A growing reliance on technology was a trend before 2020 and the COVID-19 pandemic, but this trend will continue to accelerate into every aspect of your business. A software platform like AssetBook’s Pulse can be invaluable as you automate not only your internal processes but work to offer a more robust online portal for your clients to access. This is the type of access demanded by more and more clients, especially those who are younger. If your firm wants to participate in the huge projected inter-generation transfer of wealth that is coming, your firm needs to be on the cutting edge of this type of technology.
In terms of the operation of your firm, it’s important that your firm’s portfolio management platform can support and feed into all other aspects of your firm’s services for clients, and your internal operations in areas like client invoicing. The trend towards remote work may diminish a bit once it is safe to return to our offices, but it is unlikely to go away completely.
Remote meetings with clients have become the norm out of necessity in 2020. There is no reason to believe that virtual meetings and relationships with clients will not continue. Your firm would be wise to ensure that virtual meetings offer a great experience for your clients, you can be sure your competitors are doing this. This offers benefits for both the client and your firm. If you can serve clients wherever they live, geography will cease to be an issue in working with a financial advisor.
Connecting with the next generation
The future of many RIA firms hinges on keeping the wealth that Boomer clients will be passing on to the next generation in the firm. Firms that are not focused on learning and adapting to these client’s desires in terms of how they want to receive advice are putting their firm’s future at risk. Robust technology in terms of your firm’s site and how meetings are conducted are part of this. But this also includes engaging with this next generation and listing to their thoughts and concerns regarding financial advice.
A business continuity plan
Just as you do planning work for your clients across many areas, you need to have a business continuity plan for your practice. What happens if you get sick or die? How will your clients be served? How will your family derive value from the practice you’ve built? This was always an important issue, but in the wake of the COVID-19 pandemic, this has become critical. If you don’t have a business continuity plan in place already, this should be a priority for 2021.
The pace of change in the advisory business will continue into 2021 and beyond. Our best advice to you is to embrace this change and make it work for your firm. Let AssetBook show you how Pulse can help your firm in this process.