Implementing a Virtual Planning Process

It goes without saying that 2020 was a year like no other. Nearly all industries and businesses were disrupted in some form or another, however it was also inspiring to watch businesses innovate and evolve to ensure consumers could continue to receive goods and services they needed to live their lives. The financial advice industry was no different. Our business has always been about making a personal connection with clients to understanding needs, goals, and motivations. Due to the personal and confidential nature of these discussions, most interactions between financial advisors and clients had traditionally been done in person.

Then came March 2020 and in person meetings were no longer an option, however clients’ needs of financial planning and advice was greater than ever. Financial advisors that were able to shift their business models and continue to provide planning and advice to clients were not only able to maintain their client relationships but provide a valuable service in a time of need. Our firm, MyRemoteFA®, was uniquely positioned when the pandemic hit, because we operate completely virtually, as the name would imply, providing financial advice remotely to clients across the country. While there were many challenges that we did face, updating our process with clients was not one of them. If you are considering implementing a virtual planning process or are looking for some best practices on how to continue to enhance the client experience, here is an overview of our process and how we work with clients remotely.

MyRemoteFA®: Our process

While each client is unique, our process of discovery, analysis, implementation, and review is not. This is not only for the benefit of our clients, but also for the benefit of our team, as it allows us to provide personalized financial advice in a scalable manner. Without a comprehensive understanding of a client’s specific financial situation, goals, and time frame it would be impossible, and quite honestly irresponsible, for the advisor to make an informed recommendation and for a client to make an informed decision. No matter the situation, we will only make recommendations when the information necessary is meticulously collected, reviewed, and analyzed. This may sound like an overwhelming process, but when the process is followed, it creates clear timeline and expectations for the clients without the need for the two hour in person meetings, and allows our team to create personalized financial strategies behind the scenes and efficiently present the recommendations to clients virtually. Below is a glimpse into our process and how we work with clients remotely to help them pursue their goals:

Discovery:

This is the first and one of the most meaningful steps of the process, as all further steps are contingent on the accuracy and completeness of the information obtained. When we meet with a client, it is generally best for us to receive ahead of time, any outside assets that should be considered as part of the plan, including the information we have available from the accounts a client already has with our firm. We encourage clients to upload this information to their secure client portal, as it creates the expectation up front on how we will share documents back and forth. Our preference is to use eMoney as the secure client portal, however there are times that a secure email is more efficient for the client. By asking for this ahead of time it allows us to be prepared and efficient during the client meeting so that we can spend time getting to know each client and their priorities to help them plan their financial life, whatever that means to them. This is best done through a video call whenever possible to help build the relationship with the client and allow you to pick up on nonverbal cues during the discovery process. We use Zoom and have it integrated with our scheduling software which makes the scheduling seamless and automates the meeting reminders. Another advantage of virtual meetings we have seen is we have been able to engage with more couples at the same time. When scheduling in person meetings it was often difficult to find a time that worked for multiple people, however with virtual meetings they can call in from the comfort of their home or office and participate in the conversation from multiple locations.

Analysis:

This is where we do all the work. Using sophisticated software, we will evaluate a client’s assets, needs, goals and objectives to determine the appropriate allocation of assets across a variety of account types, product types and product providers specific to each clients’ unique situation. We will present our findings to clients through a meaningful presentation, address any questions and adjust the plan accordingly if necessary. We also like to hold these meetings as a video call because it allows us to share our screen and review with a client just as you would in person. All the information that we review is then sent to the client via a secure email or uploaded to the client’s secure vault for them to review, depending on the clients’ preference.

Implementation:

Getting the client to act on your recommendations can often be the most difficult step, however as a financial advisor you know what a difference it can make in client’s life to implement a well thought through financial plan. Our process is built around personalized advice facilitated through technology and is always based on the advisor making an informed recommendation which in turn allows for the client to make an informed decision. Whenever possible we will use account opening software that is integrated with e-signature functionality which in some cases can be completed while the client is still on the call. Implementation is not just about ensuring a client implements the initial recommendation, but also stays on track with our plan. We have created a consistent client onboarding process that includes regular touch points throughout their first year, such as reviewing their first statement, while leading up to their first annual review. Creating this consistent process has made our team more efficient, allowing us to scale our business, and spend more time providing personalized advice to clients.

Review:

Our process does not end when we move forward with a recommendation, it has only just begun. Through routine meetings, we will continue to evaluate and adjust a client’s plan accordingly. After all … the only constant in life is change and we will continue to adjust the plan as a client’s life, goals and needs change over time.

I started this by saying that our process was not unique. However, we do feel the experience that we deliver to clients is. By combining a personalized planning approach with the use of technology, we can deliver on our promise of being able to guide our clients through their financial journey on their terms.

Sean Bove is the VP, Retail Client Division, for MyRemoteFA. For more information on Sean and the MyRemoteFA process, visit www.myremotefa.com