Four years ago, in the midst of the Covid-19 pandemic, wealth managers were required to quickly adapt the way they interacted with clients, in line with travel and in-person meeting restrictions.
This led to the rise of virtual meetings, which became an integral means of client engagement and remain so today.
The adoption of such technology presents a number of benefits both for wealth managers and their clients and is transforming the way they interact and engage with each other.
However, the old habits must not be left behind.
Evolving relationships
For wealth managers, there are several benefits of having virtual, rather than in-person, meetings.
The most obvious is time – as they are no longer required to travel to-and-from their clients for meetings.
Additionally, online meetings are often more structured and to the point. This enables wealth managers to work with and see more clients than before.
Video calling has made contact with many clients easier and is more personalised than telephone calls.
However, while using computers can replace some of the advantages of meetings, it cannot replace them all.
Regular contact with clients is vital to developing a strong rapport, an understanding of who they are and what their goals are.
Humans are a social species and body language is a crucial part of communication.
Virtual communication is, therefore, not a replacement for all client contact, and in-person interactions, where relevant, remain important.
Personal touch
Importantly, client relations should be adapted to the needs of the client.
This is especially important when it comes to dealing with different generations who may or may not have access to computers or other devices.
With technology playing an ever-growing role in our lives, it is essential that we are aware of the danger of creating an underclass of the digitally disadvantaged and ensure that we meet clients in the most mutually convenient way.
Some wealth managers have the benefit of working with multiple generations of the same family, and this can help bridge the gap.
I recall having a video call with a client who was aged over 100.
Thankfully his ‘young’ children – they were in their 70s – were on hand to smooth the digital experience somewhat!
Going the extra mile
The reality for most clients is that they are looking to us to take away their financial concerns – a role we happily try to play – which leaves more time for them to talk about their wider lives.
This seldom happens during online meetings.
When you have dealt with clients for a long time, you can often empathise with something that is happening in their lives, either through your own experience or from seeing something similar with other clients.
After all, money is only one aspect of clients’ lives.
So, any small talk can go a long way to helping develop and cement a more personalised relationship.
