3 Ways to Leverage Technology to Expand Your RIA Firm’s Book of Business

The pandemic forced businesses of all sizes and industries to reimagine how they serve clients. In-person meetings were quickly replaced with virtual communications via Zoom, GoToMeeting or some other tool. While meeting in person is typically preferred in financial planning, especially early on with a client to develop a trusting relationship, RIAs and clients soon discovered the benefits of meeting virtually.

Both clients and advisors enjoy the greater flexibility in scheduling meetings. Without having to meet at a certain place, both parties save time. For RIAs, this means being able to schedule more meetings in a day since there’s no commute or extra time needed to prepare the office for the next meeting.  Zoom meetings also increase the ability for a spouse to join and participate in the meeting. Some advisors believe their clients are more relaxed and comfortable at home, making difficult topics a bit easier to discuss.

Now, more than a year after the pandemic began, some clients and RIAs may favor virtual face-to-face meetings over in-person meetings. With more people becoming comfortable with technology, here are three ways RIAs leverage this new-found acceptance to expand their book of business.

Connect with additional family members more easily.

The clients of RIAs often have adult children who either 1) want to be informed about and involved with their parents’ financial planning or 2) are asked by their parents to join a meeting with the advisor. Getting everyone in the same place at the desired time can be challenging. The adult children may have busy work schedules and/or children of their own, limiting their availability. Often, one or more children may live in a different city or state than their parents, making meeting in-person more difficult to schedule.

With technology, it becomes easier to get everyone in the same “Zoom” room. RIAs should encourage clients to invite their children, when it makes sense to discuss, the family’s financial plan, especially if they haven’t already been involved. Having the adult children on during the meeting allows the advisor to not only show the children how he/she is helping the parents fulfill their legacy, but how the RIA and the firm can help the next generation with their wishes.  This younger generation also is more comfortable with technology, and even prefer video calls over other forms of communication.

Be open to referrals anywhere.

Some of your clients may have initially lived close to your firm’s office but have since relocated because of a job or retired in another state. As your clients make friends and connections in their current locale, they may meet people who could benefit from your services. Be sure to share with your current clients that you can assist clients in different locations. Because your firm has embraced technology, you are able to meet face-to-face with anyone, anywhere. This is important because most people, even those who have no interest in meeting in person, still want to be able to see the other person’s face and body language when they chat with them.

Create opportunities online to attract new clients.

New clients don’t always have to come from referrals. Being able to conduct any or all meetings virtually opens up new possibilities of attracting clients in different parts of the country. Your firm should be proactive in getting your advisors more visibility online. Author blogs or articles for publications that touch on topics important to the types of clients you want to attract. Be a panelist or speaker at an industry webinar. Work with your referral sources to create webinars on topics potential clients care about. Film a series of short videos on pain points your target audience shares and how your firm can help to solve them.

Then, don’t forget to share this content on your social channels, increasing visibility and reach. Putting the content on both your firm’s page and your advisors’ pages makes it easier to share the content with others (and for your followers to share your content with their followers).

Something simple you can do today to expand your book of business is to say on your firm’s website how you are happy to meet with clients in person, completely virtually, or a mix of both.

While we all look forward to being able to safely conduct in-person meetings again, the truth is that virtual meetings have become more accepted, and in some cases, the preferred option. RIAs who want to add new clients this year should consider these tips to expand their book of business.

If you need help identifying opportunities to expand your reach virtually, we can help. Contact us today to learn more.