David Edwards contributes to Twelve Positive Ways the Coronavirus Crisis Will Impact RIAs
With so much uncertainty and negativity pervading our lives, it’s helpful to imagine a future where we witness positive effects of the crisis on the RIA industry.
While we all may be hoping for things to “get back to normal,” that expectation is unrealistic—no matter what industry you’re in. The attack of the virus on our lives—both personally and professionally—is one that’s left an indelible mark, unlikely to disappear for quite some time.
Yet there are some positive effects coming out of this. In the RIA space, the ability to provide continuity with respect to client service, scaled communications and team management means that firms of all sizes could be nimble and flexible in their responses to this crisis. And while these practices are serving the firms well now, they will pave the way for more efficient and innovative ways to conduct business in the longer term.
Many RIAs will naturally find a new equilibrium, one that is based on what was learned from the experiences of the crisis, with these changes remaining in place well into the future—an absolute positive for the industry. For example:
The adoption of new and improved marketing and communication practices – Social media, text and video will be the de rigueur of communicating with clients, leading to an enhanced ability for advisors to connect with millennials who value on-demand access to their advisors. Firms have also learned the importance of one-to-many reach—making creative marketing on a variety of platforms and mediums a more critical component of their strategy going forward.
And the impact of trying different communication tactics throughout this crisis has turned skeptics into believers. Take David Edwards, president of the $300 million New York-based RIA Heron Wealth, who never thought his clients would be interested in attending a webinar. But eager to try new ways to reach more than one prospect at a time, he recently launched three webinars. As a result of these efforts, his firm gained several new clients, and Edwards learned the positive impact that leaving his marketing comfort zone could provide.