People are experiencing fear and anxiety, and they need certainty, stability and hope. They are looking to financial professionals to provide them with an extraordinary client experience while they navigate their way through challenges.
That was the message from Tom Guzzardo and Henry Whitlow, who spoke on “Adapting Your Practice To The New Business Reality: Becoming Blockbuster Or The New Netflix?”’ at Monday’s online Town Hall Meeting held by the National Association of Insurance and Financial Advisors.
Guzzardo is a business coach, author and speaker. Whitlow is a business architect and professor at Clark Atlanta University.
“Are you adapting your business and systems to deliver an extraordinary client experience in the new business reality?” Guzzardo asked participants.
In order to accomplish that goal, he said, advisors must understand the four key trends toward meeting clients needs in the current environment. Those trends are:
Geography is dead, the lone ranger is a myth. Are you building your virtual team?
Adapt your systems. Make a list of best practice ideas you can put into use today, tomorrow at the latest.
Build virtual marketing. How do you have conversations with your clients virtually that meets their needs, that you can pivot to “thank you” and a referral?
Develop a business action plan. Create a plan for the next 30-60-90 days
Forecasting client outcomes is crucial to closing the gaps that prevent an extraordinary client experience, Whitlow said. “Customers want what they want, but the way they do it is changing. You have to give them what they need, and not what you sell,” he said.
In order to forecast client outcomes, advisors must study and know their client’s world, keep up with industry trends, keep up with economic trends that affect clients, and adjust their products and their team to respond to client needs.
In addition to forecasting client outcomes, Whitlow said, advisors also must:
Build an effective virtual team. What do you need and who do you need in order to do the job well?
Identify virtual communications technology. How do your clients want to communicate when an in-person meeting isn’t possible?
Create effective virtual marketing. How do you get on your client’s screen?
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.