Rising To The Challenges In A COVID-19 Business World

While COVID-19 has proven to be exceptionally challenging for many agents and financial advisors, the pandemic has created a unique opportunity for others to take stock of their financial practices and identify innovative ways to find success in today’s new normal.

NAIFA recently asked a couple of its members about some of the steps they are taking to thrive in today’s competitive business environment. This is what they shared with us.

Ali Agha, Senior Development Manager, New York Life, New York

We’ve been doing a lot of financial education webinars on topics such as managing market volatility, tax shelter strategies, estate planning and retirement. We’ve used social media as well as leveraged our agents’ warm markets (friends, family, clients, etc.) to invite them to these webinars.

We have placed increased emphasis on digital engagement using LinkedIn and Facebook. It is essential for our professionals to engage with prospects regularly. Social media is a powerful relationship-building and referral tool, especially in today’s virtual environment. Our agents focus on staying on top of life changes (a new job, a new house, etc.), messaging prospects for “coffee meetings” to network.

There are many great networking events happening on Zoom, and Zoom has features to facilitate effective networking without hundreds of people talking over each other. We’ve also recommended to our agents that they create their own networking groups of four to five professionals from different industries to share business ideas and, ultimately, referrals.

Susan L. Combs, CEO, Combs & Company, New York

I started my firm more than 15 years ago and I always believed that as long as you had your phone and your computer, you should be able to work anywhere in the world.

I travel a lot (pre-COVID-19) for work, and this has been good for me not only from a business aspect but on a personal one as well. When my father was dying two years ago, I worked from Missouri frequently and then, ultimately, worked from there for almost the entire summer leading up to his death. This allowed me to be where I needed to be not only physically but “digitally” as well.

Fast-forward to this year when cities and states from around the country went into quarantine mode because of COVID-19. This was true especially where I live in New York. I saw friends and colleagues scrambling to get technology and protocols in place which, fortunately for us, we had set up from the very start.

I know that in our industry, some people are slow to let go, and they think that “everyone has to be in the office during all business hours.” But I am now seeing companies excel by incorporating new flexibility and technology into their practices. This enables their workforce to be remote when life demands.

Companies are also noticing who can thrive in this setting and who cannot. Those who have found ways to stay connected with their employees on a business and a personal level will be primed to roll with the punches, no matter what comes their way.

If you didn’t have a solid network of referral sources before COVID-19 struck, you most likely experienced a quick dose of reality in the middle of the quarantine. Although so many things are set up virtually now, being digital allowed us to reconnect on a deeper level with our networking partners. When you think about it, they are now “inviting you into their homes” when networking. This served as a way for us to build even greater social capital with our referral sources and to hit the ground running when some restrictions were eventually lifted in some places.

During the summer months, we have always taken the opportunity to connect one-on-one with our networking allies outdoors and enjoy the nice weather. This is because we see more people want a physical connection, even if it is from a social distance. As a result, they jump at the opportunity to meet in a park or take a walk outside to strengthen their networks even more

Ayo Mseka has more than 30 years of experience reporting on the financial services industry. She formerly served as editor-in-chief of NAIFA’s Advisor Today magazine. Contact her at [email protected].