Many of us jumped head-first into video calls as a way of navigating Covid-19. As things return to normal, we’re seeing more advisers incorporate remote meetings into their regular practice. Not only do video calls, save time since there’s no conference room to prep or travel required, but they can also widen a firm’s geographic reach.
If you’re one of the many advisers thinking about making video calls a regular occurrence, even after the pandemic, make sure the experience is both high quality and compliant. Here are a few ways to help you get the most out of video calls.
Many clients, particularly older people, might be intimidated by video calls if they’ve never used the technology before. Consider having someone in your office (or even a virtual assistant hired for the job) reach out to clients to explain the software and set up a test call. You could also record a how-to video for clients, then attach it to meeting invites and reminders.
Compliance experts may recommend you take a few steps to ensure your meetings are secure. This can add a layer of complexity that you may need to explain to clients ahead of time.
"You’ll want to ensure that client calls can’t be hacked" said Kim Collins, president of Compliant Resource Partners. "So video call on a secure network only, require a four-digit passcode to enter the meeting, and enable the privacy settings to where the host accepts participants into the meeting.”
Preparing clients for what they can expect — from invite through to hang up — can go a long way. You may find clients are more willing to meet remotely once they’re comfortable with the technology. Plus, you’ll have added to their skill set.
No matter how familiar you or your clients are with video technology, there’s always the possibility that something will go wrong, or that you’ll need to make adjustments once the call starts. If you have the bandwidth, consider asking someone on your team to open the call before you join. This way, your clients can work out any issues with microphones, sound and more before you get on the call. It saves you both from potential awkwardness so you can maintain professionalism and hit the ground running.
Reach out to your clients to let them know what you hope to discuss and to see if they have any questions for you. If they do, you may need to adjust your video chat settings. For instance, your client could want to get your opinion on a 401(k) you don’t have visibility into. You might ask your client to send you a PDF of their plan in advance so you’re able to reference it remotely. Planning which documents you’ll review and sharing them in advance can help minimize the need to share screens or use the chat feature. This may make video calls easier from a compliance point of view (more on that in a minute).
Whatever agenda you set, make sure you leave time to talk about impromptu topics. It can be tempting to skip small talk and get straight to business when you’re in an uncomfortable setting, but you don’t want to lose the benefit of hearing about how your clients’ kids are doing at college or whatever other news they have to share.
If you’re used to printing papers and walking clients through documents in meetings, the shift to video meetings can be extra challenging. Make sure whatever video software you’re using gives you the option to share your screen. Check your screen ahead of sharing to ensure you share only relevant client information. If you tend to mark up or draw on papers during meetings, think through how you can replicate that on video chat. If you expect to do this frequently, there are plug-ins that let you use a pen-style stylus to mark documents. Or you might simply use text boxes or the draw feature to do basic annotations.
Here’s another note from the compliance team at CRP: Don’t show account numbers or Social Security numbers if you’re reviewing documents on a video call — essentially anything that would be personally identifiable information.
Collins also cautions advisers that if they plan to use the chat feature on a video call, the call should be recorded and archived. It may seem minor mid-call, but the chat feature triggers the electronic communication rule. If you prefer not to record your calls (perhaps you want to stay as close to the “in-person” experience as possible), simply turn the chat feature off.
You want your video shot to convey the same professionalism as your office does during in-person meetings. Think through:
Your background. Try not to sit in front of a window, since backlighting can cast you in a shadow. Similarly, try not to sit in front of a plain wall. A bookshelf or plant is ideal. If you don’t have a backdrop you like, explore some of the remote background options that are available; you could set your background to your firm’s logo, for instance.
Much like regular client meetings, setting up the perfect video call can be more art than science. But the tips here should help you get started and help your clients acclimate to this new approach to meetings.
John Mackowiak is chief business development officer at Advyzon, a comprehensive technology platform for independent financial advisers.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
