The Perks of Permanency and Flexibility on the Remote Advisory Model

remote work model man working in nature

As I write this, almost 60% of the workforce in the United States of America has the option of remote work in their employment contracts. Workplace Analytics recently completed a survey and came up with the following forecast:

“Our best estimate is that 25-30% of the workforce will be working-from-home multiple days a week by the end of 2021.” – Kate Lister, President of Global Workplace Analytics

The whole world has had to adapt, and from a financial advisor’s perspective, this is hugely positive. For us, it means that we will cut down on costs dramatically, and we’ll be able to serve our clients when and how we (and they) want to.

When I refer to permanency, I am talking about the fact that you’ll be able to work from anywhere in the world, at any time of day, and for anyone you wish to, even if lockdowns continue indefinitely. A beach house? A cabin in the woods? Do you want to work in two different cities a year so that no matter what, it’s always summer? All good so long as you have a decent internet connection and the right infrastructure! The only thing I can think of that would stop you from working is a major technological shutdown, and if that happens well then, we all might as well just pack it in.

So, let’s look at some of the perks of the Remote Advisory Model.

Hiring New Staff Has Never Been Simpler

Communication is so easy to manage, given the tech at our fingertips. You can now hire staff at a cheaper rate, per hour and without having to fork out for any of their infrastructures. The remote advisory model has no geographic boundaries, meaning you can hire people from anywhere in the world.

Being able to hire international employees also means your virtual financial planning practice can run 24/7. If you have people representing your business in multiple time zones, your profits will increase exponentially.

remote model virtual recruitment

Remote work models increase productivity

Another reference from that Workplace Analytics article suggests that remote workers produce 43% more output than their 9-5 counterparts. So not only can your business grow significantly, but you’ll also have a much more productive team working for you. Oh, did I mention that your employees will be a lot happier too? By embracing the remote advisory model, you’re promoting a healthy work/life balance.

The same goes for you too!

A Healthy Work/Life Balance

You can now maintain a greater balance between your personal life and your responsibilities as a business owner.

Rather than having to work all day and visit clients in the evening after hours at their homes, you are freeing up your time to focus on other things that interest you. Have you always wanted to renovate a boat? Do you want to pursue a passion project or even spend time with your kids in the afternoons? Well, now you can – it’s all about time management.

working remotely has this dad enjoying time with his child in the autumn leaves

Being genuinely flexible allows you to live a fuller, more rewarding life.

Furthermore, a flexible schedule lowers stress and strengthens your output.

Retaining Employees Is No Longer an Issue

With the remote work model, you don’t have to have a single permanent employee if you don’t want to. You can quite literally run a business with a freelance workforce. Think about how expensive your hiring process is. With all of the online platforms for hiring freelancers now available, you cut those costs entirely. You pay per hour, per task, or project – no strings attached.

In fact, hiring freelancers is highly cost-effective as you only pay for their services. Are you looking for an expert in something out of your experience? No problem – you can find any professional online.

There’s another added benefit here – a truly diverse team.

More Creativity

When you bring a group of people together who have unique perspectives and backgrounds, it results in a more innovative workforce. If you have an idea, you can brainstorm with your team members, and receive much fascinating insight from them.

Think about how different the perspective of a junior financial advisor from California is to that of a digital marketer from Amsterdam, for instance? A diversified team can only be a positive step forward for your practice.

Technology to Better Serve Your Ideal Client

From building an easy-to-navigate website to promoting your services online, anything is possible in the digital age. You can even embed code into your website that syncs with your calendar to allow clients to book their own appointments. Your online presence becomes your new overhead cost (investment), and it’s a whole lot cheaper than office space and continuous travel expenses.

You’ll need to invest in software and perhaps a team of expert individuals to take your digital footprint to the next level. Fear not; it will most definitely result in more lead conversions.

A Fraction of The Cost

You won’t have to pay for electricity, water, office supplies, or furniture with the remote advisory model. You won’t have to pay for employee benefits or travel either.

It’s a no-brainer!  Haven’t read our Virtual Proclamation eBook yet?  Get it here for free and find out how you can start migrating to a fully remote financial practice today.

I hope you enjoyed reading this!

Kind regards,

Derek Notman

Virtual Practice Management for Financial Advisors

virtual practice management from anywhere

Now that you are embracing the virtual financial advisor model, you are going to need to equip yourself with a few imperative tools and adopt some powerful approaches for successful virtual practice management.

Practice Management vs Virtual Practice Management

When I refer to virtual practice management, I’m talking about operating as a virtual financial advisor in a fully functional way from the comfort of your own home, co-working space, etc. As we have come to rapidly learn, being productive remotely is entirely possible, and doing so as an advisor is no different.

Sustaining success virtually will take some adapting sure, but with the right systems in place, you will be up and running in no time. Let us take a look at how.

Build A Virtual Team

The world is evolving quickly, and the financial planning industry is actually one of the last to switch on and adapt. Virtual teams have been a possibility for years now with almost every kind of individual with any type of expertise readily available on a freelance or service, fully remote basis.

Before COVID-19, most virtual financial advisors still ran a brick and mortar office, but the pandemic has probably forced you to work remotely, and as such, prompted you to relook at your business from an operational point of view.

You may be a little overwhelmed right now, but trust me, this sudden change is actually an excellent and much-needed shift.

Now you can build an entirely virtual team that will result in a more financially viable way of running your practice. You can collaborate with more people, working with specialized individuals when and where you need them right across the globe. That’s the beauty with a virtual team – nothing’s permanent, and they charge by the hour or job.

build a virtual team

You’ll also save on not having to fork out for your virtual employee’s workspace; it’s their responsibility to purchase a computer, desk, chair, internet connection, and whatever other office supplies are necessary – you just pay for their services and expertise. You will reap the benefits of these savings immediately, not to mention that you won’t have to pay for a physical practice. So, no rent, no permanent salaries – that’s good going!

Further to significant savings, hiring virtual employees also means the output of your business can grow exponentially! Suppose you are based in Boston and hire a virtual employee in Cape Town, South Africa. In that case, you’ll have someone working around the clock and after regular business hours, even when you’re asleep – a massive increase in productivity!

The best part? There’s a massive demand for virtual advisory services – we’re all having to embrace technology now.

Adopt A Virtual Sales Process

Having the right digital infrastructure in place is imperative so that you can communicate with your virtual staff and with clients, all while protecting your and their data.

With the brick and mortar model, you would use a physical location for sales meetings or, even worse, go to a client’s home at night! But now you can conduct virtual in-home appointments. Assuming you have a website, you can set up a scheduling tool on your site, enabling customers to set up virtual meetings online that sync with your calendar.

You can conduct meetings as you usually would, only now it will be through an app like Zoom, FreeConferenceCall, or Skype. As I have mentioned before, younger generations such as Gen Z and Millennials much prefer it, and it will save you time and any awkwardness that comes with visiting clients at their homes after hours.

Prospect Through Digital Marketing

Ok, so selling is one thing, but what about prospecting? Well, in short, your prospecting becomes digital marketing. Your entire audience lives online, and now that you are adopting the virtual financial planning model, this is where you are going to find them.

First impressions are more important than ever, so you have to plan your content and design your messaging. Research is critical initially, but once you have established a brand voice, have a prominent presence, and are seeing high engagement, you’ll be so busy that you will just have to hire more virtual staff.

Speaking of hiring more virtual staff, doing so will prove hugely beneficial if you outsource your business’s digital marketing side. It’s not as simple as it seems. You can’t just post an update every once in a while and expect to see results – you’ll need an individual or team that has a deep understanding of digital strategy in order for it to truly work.

generating prospects by ranking higher

Stay Up to Date with Technology

Once you stop fearing technology and embrace it, you will come to realize very quickly how useful it is. You can streamline all your mundane tasks, work with people from anywhere on earth, and, what’s more, integrate all of your tools together seamlessly.

Your email and calendar can be synced to your collaboration tool for everyone on your team, making life so much easier. If you take Google Suite, for example, it’s quite literally a one-stop-shop for business administration.

Becoming a virtual financial advisor does take a bit of time, though, as well as a little help. This is one of the reasons I created The Virtual Advisor System, Conneqtor. It’s a cutting edge, lead generation, digital marketing, and virtual financial planning practice training system that will accelerate your adaptation to dominate in the digital world we now live in. Again, technology! I was able to take my understanding and experience of adopting a digital financial planning model and create a system that will show you exactly how to do the same, step by step.

Download my free eBook to find out more about becoming a successful virtual financial advisor, starting today.

I hope you enjoyed the article!

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

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