What’s changing minds in today’s environment?

With the markets in uncharted territory and the effects of the pandemic still making their mark, it seems financial services are once again in a period of change. And in this industry, change means movement. 

Clients, minds and assets—it’s not when times are good that they’re most likely to move. So, amid much uncertainty and doubt, as more people consider forming new partnerships or taking on new strategies, it helps to understand what they’re dissatisfied with in the first place.

Lack of Engagement 

As we’ve seen throughout the pandemic, clients in general—and rising generation investors in particular—have heightened their expectations around communication.

It may be the sudden onset of remote relationships or the feeling of disconnect between client and advisor, but the importance of clear ongoing communication and personal engagement has never been greater. Firms that are succeeding in this category are counterbalancing the decline of in-person contact with virtual-friendly content of various mediums, and proactive communications with clients that go beyond routine annual reviews. 

Market Volatility

There’s nothing you can do about the state of the markets. What you can do is demystify your approach in a way that instills confidence. You’ve been entrusted with the role of navigator, and now is the time when people are looking to you to reaffirm the course they’re on.

What this often means is clarifying and differentiating your investment process, and educating clients on its inherent value. And if clients see that what you’re doing is in their interest, new opportunities may take interest in what you’re doing. 

Generalized Advice

During the pandemic, the distance between client and advisor put in stark relief the level of attention actually being paid to individual needs. So today, investors are looking for service that feels tailored to them, and advisors are looking for tools that enable greater customization without unrealistic time commitments. 

For many, the task ahead is less about introducing personalization into the client process, and more about making that personalization visible—through strong branding and clear communication.

In today’s environment, taking steps to strengthen engagement can help you stave off client attrition while you pursue new opportunities.