Will financial advice continue to Zoom Post-Pandemic?

Now Financial Advisors have made the leap to digital consultations; will they go back to face-to-face?

It’s been a tough year. The past 12 months have certainly posed more challenges for Financial Advisors than anyone could have predicted. Face to face support came to a grinding halt almost overnight and for a lot of people, it seemed an impossible struggle. The pandemic threw many people into a state of uncertainty making the need for Financial Advisor support more critical than ever. So maintaining and nurturing client-advisor relationships post pandemic, is going to be more important moving forward to ensure that your financial leads are going to be taken care of. Here at A-Point, we’ve noticed that with the rise and assist of platforms like Zoom, our Financial Advisors have still been able to meet, discuss and build rapport with people in their own homes, bringing both convenience and accessibility to one screen. But does this mean we are firmly leaving behind face-to-face meetings in favour of virtual communication?

What once was a handshake followed by a cup of coffee has quickly turned into a face on a screen with countless technological issues. The prospect of technology replacing physical interaction is daunting too many - including perhaps the older generation of clients. Certainly, in the past year, people have been forced into becoming computer literate very quickly. At A-Point, we’re in a unique position to work alongside Financial Advisors and so we’ve been asking some for their perspective and take on the ‘virtual transfer’.

Speaking to David Gallagher, based in Hampshire, he admitted to concerns that Zoom “is a harder platform to adapt to (for some) and things may not always translate as well over a computer screen.” Especially as “there is a large amount of trust created in face-to-face interactions” for advisor/client relationships to be established that may be missed on screen. A percentage of the population are bound to feel excluded from this changing format and left feeling that Financial Advisor support is becoming inaccessible. However, David was very encouraging about the freedom and efficiency that Zoom has provided for him. “Communication has become a lot quicker, with clients being in the comfort of their own home and having more accessibility to things they need. In a time where the markets and economy have become more volatile with uncertainty, the stress that it has alleviated for a lot of people has absolutely made all the difference." Virtual platforms and tools are by no means a perfect replacement for face-to-face meetings, notably for new and prospective clients, but Zoom has certainly become a staple player for communicating in the past year and actually offers far more flexibility and efficiency for advisors being on hand for support when clients need them most.

James Lindley, an independent Financial Advisor based in London recognises how valuable Zoom has been in bringing people together. He says that “initially it was difficult, some of the older generation struggled more so with adapting, but it’s really helpful to bring multiple generations together. We do family seminars/Zoom calls now where we are bringing together grandparents, parents and grandchildren. All it takes is one call where it wouldn’t have been possible originally.” But thinking ahead and moving forward into a new post-pandemic normality, the growing concern for some is that the nature of dependency on technology over the past year will begin to overshadow the benefits of in-person meetings. Will technology run away and leave you behind in the dust if you don’t get on board? Could we be missing out on that key aspect of building rapport with clients? James seems confident that a well-balanced collaboration between virtual meetings and face-to-face contact is what will allow advisors to continue providing support and advice. He notes how “fundamental” he thinks Zoom has become. “Having that initial conversation on Zoom is beneficial. You still have face to face interaction, which beats the telephone, but it’s not them having to commit to anything straight away in person first”. He expressed how ‘nice it is for opening up a relationship with a new lead or prospect without the pressure of face-to-face commitment” which can be overwhelming for a lot of people. It seems that between the two forms of communication, there is a nice middle ground that achieves a relaxed and reassuring environment fit for those important introductions. Especially when speaking to potential financial leads on behalf of Advisors, here at A-Point, we’ve have noticed the growing interest in ‘Zooming’ your Advisor. People really are beginning to reap the benefits of the commitment free and relaxed setting virtual meetings are able to provide.

Zoom also has opened up an avenue which isn’t bound by geographical location. One of the largest challenges Financial Advisors face is commuting around the country to organise meetings and spending time planning schedules to do so and the whole thing becomes a logistical nightmare. A platform like Zoom has effectively facilitated

comprehensive financial support and planning all under one big (virtual) roof not only saving time but alleviating a lot of stress. James describes Zoom having “given more freedom to the working day with less travel time. We used to only be able to go and see clients twice a year face-to-face. With clients being all over the UK it’s often difficult to see them all and maintain constant interaction. Having the ability to jump on a zoom call at any hour of the day is super helpful for that interaction.” He says the switch has been positive with “increased productivity and how its improved accessibility for advice”. David also eagerly agreed that “its saved hours of commute time, driving up and down the country. It also fits client’s lifestyles better allowing for more stress-free meetings.” Without the problem of having geographical boundaries placed on the workday, more time and investment can be devoted to clients, converting financial leads into trusting relationships and providing solid financial support. Moving forward, Advisors now have the opportunity to pursue working relationships with clients whom they wouldn’t have had the chance to meet with before.

It’s unclear if people will favour wanting to lean on this crutch that helped work our way through the pandemic or ditch it completely in favour of the old, trusted forms of contact now that we can. Whichever is preferred, it’s becoming apparent that an integration of these platforms such as Zoom into our daily routines will provide even more Financial Advisor support where people need it the most.

For advisors that invest in qualifying financial leads, they want to make sure that they have the tools available to get the most out of them and turn them into blossoming and productive working relationships. If you would like to know more about how A-Point can grow your business and work with you to provide and nurture relationships, feel free to contact us so we can set up a Zoom call.

Online meetings seem to have found their place in business and look like they are here to stay. Post pandemic life for advisors or their clients isn’t yet filled with certainty, but we can almost guarantee that a lot of future introductions are likely to begin along the lines of “Is your microphone on?”

Lowri Nesbitt

A-Point Content Manager