I've been attending the AICPA Advanced Personal Financial Planning conference in Las Vegas. Two days prior to that, my study group held its semi-annual meeting with top industry speakers. During both of these events, imagining the “firm of the future” was a frequent topic. Given the rapid pace of changing demographics and technology, I believe we need to be implementing change now.
One of the biggest changes might be in how we approach client communication. As advisers, we have already been using email and, to some degree, social media. However, we also think that periodic face-to-face meetings are important to cementing our client relationships. According to Michael Kitces, video meetings, such as Skype, GoToMeeting, or FaceTime, should be our primary way of holding meetings. Face-to-face meetings should be a last resort, not a matter of course.
(More: Quarterly video statements may become the norm)
From the client's standpoint, a video meeting is more convenient. After all, it's not easy or desirable for clients to travel to our offices when they live elsewhere, are busy executives or business owners, are tech-savvy Gen X/Y clients and/or are elderly. For me, this describes more than 90% of my client base. From the adviser's standpoint, meetings can be held anywhere without the need to be physically in the office.
With a video meeting, there is still opportunity for nonverbal communication and virtual face-to-face interaction. Documents can be shared via screen sharing or email. When handled well, a virtual meeting can be at least as productive as an in-person meeting.
(More: Using mobile technology to take client relations to another level)
As our practices become less focused on our local markets and we become more inclined to spend time away from our offices, getting into the practice of video meetings can greatly expand opportunities and flexibility. And, most clients will view this as a “value added” service.
The secret to success: Ensure that your technology works properly.
Be sure that your Internet is reliable, your microphone is static free and your camera is clear and aimed correctly. Employing nice graphics on shared documents adds a more professional touch. Finally, be sure that your hair is in place and your attire (from the waist up) is appropriate.
An added benefit of using a service like GoToMeeting is the option for recording. This may be seen as a plus by clients and can be used as a record for compliance purposes. (Be sure to let your clients know ahead of time.)
The future is now. It's time to rethink how you communicate with your clients.
