2020 hasn’t been a great year for feel-good stories. But one of the few positives to come out of the covid-19 crisis has been the roll-up-your sleeves attitude of small businesses.
What’s interesting, is that while global institutions have stumbled their way through the pandemic, smaller businesses have shown the world how it’s done – by learning to change, adapt and enter new markets. It’s been a real eye-opener for anyone looking to future-proof their business and here are five tips that are tailor-made for advisers.
- Don’t put all your eggs in one basket
Being a product specialist is a great way to attract new clients. But as we know, situations can change very quickly and often leave you needing a back-up plan.
Those with a wider portfolio fared much better. Products with annual renewal commission – such as GI – turned out to be particularly useful, as they helped to ensure a regular income. Plus, they gave advisers a reason to stay in touch with clients and explore new avenues.
- Look after your existing customers
Without an existing client base, many local businesses would have had to stop trading during the pandemic. Fortunately, with the help of loyal customers and repeat orders, the transition to online stores, home deliveries and virtual advice has proved relatively stress-free.
The simple message for advisers, is that it makes sense to stay in regular contact with clients – by offering new services, cross-selling products and taking a holistic approach to advice. Aside from the additional income, it’s a great way to strengthen relationships and provides more traction when times are tough.
- Learn to diversify
One of the highlights of lockdown has been the number of creative solutions that have helped companies avoid personal contact. While the majority of changes were introduced as temporary measures to accommodate social-distancing, many have become permanent fixtures.
For financial advisers, diversification is much easier. With a ready-made client-base, it’s just a case of selling new products, entering new markets and having an open mind. All the training you need is generally available from providers… and for the most part, it won’t cost a penny.
- Help customers to learn new habits
When the shops, cafés and bars closed their doors back in March, a lot of people were pleasantly surprised by how much they saved on their everyday purchases.
Insurance poses a similar problem. Consumers often waste money on products that leave them underinsured and out of pocket. And the only way they’re going to change is if someone points out where they’re going wrong… which is why financial advisers have such an important role to play.
- Embrace modern technology
Technology has provided a much-needed lifeline for individuals, families and businesses throughout the world.
While online transactions and virtual meetings are nothing new for large corporates, many smaller companies have been forced into the digital age without any warning. Most of them didn’t know what to expect at first, but now that they’ve got to grips with platforms like Zoom they’re wondering how they ever managed without them.
It’s the same for financial advisers. Face-to-face meetings have always been the preferred way of doing things, but online tools are now making the virtual world much more appealing. Firms are starting to realise that technology can save them a great deal of time, effort and money – especially when it comes to sourcing the right products, getting accurate quotes and staying in touch with their clients.
If you’re looking to future-proof your business and thinking of adding GI to your product portfolio, Book a call back.
