Client communications in the time of Zoom

A profession built on tradition, personal rapport and trust suddenly had to move online, when face-to-face contact was suspended. 

Continuing existing client relationships via Zoom or Teams is potentially tricky enough. But developing a relationship with a new client, without meeting in person, could be even more challenging.

So, have video calls made it harder for advisers to establish rapport with new clients, and to pick up on the subtle clues that they would note with ease, over a cup of coffee and a chat? Or will it replace the way things were done before? 

While coronavirus has forced advisers to rely more heavily on technology to do business, it has not been a stretch for some, who were already moving in this direction anyway.

According to wrap platform Nucleus Financial’s 2020 Census, published in June this year (and undertaken just before lockdown), 30 per cent of the 183 firms surveyed were assessing alternatives to traditional face-to-face advice prior to Covid-19 – up from 25 per cent in the previous year.

Easy if you know how

Some adviser firms, such as Phil Anderson Financial Services were already offering alternative options, prior to the pandemic.

Managing director, Phil Anderson says: “At the beginning of the year, we posted on Facebook that we could do appointments on Zoom or WhatsApp, so we were ahead of the game.”

And onboarding new clients by video is no different from doing so in person, says Carl Lamb, compliance director at Smith & Pinching Group: “We’ve taken on a lot of new clients by Zoom. It’s just the same as a face-to-face meeting – the only difference is that it’s done electronically.

"And you can still build rapport and read body language – you just have to concentrate harder.

“It boils down to your skillset as an adviser,” he adds: “For those new to the industry, it might be harder.”

Making sure new client relationships get off on the right foot requires clear communication, says Keith Churchouse, director at Chapters Financial: “Normally with new enquiries, we do a phone call before the Zoom meeting, then email with terms of business and confirmation of what we’re going to be looking at and how long it’s going to take. So, expectations are managed from the outset.”

Swings and roundabouts

But there are also some obstacles to overcome, depending on how the new client has come to hear of the adviser, as Mr Anderson explains: “Clients tend to trust more when it’s a face-to-face meeting, but they accept that Zoom is the way forward in a lot of cases.

“Most people are happy to provide information by Zoom but some are wary of scams. If a lead has come from a lead-generation site, people are a bit more cagey but if they’ve come from a recommendation, they are more open.”

Catriona McCarron, wealth manager at Ascot Wealth Management also sees some advantages and disadvantages of taking on new clients via Zoom, as she points out: “It can be difficult to gauge the ‘soft’ facts that drive the client’s priorities, as there is less small talk than in face-to-face meetings. Usually an office-based meeting involves a coffee and a bit more light ‘getting to know someone’ conversation − even just remarks about finding the office or comments on their family.

“Nonetheless, being able to share my fact find or risk questionnaire on screen, while working through the client’s answers is great for ensuring that all essential information is captured. 

“And after each discovery meeting, we always send a follow-up report reiterating our understanding, which can lead to clients mentioning other areas they’d like to discuss, or clarifying information on pension values, for example.”

Online benefits

Screen sharing is also helpful in other ways, as Ms McCarron says: “Often a client will ask a question on our portfolios, and rather than following up on email later, I can share my screen and give them a live illustration of performance.”

Ross Leckridge, associate director at Johnston Carmichael Wealth has also found this beneficial: “I’ve been able to bring up documents, such as investment fact sheets, and example cash-flow models to help demonstrate my point.  These visual aids can really help.”

Ms McCarron has also found that working with clients via Zoom saves time and further enhances client service, as she explains: “We’ve found that clients working from home can be slightly more flexible with meeting times. We’re conducting quicker 30-minute catch ups, which saves travel time to and from either office. This means we have more time for servicing the client’s needs and it increases our follow-up communication speed”.

Mr Leckridge takes a similar view: “Meetings tend to be easier to organise, and happen sooner, because clients don’t have to factor in travel times and arrangements.  As long as we both have a spare hour on a given day, we can log on and hold our meeting online, so meetings are not exactly spontaneous, but they don’t have to be planned so far in advance.” 

So are video calls here to stay? Mr Churchouse says: “It’s the way forward, for the next six months and it hasn’t been difficult, as clients have expected it”.

He is, however, less convinced that Zoom is interchangeable with seeing clients in person, as he concludes: “It works very well, but doesn’t replace a face-to-face meeting, where you can see nuances that you don’t get on a Zoom call.”