Three Things Financial Advisors Must Do With Clients This Year

If I told you at the start of this year that you would have to teach all of your clients how to utilize and implement technology and not see them, you would have asked me why?

The future-ready financial advisors before the pandemic taught clients how to adapt and use three important technologies.

Three technologies to teach your clients

Financial advisors have spent an enormous amount of time on meetings and webinars learning about new technologies. Once you were comfortable with this software (and some are still not comfortable after 6 months) financial professionals started to deliver this through their clients, without teaching them. Teach them. This is a common mistake I see when advisors say clients are not comfortable using these technologies. Heck six months ago you were not comfortable using them, yet we expect clients to know how to use them.

Teach your clients how to use three technologies

Instead of scheduling online meetings and expecting clients to know how to log in and use, call them first and say” I would like to give you a few tricks on how to use a couple of technologies in the current environment before our meeting, sound fair? The three technologies I wan to discuss are using our online calendar, better efficiency in online meetings, and testing our digital signature technology. We will be using these going forward and I want to make sure you are comfortable with them, as you will find it easier and more efficient working together” (remember always check with your compliance officer and branch manager before implementing any technology)

Software adaption

I have found that some financial advisors have said” our clients don’t use this technology”. I found it almost impossible to find someone on planet earth who does not have a camera, either a cell phone laptop, or computer device. If they don’t then consider what one of my coaching clients did, they ordered online and sent out a camera and microphones to clients and prospects. Then once the package arrived, they taught them to do video calls. They showed them how to connect with other friends, family, and grandchildren, and how to look good on camera. One of my clients spent months teaching business owners how to do video calls. This made him a “Future Ready Financial Advisor and he is in his sixties. I built a checklist back in March to help advisors position themselves better on video and teach others how to get set up. 

New client onboarding and follow-up 

The excitement of acquiring a new ideal client is sometimes muted by the frustration of the use of technology to get them onboarded. One of my clients did a test signature to teach people how to use online digital signatures with new clients. These people have never used the technology before so documents would be on hold as advisors were teaching people how to use. Teach them as some technologies such as insurance applications can be frustrating for the advisor and the client, making it a terrible experience. Remember when you completed your first electronic application? Do a test first to make it a positive experience

More appointments

The goal of financial advisors is to have ideal weeks with ideal clients and prospects. Make your online calendar for ideal clients, not all clients. Tell them as an ideal client we give you preferential access to book appointments directly with me. In online calendar software, you can have different links for different groups of clients, prospects, and centers of influence. Take five minutes next meeting to show them how to book an appointment with you, and how easy it is. No more email or phone tag, especially when you are scheduling husband and wife at the same meeting. If you want to book a 30-minute no-obligation meeting to acquire more ideal clients go to my online calendar link. Click the following link and let’s talk  

More information, more organization

Teach them how to prepare for the meeting with all of their documents in all 7 areas of their financial life, including, tax, estate, risk investments insurance debts, and cash flow. Have a template to send out to help them get organized. In my new book “ Practice management templates for financial advisors” coming later this year, having templates for your practice is about building out your process.

2021 will be easier

Once all of your clients are trained on using three technologies, online appointment booking, video meetings, and electronic signatures, think of how much time you will save in client meetings in 2021. Save 100 hours at $500 per hour and you saved $50,000, by putting processes in place. Now you will not have to teach any of your clients, you can spend your time acquiring and teaching ideal prospects.

Related: Financial Advisors: Let More Ideal Prospects Find You!