Advisors use technology to help clients adjust to the new environment

Luis Alvarez | DigitalVision | Getty Images

The Covid-19 pandemic has pushed more financial advisors to figure out how to meet virtually with clients.

Advisory firms have had to find ways to be able to adapt through the use of virtual technologies to keep their meetings going with clients. That newfound comfort will probably change advisory practices well into the future.

To that point, the first Zoom video meeting that the advisors at Salem Investment Counselors had earlier this year to discuss financial markets was not a resounding success.

“We spent half the time troubleshooting people’s connections, and then it shut down after a half-hour,” said Kip Keener, chief compliance officer for the Winston-Salem, North Carolina-based firm. Salem was ranked No. 1 on CNBC’s FA 100 ranking this year.

Keener immediately switched to a corporate Zoom account and says that videoconferencing between employees and with clients has quickly become an integral part of the firm’s operations.

I’ve been amazed at how quickly employees and clients have adapted to this changed environment.

Mark Mirsberger

CEO of Dana Investment Advisors

“Historically we’ve been pretty low-tech in how we communicate with clients, and the pandemic really disrupted our communication chain,” Keener said. “I think everyone realized that this was something we had to embrace and between the Zoom calls, lots of emails and phone calls, we’ve been able to roll along pretty normally.”

The coronavirus pandemic and all the disruptions resulting from community and office shutdowns have highlighted the increasingly crucial role that technology plays in financial advisory firms. Not only has technology enabled employees to work remotely when their offices are closed to them, but it has helped advisors communicate more often and more intimately with clients in a period of very high anxiety.

“I’ve been amazed at how quickly employees and