For many firms that specialize in financial advice, COVID-19 turned the business model upside down. Now, more advisors than ever are opting for virtual communication strategies and contactless transactions. And while consumers lean toward Skype or FaceTime to connect, these less-than-private tools are not appropriate for businesses that handle confidential financial and personal information. That is why there is a growing market of 42 million households across the globe that are estimated to be prime candidates for advising services offered virtually. 

The switch to virtual advising allows financial professionals to offer advice on their client’s terms by creating times during early mornings, evenings, or weekends when high net worth clients have time to speak face to face about their portfolios, setting the gold standard for a positive client experience.

Video Conferencing as a Tool for the High Value Financial Advisor

Video conferencing technology provides not only the face to face contact that clients crave from their financial advisors, but also a plethora of other advantages and benefits that bring real value to both sides of the table, customers and advisors alike. 

Higher Advisor Efficiency

Video conferencing allows financial services organizations to achieve economies of scale by reducing their reliance on high-cost real estate and through the reduction of associated operational costs. In addition, virtual advisors can do more work in less time, increasing the number of times they achieve personal contact with clients. Typically, these advisors can work with two to three hundred more clients than advisors in a solely brick-and-mortar location because of:

• Centralized admin and support
• Less — or no — reliance on travel times
• Fewer environmental distractions

Also, video conferencing capabilities can also allow for in-company mentoring sessions or training to take place for employees at all branches at the same time. Instead of several iterations of a training for each department or branch, only one training is necessary for cost and time savings. 

Continued Client Contact to Reduce Attrition

The client you already have is more valuable than the one you don’t have. While customer acquisition is still important, customer retention is equally, or perhaps more important. That is because the probability that you can sell a product to an existing customer is 60-70%, but only 5-20% for a potential prospect. And your existing customers are twice as likely to try new products — and spend more on them — than new customers, giving advisors an edge when moving clients into higher-value financial products. 

Overall, acquiring new clients is five times more expensive than simply maintaining that existing customer relationship, so prudent advisors are always searching for ways to stay relevant to their current clientele. Offering consultations and advice through video conferencing allows you to get that personal, face to face contact that clients crave more often, since an online video appointment does not require you — or your client — to consider travel times or require them to schedule during typical business hours. 

Cost Savings

The move to a more digital business model in the financial industry is not just about keeping up with the competition — it is about a higher level of operational efficiency overall. Providing video conferencing capabilities to your team of advisors can save money across many areas of your business. Consider that with video conferencing:

• Advisors can work from home saving you money on real estate costs
• Advisors no longer must travel to customer or company meetings, saving money on travel and per diem expenses
• Meetings can be more fluid and adaptable — simply send a video link
• Meeting costs such as conference room rental and snacks and beverages are eliminated

Plus, the cost of labor for setting up meetings is significantly reduced and the need for administrative staff and schedulers reduced or eliminated.

Blue Technologies Has Everything You Need to Get Started with Video Conferencing

At Blue Technologies, we understand that your focus is your client portfolio, not your communication system. That is why we have put together a team of experienced communications professionals that can help assess your video conferencing needs and put together a customized communication solution that will meet all your needs and challenges. We offer a full range of services — from VoIP phone systems to communication hardware and mics, cameras, and other conferencing equipment to make the switch to virtual advising simple, effective, and profitable. 

Move your financial firm a step closer to success. Contact a Blue Technologies consultant and learn how our suite of video conferencing tools can help.