Wealth management clients experience digital experiences in their daily lives, from ordering food on smartphone apps to wearing smart devices that track their fitness. These digital tools lead to personalized experiences that people have come to expect in all areas of their lives, including financial advising.
Advisors who are comfortable with technology can set themselves apart and deliver high-quality service the way clients want. Embracing technology requires financial advisors to be proactive and take risks.
Here are four ways advisors can become digitally savvy.
Stay Current on Technology
Being digitally savvy starts with being aware of new technology and digital tools. That may sound daunting on top of an advisor’s many other responsibilities, but it’s an effort that will lead to strong returns. Staying current on new technology also doesn’t need to take over from other tasks. Join industry groups or subscribe to relevant newsletters. Network with other advisors with strong digital skills and ask for their advice and recommendations on trends to pay attention to. You don’t need to be a technology expert to be aware of digital trends — find the method that keeps you current without taking away from your other responsibilities.
Connect Digitally With Clients
With so many digital possibilities, many advisors struggle to know the most strategic focus. One way to show your digital prowess to clients and prospects is to prioritize digital client-facing tools. These tools empower clients to understand their finances better and improve their experience with added convenience. Look for pain points in your current client experience that can be improved with digital tools. Often, the process with the biggest impact is moving from physical paper forms to digital information gathering. This improvement is a win for everyone: It allows clients to complete paperwork once on their schedule instead of having to manually fill out the same information multiple times and also streamlines back-office data entry, reduces the chance of errors, and improves compliance.
Advisors and firms can also lean into video calls and digital messaging to connect with clients instead of requiring in-person meetings. A digital platform or dashboard to track investments and financial progress can also quickly answer clients’ questions and keep them informed about their finances.
Create a Strong Online Presence
Not all digital activity has to happen behind the scenes or with current clients — you can also establish yourself as a digitally savvy advisor by creating a strong online presence to appeal to potential clients. Lean into the power of content marketing by posting blogs, videos, or podcasts about financial questions and issues. Digital marketing establishes you as an industry expert and puts you in front of potential clients where they already are. Your clients and prospects are online, so you should be there, too.
Creating a strong social media presence by posting updates, answering questions, and sharing your messages with a larger audience shows that you understand digital channels and are a future-focused advisor. When other advisors may be using outdated marketing efforts, you can shine by leveraging digital channels.
Be Agile and Flexible
Perhaps more important than anything you do is the mindset you cultivate towards technology. Digital channels and trends are constantly changing. Successful advisors have an agile and adaptive mindset toward technology. They are committed to continual learning and aren’t afraid to be flexible and try new things. Becoming a digitally savvy advisor doesn’t happen overnight, and it may be uncomfortable to try new things. But advisors who embrace change and are willing to learn new things and take risks can set themselves up for long-term success.
Becoming a digitally savvy advisor also requires the right tools, like Docupace. Our leading platform integrates with dozens of financial platforms to create a customized, streamlined solution. Click here to learn more and schedule a discovery call.
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