Which Advisors Will be Victims of the Pandemic?June 2, 2020

by Samantha RussellAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarilyrepresent those of Advisor Perspectives.

Coronavirus has turned the business world upside down. An overwhelming 85% of businessescontinue to worry about the impact of the pandemic – and even though restrictions are starting tolift, any predictions about the future are still, well...pretty unreliable.

This has been uncharted territory for most practices. Measures to mitigate the virus bring up amillion questions: How do we shift our marketing strategy? How do we continue to connect withprospects? How can we conduct business as usual when life is anything but usual?

Seasons of adversity reveal our shortcomings. Advisory businesses without the following qualitiesmay not survive the pandemic, much less find ways to thrive in spite of it.

1. Those who cannot adapt

One of the biggest challenges facing advisors is unpredictability. If you’re unwilling to shift with the circumstances, it willshow in your results.

The transition to complete virtual-ness is not convenient, but it is necessary – especially for advisors. Embrace the situationquickly and make the changes required to keep business moving. Establish a digital space for both your team and yourclients.

The research above by NP digital tracks changes in organic internet traffic. The growth of the finance industry’s traffic issecond only to media.

Instead of thinking of these changing consumption patterns as an inconvenience, think of them as an opportunity.

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Prospects still want to engage with your business. It’s just a matter of altering how that happens, with the help of digitalmarketing, content planning, and website optimization.

2. Those who are afraid to get creative

Revamp your marketing strategy and try something new. Many traditional means of marketing, such as dinners, seminars,and direct mail, are impossible or are not going to cut it. It’s time to get creative.

Experiment with ways to use video marketing and social media to your advantage. Over half of consumers want morevideo content from businesses they support – and with a sharp decrease of face-to-face contact, that’s some of the mostpersonal marketing you can employ.

Financial Symmetry is a great example of this, they’re producing consistent COVID-related video content and sharing it onYouTube and LinkedIn.

Video content isn’t the only way to get creative with your marketing. Work with your team to brainstorm and createsomething fresh, whether it be a podcast, interactive campaign, webinars, or something else. Take that creative leap to setyou apart from other advisors.

3. Those who don't embrace and leverage technology

Thanks to the ever-advancing tech industry, the applications of technology in business are endless. As of 2020, 59% of theglobal population uses the internet. Advisors, and companies in general, were already dependent on technology beforeCOVID-19. Having a website and social media legitimized your establishment. Now, with the majority of the U.S. workingremotely, that takes on a whole new meaning.

What does it mean to, “embrace and leverage technology?”

Communication with clients

Its biggest merit, in terms of marketing, is that technology makes it simple to drive mass communication efforts. Youroptions for those communication efforts are plenty.

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Solidifying a stream of digital communication with your clients goes a long way. That includes bolstering your social media,email marketing, and website or blog – all things that are important regardless of the pandemic. However, it also includesintentional communication specific to the situation. Advisors should take care to address the situation and its effects, whilereaffirming that they are still there for their clients. Offering more virtual opportunities, such as webinars or virtual meetings,is also a good idea.

Communication with colleagues

For firms that aren’t used to operating remotely, effective internal communication is vital for smooth performance.According to the New York Times, many companies have embraced this; the use of popular remote work apps, such asZoom, is skyrocketing.

Centralizing your company’s communication reduces stress and mistakes. Besides video conferencing, another option tocommunicate efficiently and in real-time internally is to create a channel on Slack or a similar platform.

Organization

Technology is all about information, and it’s pretty good at compartmentalizing that information.

Not working in a traditional office space demands attention, accountability and organization. Letting technology help makesbusiness operations easier, freeing up more time to focus on other aspects of your work. Good organization has the powerto speed up everything else. With more accessible information comes quicker action.

4. Those who don't save money by consolidating

A scattered “tech stack” is a nightmare. In one of my previous articles, I introduced this sample marketing budget:

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Even though marketing doesn’t have to be your firm’s biggest expense, be conscious of getting the most for your money.When you’re using five different tools just to manage one or two of these areas, it gets messy and expensive.

Consolidate your suite of marketing technology to an all-in-one platform, rather than juggling a bunch of different ones.This makes things easier on you, saving you money and offering some financial wiggle room to spend on other marketingefforts. Lead Pilot, for instance, is a multifaceted tool specifically for financial advisors that handles social media, emailmarketing, landing pages, lead generation, analytics, and offers customizable content.

COVID-19 has impacted each advisor differently, but it’s had an impact on everyone. This is a difficult time for smallbusinesses. If you’re struggling to keep up, take these key points as a guideline – adapt, get creative, embrace technology,and consolidate.

Samantha Russell is the chief marketing and business development officer at Twenty Over Ten (a digital marketing andwebsite development company for financial advisors). Samantha helps financial advisors create digital marketing strategiesthat produce explosive growth through website development, content marketing, SEO, social media and video.

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