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Grant Hicks, CIM
Practice management strategies for financial advisors communicating with
clients and prospects using video
Financial advisors and wealth professionals who have never done video
conferencing and calls with clients and prospects working remotely will be
struggling to figure it out for themselves. Here is a simple list of
practice management items to think about.
Practice Management checklist for financial advisor teams working remotely
with online video
___ Set up your workspace with minimal distractions ( easier said than
done) and make sure you have a professional-looking background.
___ Set up a professional online call service such as zoom or GoToMeeting.
Don’t do simple phone or free service video calls with prospects, as this
is your image you are putting out there, and calls can be choppy.
___ Test all of the functions and features so you know how to navigate the
calls, and guide clients and prospects to connecting with you.
____ Set up proper lighting and background so it looks and feels
professional. Can I see your face well? Wear darker colors as photographers
recommend when doing professional photoshoots.
____ Go to your internet provider and get the best possible connection
speed. Check out ways to get faster internet speed, such as hardwired cable
versus wifi, closing all windows before doing online calls, and getting a
faster router, that can deliver what your internet provider offers.
https://www.rogers.com/customer/support/article/internet-speedtest
https://www.telus.com/en/ab/support/article/speed-test
___ Make sure you have an HD camera and good sound and microphones for the
best quality experience. I use noise-canceling headphones and a hands-free
microphone.
___ Update your technology. Look at getting high-quality headphones and a
microphone. Consider sending an online video conferencing kit to ideal
clients and prospects, to help them connect to the world better.
___ Before the meeting, tell your client and prospect you will call them to
make sure it is set up on their end properly. Don’t expect them to know how
to use the technology, their camera and microphone, and computer setup.
____ Send an email of how to connect to your video call with instructions
on having a camera and microphone set up, eliminate any distractions during
the call and how to have the best experience during the call. How will a
couple set up the call together and how will you see them both. They may
need to think about where to sit together for the call, so you can see both
of them. Positioning the camera, laptop or computer so they have the best
experience.
____ Remind your clients to close everything on their computer so the call
has the highest quality. Suggest the fastest computer in their home that is
hardwired, and not wifi. This is why cell phone video calls don’t work as
well, and calls get dropped.
___ Consider recording the meetings with clients and prospects permission
of course. This is the perfect time to improve your conversations with
clients, by listening to the discussion. Trust me do it one and you will
improve! Start with a friend or colleague to test it out.
____ Engage them in the call by asking them to take notes. Tell them that
you are also taking notes and will send a brief summary after the call. You
can do goals conversations online and have them write down some of their
long term goals over a video conference call.
____ Ideas to help you with prospects. Do you have compelling offers for
prospects? Do you have a script to use to deliver these offers online?
Practice your script and process online with a friend or colleague before
calling or setting up a video conference with ideal prospects. Meeting them
online through professional-quality video will speak volumes compared to
their financial advisor who is doing email and phone.
____ Do you have a professionally designed presentation material such as
PowerPoint or other ( approved by compliance of course) to share with ideal
clients and prospects. Is it just words or is it emotionally engaging with
pictures? Video conferences should have a video of you, share screen
function for discussion points and noise-canceling audio for the ideal
client experience.
____ Communication plans. Because the world has changed, financial advisors
have asked me how often should I call my clients. Tell your clients you have
a communication plan. “ our client communication protocol/plan to our
(ideal) clients is to call again and set up a video call in one month, in
three to four months do an online video meeting and update you, and in one
year do full planning and goals meeting update. Of course, we are to talk
here anytime, how does that sound to you?”
Optional script
“We have built a process to communicate with our clients, during this
challenging time, and the outcome is helping you focus on your goals and
plans for your future. To quote Nick Murray -We know that all successful
investing is goals focused and planning driven. We all know that failed
investing is market-focused and current outlook driven. We will talk again
next month and set up an online video conference call to discuss your
future. Of course, we are to talk here anytime, how does that sound to
you?”
___ Technology considerations. Considering improving internet speeds,
computers and of course cybersecurity. Ask your firm for guidance or
support on testing security protocols.
___ Databases and data security. This should be your biggest concern.
Consider updating your privacy and confidentiality forms with staff, to
ensure complete confidential protection or data
___ Online scheduling. Consider using an online calendar for clients and
prospects to set up and online call or online meeting with you. You can
program the scheduler to do 15 or 30-minute calls, and all you have to do
is email clients with the link. For a sample click on my calendar link here
https://my.timetrade.com/book/JMTNJ
or if you want to discuss practice management, you can book it.
Share this checklist with your team on an online call and discuss your new
video conferencing practice management processes for working remotely. If
you add to the list, let me know, I would love to hear from you, as I tried
to shorten it up as best I could. Best of luck working remotely!
Sources Bill Bachrach www.billbachrach.com
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