5 Ways Video Conferencing Can Help Financial Advisors

Video conferencing has become an essential part of our daily lives, and it’s not going away anytime soon.

This presents a huge opportunity for financial advisors to create streamlined, convenient, tailored services while also increasing internal productivity.

Clients in the financial and banking industry are looking for financial advisors with the flexibility to meet virtually. You’ll have a huge advantage over competitors if you can provide this type of customer service.

How Can Video Conferencing Help Financial Advisors

1. It gives a more personal touch

Although a plain phone call works in most cases, it’s best to have that additional visual communication when you’re having a serious discussion about finances. You get a lot more subtlety and insight into how your clients are feeling about their finances when you can see their faces during a conversation. Practice proper video conferencing decorum to build a deeper level of trust and professionalism.

2.  It breaks down the distance barrier

Complex questions are frequently asked in the financial industry. Financial advisors must provide the best possible advice to customers regardless of time and location. You may easily set up ad hoc meetings wherever you are with your clients to discuss their portfolios and even include family members, stakeholders, lawyers, or accountants.

Utilize screen sharing to ensure real-time collaboration and to keep your clients on the same page. Rather than emailing a copy of materials like charts, graphs, or financial statements, you can simply share your screen so your clients can follow along without having to download additional files. 

3. It attracts the younger generation

Millennials and Generation Z employees make up the majority of the global workforce which means they deal with financial matters everyday of their lives. While they’re more likely to utilize their laptops and smartphones to get financial services, they still value face-to-face meetings. A Deloitte survey revealed that 82% of millennials desired more in-person meetings with their financial advisors.

Video conferencing is an effective tool to reach out to them using the channels they prefer using. Dedicate a tech-savvy staff that can devise innovative ways to attract and serve younger clients.

4. It lessens overhead expenses

The availability of video conferencing makes it possible for you to not have a full-time office. You can set up an area in your home as your workplace. Another alternative is to rent or share office space with someone and use it when necessary.

As time goes by, you might realize that your laptop, phone, and briefcase are enough for you to do your job as a financial advisor.

5. It saves time

Instead of flying or driving to meet clients in remote locations or conducting meetings with teams in different cities, you can simply video call them. Video conferencing can also speed up decision-making, particularly when several people are involved.

When to Use Video Meetings in Financial Services

There are various circumstances in which video conferences can enable better and transparent communications in the financial sector. Here are some examples:

  • Handling of personal or business tax
  • Transferring funds
  • Verifying an account
  • Accounting and payroll management
  • Purchasing insurance products
  • Applying for loans and mortgages

The COVID-19 pandemic has forced people to reduce commute hours in going to financial establishments and people now prefer to meet with their financial advisors online. Put in mind to use a dependable video conferencing solution when having a meeting with customers, investors, and stakeholders to have the best online experience.


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