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Practice Management

Are you prepared for the future technology demands of your clients?

Technology offers the potential of a huge advantage to financial professionals who can make the most of it.

This is especially true when it comes to attracting younger clients who have spent most of their lives online. When they’re making decisions about what to do with their money, it’s no different. Financial professionals who communicate with their clients online and make it easy to conduct business over the web may gain an advantage over those who don’t.

In fact, more and more advisory firms are realizing the benefits of technology on their business and spending more as a result. In 2017, the average spending on technology among firms was $97,648 – up from $90,461 in 2015, one study showed. This trend is only expected to strengthen as the transfer of wealth creates more Generation X and Generation Y millionaires.

More and more studies are showing the important role that technology plays in clients’ satisfaction with their financial professionals. In one study, 53 percent of those surveyed say they would replace their financial professional if they weren’t using technology to enhance the services offered. As younger individuals age and need life insurance and retirement products, they will be looking to financial professionals to help them meet these needs.

4 ways to leverage technology to connect with clients

Fortunately, there are plenty of ways financial professionals can use technology to connect more with clients. Here are four steps you can take:

1. Optimize your online presence

Younger generations more than any age group embrace the ease and efficiency of online communication. The best place to start making changes is your website. That’s the first place the young and internet-savvy will look for a financial representative. Forget a static website that only has bios and your contact info. Websites should provide a clear and intuitive interface, and serve as a place where you can start conversations with clients.

You might look to start a blog on your site and update it consistently with relevant content, then push your posts out on social media, adding relevant hashtags. If you have the resources and your compliance program allows, add a chat option to your website. If you don’t have the time to build the site yourself, you could look to hire a professional. 

2. Offer convenience to your clients

So much now happens away from the office, and by using technology to catch your clients on the go, you will offer them greater convenience and save both of you valuable time. While in-person meetings are still valuable and a great way to cultivate a relationship, sprinkle your interactions with technology like video conferencing. Baby boomers may love coming into the office, but younger generations often prefer the freedom and flexibility over getting stuck in traffic while driving across town to your office.

3. Create and curate your social media accounts

It’s increasingly crucial now for financial professionals to have a social media presence. Twitter, Facebook, LinkedIn and even Instagram can be valuable marketing tools and great ways to interact with existing clients and potential clients. Keep in mind that social media can quickly become a distraction if not managed carefully, which is why you might want to consider a social media management tool that allows you to manage accounts and schedule posts in advance from one interface.

4. Use data to personalize the experience

Big data and artificial intelligence tools can go a long way to create personalized client profiles and tailored portfolios. Tools like Google Analytics show how many visitors your website received, what content they viewed and where they came from (such as a LinkedIn post or Google search). Finding out more about your web visitors can help you increase traffic and will hopefully provide insights that lead to attracting new clients and serving existing ones.

In addition, you may want to take a close look at how hard your CRM (Client Relationship Management) software is working for you. The best software generates reminders for when you should contact clients and records the details of your interactions. Even better? Find a system that gives you access from your phone so you can do business away from the office.

Learn more about how to build a strong relationship and earn your clients’ trust.



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