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2020 Changed How Your Financial Professional Works with You

| March 24, 2021
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The loose definition of a financial professional is someone that provides insight intended to lead to a better outcome for your financial future. The workings of their daily routine include everything from planning to building your portfolio and/or retirement plan.  

While the basics of running a financial business didn't change in 2020, it seems that more investors realized the value of having one comprehensive approach. The volatility of the markets and importance of having access to cash and other resources spiked in 2020. 

Likely the loudest change was handed down by the Securities and Exchange Commission. On June 30, brokers and financial advisors must comply with Regulation Best Interest. This rule requires these professionals to put clients’ interest first when giving advice and to disclose conflicts of interest. Investors need to be on their guard and ask financial advisors whether they’re legally required to act as fiduciaries.

In terms of daily workflow, the most notable change centered around how advisors pivoted to support clients virtually throughout the pandemic. They adapted quickly to figure out how they could continue supporting clients through digital tools in a secure environment.

  • Lockdowns pushed advisors to quickly adopt technologies like Zoom to communicate with clients virtually.
  • Many removed the long-standing barriers to digital utilization and expanded their signature approval with software like DocuSign(DOCU).
  • Opening accounts digitally also provided more efficiency and a secure way for financial professionals to access the platform.
  • Webcasts, whitepapers, and other online resources have become commonplace to help advisors better support and educate their clients. 

Spending time directly with clients and maintaining those connection points is critical to keeping strong relationships and providing support.

As financial professionals, we know the importance of keeping your investments on track even after this pandemic subsides, and changing the face of our business is part of that process. Call us today so we can show you how things have changed, and so you feel comfortable working in a new way.

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This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

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[1] https://www.kiplinger.com/slideshow/retirement/t045-s002-tax-smart-ways-to-lower-your-rmds-in-retirement/index.html

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