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

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 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.

Model FA Podcast: The Future of Financial Planning

model fa podcast season 3 episode 6

I had the privilege of joining Patrick Brewer on the Model FA podcast earlier this month. As Covid19 continues the shape the way various industries either transform, we dove deeply into what Conneqtor. Our conversation focussed on how offerings like the Virtual Advisor System and the Model FA accelerator are the future.

What is the Model FA?

Model FA like the Virtual Advisor System was created to support financial advisors. With a focus on helping advisors grow sustainable businesses, increase their brand awareness, and provide meaningful value to clients, Patrick has built a community for advisors, by advisors.

Season 3 Episode 6: What is the Virtual Advisor System?

In this episode we discuss how the Virtual Advisor System was created to empower advisors to not only grow, but make the transition to a 100% virtual financial practice.

We covered how the Virtual Advisor System helps advisors:

  • Connect and bring value to clients independent of any physical location.
  • Leverage the power of digital marketing to generate leads in new ways.
  • Leverage virtual tools and systems to maintain meaningful client relationships.

Patrick and I also shared views on how to connect meaningfully with clients entirely remotely, while building a virtual financial practice.

I’m very grateful to have featured on the Model FA podcast, because now more advisors will be exposed to the Virtual Advisor System. Huge shout out to Patrick Brewer and the Model FA Podcast team for hosting me.

You can listen to the full podcast here or get in touch with me on how you can make your practice 100% virtual today.

 

Digital Marketing for Financial Advisors During Coronavirus

digital marketing for financial planners

Although the COVID-19 pandemic is a trying time for all industries, it has also brought billions of people together online. Being confined to our homes has forced us to engage with others through social media. As a result, businesses are scrambling to reshape their offerings for virtual needs.

This is definitely a major positive for financial advisors as it has pushed us to embrace the virtual model. For those of you who were holding on to the brick and mortar approach, you have no choice but to take your businesses online now and believe me when I tell you, the benefits are incredible.

I’ve covered why taking your financial planning practice online is a smart move and how it can save you thousands of dollars every month, so in this article, we’re going to take a look at digital marketing for financial advisors.

women visiting virtual advisor website

Why is digital marketing for financial advisors important?

Embrace an old marketing trick – go where people already are and then be present.  People are online so you better be there too.

A digital marketing strategy can make or break the success of your business in the digital age. Your audience lives online, especially the younger generation, so you must put time and energy into ensuring you have a powerful strategy.

Digital marketing for financial advisors increases SEO ranking, drives traffic to your website, enhances your social media presence and converts prospects into clients through inbound marketing.

Even before coronavirus, and especially once we overcome this pandemic, for financial advisors to stay in business and serve clients efficiently in the future, the way we interact with and attract new clients must shift. We need to embrace technology and use it to our advantage. Digital marketing allows us to reach leads and prospective clients where they already are online, giving us the tools to develop relationships, establish connections, and trust in a virtual space.

What type of content works?

Digital marketing for financial advisors starts with a website, a blog strategy, top of mind social media topics, and being engaged with those that engage with your content.

According to Lyfe Marketing, 71% of consumers who have had a positive experience with a brand on social media are more likely to recommend the brand to their friends and family. So, instead of going out and seeing prospective clients, you will use social media to do that.  Talk about leverage, efficiency, and effectiveness!

The use of video is best to harness a younger audience as this is the most engaging type of media, especially for social media. Still, writing and publishing insightful blogs is imperative to rank in Google.

By conducting keyword research around your service offerings and writing articles relative to those keywords, you can start organically ranking on search engines. Let’s take this article that you’re reading, for example. The keyword is digital marketing for financial advisors.

This is a term that people, such as yourself, type into the search bar on Google or Yahoo, looking for valuable information. I have that information, and so I’ve written a blog about it. As a financial advisor, you could use your years of experience to write articles on tips for investing, the best ways to save, and so on.

The same goes for the videos you create and post to your social media channels. These can be explainer videos, but they must offer value and unique insight to the viewer.

remote digital marketing for financial advisors

Tools to help financial advisors with digital marketing

There are a bunch of articles, guides, and tools available online that will help you understand digital marketing. From Hubspot and Neil Patel to even taking short courses on Udemy, which are relatively inexpensive.

As a financial advisor myself, and after taking my business online years ago already, I went through a lot of trial and error. To get to where I am today, I had to be open to starting from the beginning. During the journey of becoming a virtual financial advisor, there weren’t many other people doing it at the time. My approach to financial advising remains the same; it is just the medium that has changed.

I’m now in a position where my business is flourishing, and I have designed a virtual advisor system to help others do the same.

My proven method will teach you how to start or transform your practice into a virtual powerhouse, enabling you to obtain and work with your ideal client from anywhere in the world. Whether you are just beginning as a financial professional or want to transition your brick and mortar business to operate virtually, this system is what you need. Watch our intro video to find out more.

Thanks for reading!

Kind regards,

Derek Notman

Lead Generation for Financial Advisors During the COVID-19 Pandemic

how to generate leads during covid19

Lead generation for financial advisors in an online space requires an overhaul of your approach to communication and marketing (see how I didn’t say “prospecting”?). As many professionals try to adapt to remote work, we find ourselves in a unique situation due to COVID-19.

people having a video call with corona protection masks

 

 

 

 

 

 

 

 

 

It’s not the first time we’ve had to endure a worldwide pandemic, but it’s certainly the first time we’ve needed to in a time where we are all connected through technology.

According to We Are Social, out of the 7+ billion people in the world, there are 4.39 billion internet users worldwide.

So, as awful as this situation is, we can count ourselves lucky due to the online tools available for conducting business. As a business owner, however, the real challenge lies in lead generation.

Transforming into a Virtual Financial Advisor

After being a Virtual Financial Advisor for years now, I can tell you that running a financial planning practice online has brought me more success than in my brick and mortar days. As a financial advisor, you must’ve noticed the increased interest in clients wanting to meet over a video call as opposed to in-person? Have you noticed that the need for running your business out of physical office space is slowly declining?

With Millennials and Generation Z now making up over 38 percent of the US workforce and predicted to make up 58 percent within the next decade, transforming yourself into a virtual financial advisor makes total sense.

Lead generation for financial advisors in an online world means you need to transform yourself and join fellow financial advisors in the virtual movement of the future.

Being one of the first financial advisors in the US to successfully take my business online, I decided to create a system to help other advisors do the same. Let’s take a brief look at how my virtual advisor system works and how it can help you generate leads.

Conneqtor – The Virtual Advisor System

In short, Conneqtor empowers financial advisors like you to have the ability to achieve the following:

  • Exponentially make more profit while efficiently controlling risk
  • Work with more prominent and more ideal clients
  • Work from anywhere while expanding your reach, opening yourself up to an international market
  • Leverage your time & money to increase your impact on the market
  • Achieve an excellent life/work balance while helping your clients do the same

Conneqtor helps with lead generation for financial advisors by teaching them everything they need to know and do to drive inbound leads without having to pick up the phone to do it. Our system offers a defined virtual sales process, and shows you how to build up a virtual financial planning practice, covering an in-depth guide on the following crucial aspects:

  • Hiring a team of virtual assistants
  • A virtual client contact/service module
  • Learning email language for younger clientele
  • Creating your business’ website
  • How to blog and the importance of it
  • How to use social media for brand awareness and client question
  • Using SEO to maximize your reach online (an essential strategy used in the lead generation for financial advisors)

In today’s market, financial advisors need to create a virtual presence that drives inbound clients to them while enhancing the client/advisor experience. Consumers expect this, and they look to social media and search engines to find us.

The Virtual movement is about creating a meaningful impact and building client trust and relationships before a word is ever spoken.

virtual financial advisor generating online leads

A word from one of my advisor clients:

“The strategies you provided go deeper into truly becoming a credible source in the virtual world versus simply having a social presence. While Conneqtor does take diligence and will certainly force many out of their comfort zones (myself included), it can be a true differentiator for any financial services professional utilizing the system and will set them apart from both the brick and mortar and kitchen table agents. There is no question this is a form of communication clients are hungry for, and the impact the Conneqtor has can change the lives of the clients who embrace it as well as the lives of the agents.” – Kristin Stutz, Financial Services Professional

If you’re interested in taking your financial practice online, then download our free eBook or get in touch with us today. A brighter future awaits.

Thanks for reading!

Regards,

Derek Notman