Estimated reading time: 1 minute, 17 seconds

How FAs Can Adapt to the Virtual Environment

A big challenge among financial advisors during the pandemic has been inadequate technology. So reports U.S. News & World Report.

business 3560925 640In fact, many advisors struggled with adapting to the virtual environment, according to a recent survey from Broadridge Financial Solutions.

U.S. News & World Report spoke with Michael Alexander, president of wealth management at Broadridge Financial Solutions, about these challenge. Alexander has studied this issue. Here are some of the highlights of what he had to say:

  • Advisors are connecting with clients more often during the pandemic. In fact, 63% of FAs say they communicate with clients at least once a week, while 51% of millennial FAs communicate with clients each day. “With this frequent communication comes more personalized advice,” he says, according to the article.
  • Clients are asking more of FAs. In addition to retirement planning services, they want updates on investments, tax and debt management advice and more.
  • Firms need to turn disruption into opportunity if they hope to stay competitive. To do so, FAs need to “reimagine” their operating models and effectively integrate technology and personal interactions.
  • Many C-suite execs plan to focus on “modernizing IT platforms and software engineering, to develop new digital propositions and improve the ability to quickly gather and analyze data.”

Furthermore, Alexander says that “if firms do not prioritize, accelerate and make investments that support digital communication and holistic financial planning, they could be at risk of losing advisors and failing to connect with the next generation of investors.”

Read the full article from U.S. News & World Report.


Read 588 times
Rate this item
(0 votes)

Visit other PMG Sites:

click me
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.