A lot has changed in the past few months for Barron's. Our team has pivoted hard into the digital world. We've created a new weekly newsletter and podcast called The Way Forward and launched a series of virtual events. One consistent theme we're hearing from advisors is that the change and innovation we've been talking about for years is here... and how.
As monotonous as endless zoom calls have become, this expedited embraced of all things "virtual" is a huge windfall for elite advisors. As virtual engagement becomes normalized, geography will be less relevant (if not totally irrelevant) in the search for quality wealth management. Advisors with an experienced and digital-first team will be able to prospect nationally. This is especially important for advisors with excellent client referral strategies. See below:
If you were to map out your clients, it might look like the diagram above. Traditionally, the majority of your business might have been represented by the centralmost node of dots — where a client refers colleagues and associates. That could be employees at the same company, members of the same church, or friends of friends. In a digital environment, advisors have the ability to engage clients outside their existing network. These new centers of influence then become the focal point of an entirely new network, where additional clients are added through traditional referrals. This gives larger teams with more savvy marketing strategies a huge advantage. But you don't necessarily have to be Jack Dorsey to tap into this shift in client expectation.
There are a handful of things you can do with little or no extra effort that will give you a boost. For example, having a LinkedIn page and being occasionally active on LinkedIn. Google yourself and your team occasionally to see your digital footprint. Always keep your site and your team information (including professional headshots) current. Despite the fact that everything has changed, they stay the same. Presenting yourself professionally will win you business; and serving your clients well will win you even more.