Meeting with clients virtually has obvious benefits. Neither of you has to spend time traveling to see the other. If a client relocates, you can continue to serve them remotely. If clients become ‘snowbirds,’ you can keep those relationships warm all winter. But virtual engagement is more than a convenience — it’s a strategy for business growth.
Today, roughly one third of advisors communicate with the majority of their clients exclusively virtually,1 and that number is likely to grow as advisors increase their focus on the next generation of clients. Younger clients expect to be able to access their advisor from any place their work or leisure takes them – and given the oncoming transition of their parents’ wealth, accommodating their needs will be critical to the future of your business.
How will you cultivate and nurture authentic and enduring relationships with clients in a virtual environment as effectively as you do in person? The key is understanding what makes clients trust you and then taking a deliberate approach to building it.
Trust is driven by three factors: credibility, reliability and intimacy. A client’s perception of your credibility is influenced by your professional credentials and your communication style. Clients measure your reliability by the consistency of their experiences with you. Intimacy is the emotional element of trust that exists when a client believes that you understand their unique needs. Being credible and reliable while fostering intimacy raises trust.2
The building blocks of trust
In the virtual environment, trust does not grow as organically as it does in person. We are limited in what we can observe about a person and their surroundings through a computer screen. Body language and other non-verbal cues may be misinterpreted or missed altogether. Making eye contact through a camera lens is unnatural, which can be distracting. Additionally, clients may be less comfortable opening up to you if they are concerned about their privacy or the security of the call. To overcome these challenges, you will need to be deliberate about creating credibility, reliability and intimacy.
As you prepare for virtual meetings, keep in mind that your client will not be able to see all of you nor your surroundings, and at the subconscious level, missing information creates distrust or indifference. Remove the potential for uncertainty wherever possible.
As consistency is essential to credibility, be sure that your narrative, mannerisms, personal appearance and visible surroundings are aligned with your brand and the core values of your business. For example, if your brand emphasizes the importance of family, place photos of your own family where they will be visible through your camera. If you serve a niche market, display evidence of your affiliation to their community or profession, or your qualification to serve them, such as an accreditation to serve women.
Clients need multiple experiences with you to be confident that when you say you will do something, you do it how and when you promised. To best ensure a strong track record, be realistic about what you promise.
Show clients that you are there for them. Maintain frequent communication and dial it up during market downturns. Schedule client calls and meetings well in advance, be punctual and avoid rescheduling. Prior to each meeting, invite the client to collaborate with you on the agenda so they feel heard and know what to expect.
When intimacy exists, clients are more willing to share personal insights that can help you better serve their unique needs. Without the advantage of conversing face-to-face in the same physical space, creating intimacy takes an extra effort. Actions you can take include:
To drive client satisfaction and build your business virtually, ensure clients are aware of their options for engaging with you. Be flexible to accommodate unique client needs and preferences, and make it easy for clients to join your virtual meetings.
Offering virtual engagement will drive greater satisfaction with your current clients while making your business more attractive to young investors – the future of your business. Be intentional about creating credibility, reliability and intimacy to build trust and drive business growth virtually.
BlackRock can help you position your business for sustained growth. Contact your BlackRock representative for more information or explore our online resources.
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