They’ve had no choice. Even before the pandemic came upon us, many industries and other professionals started moving away from a brick and mortar model.

Other professionals like lawyers and doctors (especially psychiatrists) have shown that it can be done seamlessly, so why can’t it be done with financial advisors? It most certainly can.

Another reality is that Gen Z and Millennials were born into a virtual world and lead a virtual lifestyle. They want to communicate virtually. Consider this, in years to come, their Gen X and Baby Boomer parents will be leaving them trillions of dollars, and you will want to help them manage these finances.

The only option is to join them by getting on the bus and adopting a virtual way of working.

We are in the midst of a megatrend that is/has literally changed human behavior, either we acknowledge and embrace it or become dinosaurs.

How do we make the most of modern technology without losing our personal touch?

Technology is an amazing thing. It’s been the enabler to effect this change. It has maximized operations and efficiency so that we can spend more time doing other important things – like spending more time on our clients. Virtual advisors can use technology to enhance relationships.

Here are some other benefits to consider before embarking on the path of the virtual advisor:

Minimize Costs

Moving away from a brick and mortar approach not only minimizes costs but can also eradicate them completely. Expenses like rent and utilities can be slashed, and commuting costs can be drastically reduced. The money saved can be spent on other focus areas like marketing and advertising – brand awareness is crucial for credibility and future leads.  Also, think of the “time savings” you will have with even a semi-virtual model, add up the hours you will save!

virtual advisor zoom tech

Safety

In a virtual operation, you have less chance of catching a virus and getting sick or making other people sick. The world is no longer a safe place; if you can still do business and avoid these risks, then consulting virtually is a no brainer.

Permanency

Working virtually means that you’re not tied down to being in the same place. Think of that cabin in the wilderness or beach house near the ocean you’d prefer to work from. Technology has made it a reality.

Flexibility

Virtual advisors can work from anywhere at any time. You can manage your schedule in a way that works for you.

Nurture Family Relationships

More time at home means more time with your family and friends. More time to be able to nurture the valuable relationships in your life.

virtual advisor work life balance

The World Is Your Oyster

Because virtual advisors are no longer limited by geographical boundaries, the pool of possible clientele increases. You don’t need to be in the same place to offer a professional service and excellent financial advice.

These are just a few of the benefits to look forward to in becoming a virtual or semi-virtual advisor. The Virtual Advisor System is here to support you on your journey.

Our solution assists virtual advisors with lead generation and everything else you need to embrace this new way of working. Find out more by downloading our eBook, or purchase the system now and become a virtual advisor today!

Thanks for reading!

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:

 

Lead Generation for Financial Advisors – Webinar Replay

I have learned that Lead Generation for Financial Advisors is a tricky thing.

After being asked by countless financial advisors how I bring in new clients all while working virtually I knew I was on to something.  Thus, I created the InboundSalesMachine webinar to share my journey as a virtual advisor and what I created to help advisors generate inbound leads without every having to cold call or meet in person again.

Inbound Sales Machine Lead Generation

Lead generation for financial advisors

Join me as I share my virtual journey with almost 100 advisors from around the world for this second live event.  I talk about what I learned the hard way, the myths I busted as I built my virtual business, how I made 7 figures working virtually, and hold a live Q&A at the end!

The Inbound Sales Machine webinar replay takes a deep dive into my journey, covers inbound lead generation, and why I created The Virtual Advisor System for advisors to dominate in our digital world.

Watch the entire replay and if can tell me what area of the country I recorded this event I will extend you the special offer from the webinar, just send me a note and I will make it happen!

Cheers,

Derek Notman

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: