Don’t get left behind in the digital transformation 

Things are difficult now as many financial advisors and their clients experience a reduction in income. Yet we must not lose sight that we can prepare professionally and personally for the “day after” the coronavirus crisis. Here are some of the changes I see happening for us, our clients, and the insurance and investment companies.

Work from home will expand

Insurance companies and investment houses that required employees to come to the office every day now see that good employees are just as effective when they work from home — and some are even more so (even when the kids are home with them). 

Employees who before were traveling a few hours every day save a lot of time, fuel, money and frustration when they work from home — plus they get more work done and feel more relaxed and professional. This is especially relevant to parents of small children who struggle to do what is expected of them at work and still get home in time to spend time with their family. There will always be offices, and employees will still be required to reach them occasionally to meet with managers and attend meetings. The basic need for a physical presence in the office, however, will be significantly reduced.

Yossi Manor

Video apps will be used more frequently

Insurance agents, intermediaries and brokers in the insurance and financial sectors will do much more planning, consulting, marketing and sales meetings using Zoom or similar software. This becomes even more likely when these actions can be recorded and be available for verification and validation, if the need should arise. Insurance companies and investment houses will schedule more lectures and workshops using Zoom for employees, insurance agents, intermediaries and brokers. 

Take responsibility for the changes

With in-person events canceled, there is much more time available for us to prepare a proper marketing infrastructure that adapts to our new reality. If you do not currently have a business profile on LinkedIn and Facebook, it’s time to write one. If you have a profile that’s inactive or outdated, it’s time to update it and start using it on a regular basis. 

Furthermore, if you previously had been planning to update your client list but never found the time for it, now is the time to do so. It’s time to start working with all the new office software available. Learn all the features and how best to organize your mailing list. Your emails to clients should focus on their needs. For example, one way to organize lists is according to your clients’ home situations, such as whether they are a young family with children at home or retired. 

Now is a great time to keep in touch with your clients, potential clients and centers of influence. Update your cell phone contacts and your friends on social networks. Do not disappear on them for two months and come back when we get back to normal. Write to them now, offer them creative solutions, give them insights and professional tips that will position you as an expert. Even if they do not buy anything now, they will remember you favorably and buy from you when the market opens again and returns to normal.

Yossi Manor, of Hod Hasharon, Israel, is a 29-year MDRT member and a Top of the Table qualifier.