Here’s How Financial Advisors Can Transition to Working Remote

Financial advisors are in the midst of a transition to working remote because of the novel coronavirus and social distancing. For sales professionals, nothing beats a face-to-face interaction. The keys to a successful sale relies on that individual or business knowing, liking, and trusting you. It’s not easy to accomplish all three of those factors when you can’t physically shake someone’s hand or look them in the eye when they’re talking about financial security 10, 20, 30+ years down the road.

• The global assets under management (AUM) reached $112.08 trillion in 2021, reflecting the immense scale of the industry.

• Despite the growth in AUM, financial advisors face challenges in client acquisition. On average, it takes financial advisors up to 3 months to onboard a new client.

• Client retention is equally critical. Research indicates that a 5% increase in client retention can lead to a 25% to 95% increase in profits.

Well, peace of mind and security is what we sell, which at this point is heightened even more with fears of the novel Coronavirus (COVID-19).

This is why we just can’t stop the work we do. We must be “out there” even more to assist our prospective clients.

But what can we do if we can’t physically be “out there” to see people? Many companies across the world have incorporated a “work from home” model for years now. Some companies, like Zapier, have a 100% virtual workforce. Other, much larger, Fortune 5000 companies have incorporated a “work from wherever you want” model, as long as the work gets done.

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To implement these models successfully, it requires discipline from your workers, but more importantly, total buy in from leadership and access to resources.

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Personally, I’ve been working virtually for over 8 years, so I know a thing or two about how to get things done when you’re out “on an island” and your team is spread out all over the world. With colleagues as close as a few miles away and as far as Ukraine (I’m in Los Angeles), keeping it all together requires the right balance of resources and leadership.

Here are 3 things that will help advisors transition to “working from home” while we get through this indefinite quarantine (social distancing) happening across the board.