Digital signatures and the need for providers to adapt their services to the lockdown may have been the most talked-about issues created by coronavirus, but advisers are most concerned about maintaining client relationships, writes Intelliflo CEO Nick Eatock
Intelliflo research among over 500 advisers has highlighted that biggest challenge for firms during the coronavirus lockdown has been keeping in contact with clients.
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Nearly half (45%) of respondents put staying connected with clients as a key issue, and two-thirds (43%) predict that it will remain a major challenge over the next six months. Widely discussed issues such as the availability of digital signatures and provider inflexibility were fairly low down the list with 11% and 14% respectively.
This suggests that the swift response from platforms and providers to the crisis has already mitigated some of these problems. Advisers for their part have embraced digital capabilities during the pandemic, as borne out by an increase in Intelligent Office’s DocuSign functionality, which saw usage rise by 1189% between February and April.
We also saw logins to our Personal Finance Portal, where advisers and clients can interact via a secure online hub, increase by 333% over the same period, and 31% of respondents to our poll said this was the area of Intelligent Office they would most like help with, compared to just 2% seeking assistance with lead management.
Clearly many advisers are currently focusing their efforts on supporting and communicating with existing clients. Keeping in touch with clients at times of great uncertainty can be hugely beneficial in terms of reassurance, even if action is not recommended.
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By GlobalDataWith the impact of coronavirus reaching far beyond health and well-being to hit household finances, stock markets and the economy, client contact has become even more vital.
Better use of technology can help ease the burden of communicating with clients en masse during periods of disruption, using segmentation to enable the creation of bespoke messages for different groups, such as those accumulating assets and those already taking an income from their investments, or those who would appreciate a personal call and those who would prefer to receive information via email.
Despite advisers’ concern about staying connected and the restrictions on face-to-face contact, our research found that one in five respondents (22%) feel they have actually improved their communications with clients, compared to just 5% who have struggled to communicate.
During the pandemic we have all embraced technologies that can help us keep in contact when face-to-face meetings are not possible. Advisers expect to continue using these new ways of communicating going forward, with more than two-thirds (68%) of respondents to our poll anticipating less frequent face-toface communications in the future. Building trusted relationships with clients will always remain at the heart of the financial advice industry, but the coronavirus pandemic may prove a turning point in the way that advisers and clients interact.
Covid-19 has significantly accelerated the use of technology across our personal and working lives, and advice firms should seize the opportunity to become more agile and efficient, while continuing to provide a human service with the client at its centre.
