Moving Forward

By Ayo Mseka

When COVID-19 made its appearance about six months ago, agents and advisors were forced to modify their thought processes, operations and business practices to counter the negative effects of the pandemic, which seemed to have come from nowhere.

During this period, many of them learned some powerful lessons, which they are now applying to enhance and strengthen their financial practices. Among the “lessons learned”:

• The need to be nimble and agile. They had to learn how to get things done quickly and well. To do this, they streamlined processes and decision-making, empowered frontline employees and adopted new technologies. Being nimble, adaptable and agile is now a prerequisite for meeting the changes that seem to be occurring on a daily basis.

• The need to adopt or dramatically expand their use of digital solutions. This is now an essential skillset for prospecting for new clients, building client acquisition strategies and efficiently providing products and services. Forward-thinking advisors have quickly learned that moves to adopt digital technologies often correlate with value creation for their organizations.

• The need to speed up communications with clients and centers of influence. Many advisors are turning to automated text and social media campaigns, phone calls, email messages and online meetings to make up for the restraints caused by social distancing.

• The need to focus more on business-continuity planning. As a result of COVID-19, many advisors are paying more attention to continuity planning because they know that their organizations must now be prepared for worst-case scenarios in which some of their employees may not be available because of a quarantine, illness or worse.

• The need to maintain high levels of productivity for remote employees. This is critical because many work-from-home employees can be easily distracted and need to be inspired, involved and engaged.

As you apply these lessons to the areas of your practice that need improvement, you should also remember these “words of wisdom,” courtesy of some of the industry experts we have spoken with in recent weeks:

• Nothing is as constant as change, and those who adapt and respond quickly to change usually come out ahead.

• Even as we adapt and change, we must remember that there is no playbook to teach us or experts to follow. As a result, we need to try new things and learn along the way.

ADVISOR TODAY : HELPING YOU ALONG THE WAY

As you incorporate these lessons, Advisor Today will be by your side, offering you the tips and techniques you need to move ahead in a rapidly changing world.

This issue is a prime example. From the article on conducting effective online meetings to high-tech tips for managing a successful Life Insurance Awareness Month campaign, this issue is chock-full of the information you need to move past COVID-19 and build a sustainable practice that benefits you — and the clients you serve.

Good luck on your journey to success!