5 Reasons 2021 is the Year of the Hybrid Client Experience

Before the pandemic, 43 percent of US employees worked remotely at least some of the time. Last July, a Gartner study found that 80 percent of US business leaders plan on allowing remote work going forward. 

In other words, remote work isn’t going anywhere. But what else is new?

During the spring and even into the summer of 2020, many people viewed the pandemic as something that might be contained to that year, but now that the calendar has rolled over to 2021, expect to see a lot more advisory firms investing in the expansion of their remote work capabilities. 

Even with a vaccine that may get life back to normal sooner than later, a good number of clients will opt to continue meeting with their advisors virtually—whether out of concern for their health or out of sheer convenience. 

Regardless of whether your firm is still working from home, has gone back to the office, or never stopped working from the office, the number of virtual client meetings skyrocketed in 2020 (alongside Zoom’s stock price) and will not be coming back down anytime soon.

But just because everyone is doing it, does that mean virtual client meetings are actually any good? 

When we surveyed insurance agencies about how they would rate their virtual client experience, 87 percent placed it in the “average” to “good” category. Still, every single one of them said they were planning improvements for 2021. Forty-eight percent listed optimizing their client experience as “critical.”

Add to that the fact that a large portion of clients in our industry are retirees—the most vulnerable segment of the population—and it’s clear to see why financial professionals are doubling down on their virtual offerings. 

Regardless, with the vaccine rolling out to more of the population and relaxed regulations in many parts of the country, firms are allowing more and more live meetings. 

If 2020 was the year of the virtual client experience, we see 2021 as the year of the hybrid experience, creating a best-of-both-worlds experience that includes both digital and in-person interactions. 

Let’s look at best practices for a hybrid experience.

1. Flexibility

A hybrid experience means a mixture of digital and live offerings—in every area of your practice. The live-to-hybrid ratio may change from client to client based on their preferences, and you need to make sure you can match each service to their preferred channel.

Seventy-seven percent of advisory firms said they had experienced some client attrition due to insufficient technology. While the flip-side of that coin doesn’t get much attention, insufficient opportunities for in-person experiences could lead to decreased client loyalty as well. 

In short, stay flexible. Be prepared to go brick and mortar or virtual with every step of your experience.

2. Invest in Relationship-Enhancing Software

Financial professionals are quick to invest in software that makes their lives easier and more efficient. This past year forced us all to answer a difficult question: If a client can’t come into our office, how are they supposed to navigate our complex systems?

According to T3’s annual Technology Survey, from 2019 to 2020, CRM adoption jumped from 86 percent to nearly 97 percent. When client relationships become mostly digital, a digital management tool becomes a must. 

In addition, apps have seen a large increase in usage during the pandemic, especially among younger clients. Offering a secure and simple portal is becoming a differentiator for many firms.

3. Highlight Your Tech Savvy

Marketing and COI referrals have driven growth for top-performing RIAs. When you talk about your firm on various platforms—especially digital channels like social and social advertising—make sure you focus on your digital capabilities. 

While it’s all but become the industry standard, it’s still worth mentioning that you do client meetings virtually, as well as in-person. Gen X expects it, Millennials demand it, and anyone younger than that won’t even talk to you if your virtual game isn’t on point.

4. Spice Up Your Client Presentations

Client meetings are still your best opportunities to connect with the people you serve, whether they’re in-person or virtual. But keeping someone’s attention during a Zoom meeting can be particularly tricky (just ask teachers), even when you’re talking about something as important as someone’s life savings. 

Step one: Turn on your video. This is non-negotiable. 

Step two: Use more visuals. We’re not just talking about graphs and charts. Invest in graphic-based planning software that leaves your clients with a longer-lasting impression than another table or timeline. 

5. Diversify Your Prospecting Pipeline

Dinner Seminar Marketing was already going the way of the buffalo before the pandemic arrived on the scene, and now the entire category of in-person prospecting events has nearly gone the way of the brontosaurus. 

Digital marketing accounts for nearly half of the gap between asset growth at top-performing firms versus everyone else. In the age of the pandemic, firms without a functioning digital marketing funnel are no longer just missing out on growth opportunities—they are actively impeding their own growth. 

Want to learn more about how the pandemic and other developments of 2020 have impacted the world of finance (and what you can do to stay ahead)? Download our 2020 Life Insurance Field Distribution Market Study.