The lazy, dog days of summer have finally arrived. Daily workload has lightened; temperatures, heightened.
Yep, it’s the perfect time for financial advisors to get out of the office and entertain clients, maybe shake a few hands.
How about a round of golf and then drinks in the clubhouse to review the old portfolio? Or maybe a steak dinner downtown followed by an estate plan discussion? Pickleball, perhaps?
You know what? Forget it. It’s a Zoom-based world nowadays for wealth managers, anyway.
“The wealth management industry has changed. Clients aren’t swayed by steak dinners or golf outings. They want measurable results and advisors who execute,” said Samuel Diarbakerly, founder and private wealth advisor at Generation Capital Advisors.
Diarbakerly adds that this shift can also be attributed to the fact that the industry has become less product driven, so the need for glad-handing and personal pitching has greatly diminished. In his view, long-term client loyalty now comes from delivering a wealth management experience that integrates tax strategy, estate planning, investments, insurance and best-in-class service, and making sure every plan is carried out.
“Success today is measured by client confidence, outcomes and referrals, not entertainment budgets. In a competitive market, execution is the ultimate differentiator. Buying something for someone or taking them somewhere won’t get you very far,” Diarbakerly said.
Along similar lines, Jesse Kurrasch, chief operating officer of the AmeriFlex Group which is affiliated with Cambridge Investment Research, believes the post-pandemic world has altered much of what clients consider to be “normal” communication. Meetings are now conducted frequently via videoconference, which increases efficiency and productivity for both the client and advisor. As a result, he says time wasted in traffic or traversing from office or restaurant has been cut nearly to zero.
That said, Kurrasch has not changed his view that the wealth management industry remains a “relationship business.” Nor has he totally dismissed the idea or value of the personal touch or in-person meeting.
“Clients want to do business with people they know and trust, meaning that ultimately our growth is rooted in time spent deepening relationships between advisor and client. COVID put a temporary halt to all face-to-face meetings, and the negative impact on our collective psyche was felt worldwide. While communications vehicles change over time, the fundamental way that humans connect has not – whether that be at the golf clubhouse, pickleball court, or over a steak dinner,” Kurrasch said.
Added Kurrasch: “In five years, these gatherings may take place in the virtual reality world, though I sincerely hope not. For now, face-to-face meetings are still one of the greatest relationship-building tools we have.”
Elsewhere, Rachel Elson, financial advisor at Perigon Wealth, said the majority of her clients are people who she originally met on Zoom, many during the pandemic, with several of them being people she has never met in person. She adds that most often it is her clients who would rather meet online than get together.
“We do try to grab informal coffees or lunches periodically, especially for clients who are part of a cluster of friends or work colleagues, often it's just nice to get everyone together. But our clients are generally still in the workforce, and leading busy, full lives,” Elson said.
Similarly, Lee Wolfe, managing director at KWM Wealth Advisory, part of Stifel Independent Advisors, said many of his clients prefer a Zoom or online arrangement, often due to health and safety concerns in the post-COVID environment. And that’s okay with him because in many cases he can get them a faster response to their questions via phone or e-mail.
“While technology enables seamless communication, a small percentage of our client and prospect communications are still done in person since COVID. For in-person meetings, we typically gather at the office, where the environment is quiet and free from distractions, ideal for focused discussions," Wolfe said. "When a client prefers to talk about personal matters or celebrate a milestone, we opt for a more relaxed setting, such as a coffee shop or a lunch or dinner, with a tendency to keep dinners casual.”
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