New business during the pandemic - 10 learnings from high performing advice firms

New business during the pandemic - 10 learnings from high performing advice firms

In our latest survey we identified ten ways that the best performing advice firms are overcoming the challenges they face as the pandemic continues. You can find the full guide here . Thank you to all those firms who participated.

1)    Focus on existing clients: Those firms performing better were generating new business from existing clients. A clear focus on proactively speaking with clients and ensuring they felt like they had the support they had prior to March was evident.

2)    Lean into COVID-19 and its immediate implications: While firms in both higher and lower performing groups spoke to clients about impacts, those who were most successful were talking to clients about COVID-related concerns more. Retirement income concerns ranked second in both groups, but by quite a distance.

3)    Spend more time building rapport: Both groups recognised the importance of investing more time in building trust, rapport and understanding, with the higher performers marginally emphasising this aspect in their interactions. Most respondents reported the same level of time being required.

4)    Offer a free initial consultation: Given the complexity and uncertainty of the current environment, those firms being most successful were more likely to offer an initial consultation at no cost in order to attract new business. One firm also offered a discount for NHS workers.

5)    Open questions are most powerful for new business: In initial or discovery meetings, the use of open questions was clearly demonstrated more frequently among the higher performing group, with almost all respondents saying they utilised this approach. Intuitively, this makes sense given the unique set of circumstances each client finds themselves in.

6)    Make the most of video from the outset: Video calls have been embraced to a much greater extent by the higher performing group. Over 50% of high performers use video for the discovery meeting, and also in the very first client interaction, where it was used by 35% of respondents in this group.

7)    Investing new money and reviewing portfolios are a key part of a successful offer: The more successful firms are by definition attracting more new money. There is also a marked difference when it comes to fee income generated from portfolio reviews, where those firms attracting more new business are generating significantly more income from this activity.

8)    Ongoing review is central to winning new business: Regardless of performance group, firms are emphasising their ongoing review service. This makes sense at a time of great uncertainty and often change for clients – the knowledge that a professional firm will continue to review your circumstances and portfolio to make sure that you are in the best position to achieve your investment objectives.

9)    Online risk profiling is used by most high performers: Ensuring clients are not taking unnecessary risks is at the heart of building confidence and trust during the pandemic. Three-quarters of firms generating more new business use online risk profiling to provide a convenient and accessible way for clients to consider how they feel about taking risk. While used by almost 50% of other firms, there is clearly a gap to be closed. 10% of respondents were still using paper and post for risk profiling.

10) Screensharing for factfinding and discussing recommendations is used more frequently by higher performers: When it comes to completing the suitability assessment process with social distancing, the higher performing group are turning to online fact finding and the use of video in higher percentages than those with the same or lower new business. This replicates the pattern seen with the initial and discovery meetings, where higher performers again appeared to have a greater comfort, particularly with video.

You can find the full guide here.

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