Friday, April 19, 2024

Financial advisors tap digital tools to serve clients during pandemic

The thrust for more proactive communication during times of uncertainty has been challenging as many professionals around the world have shifted to remote working due to the pandemic.

But because of technology, the financial services industry can create greater global connections through social media, virtual meetings, informational videos and more. No longer being limited by travel, advisors can easily and explore how their peers leverage technology to offer clients a seamless, personalized experience.

Global connections powered by digital tools were in full display during Million Dollar Round Table (MDRT)’s recent five-day virtual event, which took the place of its annual and global conference in the context of the coronavirus pandemic.

The event was broadcast in five global time zones and featured all the standout components of MDRT’s in-person conference, including speakers like theoretical physicist Michio Kaku, former NFL pro Jon Dorenbos, and motivational speaker Nick Vujicic to name a few.

Attendees were encouraged to connect and network, as is typical in a live event, through personal and group chat functions and an event-wide social feed. Attendees were also asked to build their own personal networks by answering specific questions during the registration process, which were then used to match attendees based on shared interests.

In these times of economic uncertainty, digital channels and proactive communication with clients have become necessary for financial advisors. And with the Philippines plunging into a recession by the second quarter of 2020, advisors can expect to be relied upon more heavily.

By keeping tabs on the economy and fears that exist among consumers, MDRT and its collection of advisors will seek to boost client financial confidence and encourage smart financial decision-making despite the instability.

The coronavirus continues to impact professions and individuals across the world. In fact, the Philippines is enduring the longest and strictest lockdown in the world. As a result, many businesses have been faced with limited mobility, operational capacity, and cashflow.

And because many organizations are faced with a lot of business uncertainty, the top financial advisors from the country and around the world have also been challenged to quickly adapt to virtual environments and respond to increased client expectations.

In a recent study, MDRT revealed that more than half of American clients say their advisor can help them navigate the impact of coronavirus by discussing and adjusting their long term (55%) and short-term financial goals (52%).

“In this period of societal and institutional instability, financial advisors must connect with clients on more personal levels than ever before,” said Regina Bedoya, MDRT president. “Advisors can successfully adjust and help clients navigate this new reality by embracing the sentimental side of financial


According to MDRT, trust is the foundation of any advisor-client relationship, and that emotional intelligence is the most trustworthy quality in an advisor. In a time of turmoil, this means showing genuine empathy and compassion. MDRT advises its members that they are most likely to earn a clients’ trust when they:

  • Listen to and acknowledge their clients’ needs
  • Communicate in easily understood ways
  • Follow through on their word
  • Show they care about their clients as people

This highlights the need for advisors to work harder to connect with clients and prospects to build up the emotional foundations of trust over time not just in global markets, but in the Philippines as well. After all, Filipinos are one of the most emotional people in the world, according to global analytics group Gallup’s 2019 Global Emotions Report.


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