Ken Davy  

New ways of working are set to stay post-Covid

Ken Davy

Ken Davy

It is more than 50 years since the Rolling Stones released “It’s All Over Now”. However, hearing the reaction to the news that there is likely to be a Covid-19 vaccine available by Christmas, it is likely this massive hit could soon be topping the charts again.

I find it astonishing that commentators are talking about the country being back to normal by the middle of next year.

Of course, the news of the excellent progress on a vaccine is wonderful. Indeed, as I write this, we now have three on the horizon with the possibility of several others going into advanced testing quite soon.

Having spent the bulk of the past nine months in isolation, I know I can speak for many who are the wrong side of 60 – oh alright, the wrong side of 70 – when I say how fantastic this news is.

We all must hope that when the tests are completed, we have effective vaccines ready to be rolled out. What the commentators are overlooking, however, is that we will definitely not be going back to ‘normal’.

We will be heading into a new normal, where old habits and old ways of working will have fundamentally changed forever, and nowhere is this going to be more profound and far-reaching than in the financial advice sector.

This is despite the likelihood that the traditional model of having an initial meeting with a prospective client will probably return relatively quickly.

It is at these early meetings where the strong relationships built on empathy and trust, which our clients value so highly, are forged.

Once established, I believe the way in which we, and they, conduct the continuing relationship will dramatically change.

The fundamental change that will have such a massive impact on our business models is how the relationships and servicing of our clients after those initial meetings will be conducted.

The reality is the ‘old normal’ is “All Over Now” and, in the world of the ‘new normal’, if you want your clients to have “Satisfaction” you had better get used to working with them on their terms.

The result will not only be more clients, and, importantly, more satisfied clients, but a more profitable and satisfying business for yourself.

Ken Davy is chairman of SimplyBiz Group