Changes that are occurring in how investors and financial advisers communicate and collaborate during the pandemic are likely to become standard practices after normalcy returns, according to a survey of investors by Broadridge Financial Solutions.
Sixty-two percent of those who reported a change in the mode of communication as a result of the pandemic said they would entirely or partially maintain their new methods after the pandemic ends. Fifty-eight percent cited phone calls and 46% cited emails as new ways that they communicated with their adviser during the pandemic, with 36% having used video chat, even though only 9% prefer video above all others. Millennial investors were most likely to use video chat with their adviser, at 59%.
Over half (57%) of those surveyed said communications with their adviser had changed in some way in light of new stay-at-home mandates.
“We are seeing an accelerated adoption of digitalization and personalization from investors, financial advisers, and wealth firms as a result of the pandemic,” Michael Alexander, president of wealth management at Broadridge, said in a statement. “The use of video conferencing, more personalized emails, and more frequent phone calls has broadened, deepened and changed the client-adviser relationship. As a result, investors don't want a return to the past. They largely prefer this new normal.”
The survey of 1,000 individuals who currently use a financial adviser in the United States and Canada was fielded in June 2020.
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