Staffing & Culture | 08.01.23
Steering Through Advisor and Client Expectations in the Post-Pandemic Era
by: BISA Staff, Megan Richter
Commissioning research that will help the BISA community is continuing to become a focus of our association. These efforts are pushed forward by the Research Committee to ensure growth within this realm of the industry. We asked Megan Richter of Key Investment Services how the research committee is working to observe and record changes in advisor and client expectations.
Are you observing changes in advisor and client expectations regarding technology and digital tools? How are you addressing those changes?
MR: This continues to be an ongoing and evolving area, since I have been in the industry going on 20 years. COVID really pushed this forward for many firms and clients — we all had to learn and adapt to do business differently. Advisors and firms are adapting and adopting new ways of meeting clients — when, where and how they want to be met. We are encouraging feedback from our teams on what would make their lives/jobs easier and can we implement those ideas at our firm. We are doing more virtual meetings and hybrid meetings — part in person and part virtual. We are looking at our digital presence and using tools that will help us to deliver and share information, and we are communicating via text messaging, emailing and utilizing different working hours and solutions for clients to be able to connect with us.
What, if any, other changes have you noticed to advisor and client expectations in the post-pandemic landscape?
MR: The relationships have changed. We have seen client behavior change — those that tend to be transactional vs. having a relationship, truly knowing our clients. We are focused on building more of the relationship and long-term planning. Clients want more than just a “person” to help them, they want a relationship.
When it comes to recruiting and retaining advisors, has your strategy shifted since the pandemic? What are some key approaches you’re considering or employing right now?
MR: Much more flexibility around hours, locations, physical spaces, more positions remote/hybrid — we are open to all kinds of ideas around the advisor experience and the client experience. We are adding Associate Advisors to teams, planners to teams and a sunset program for our more seasoned advisors as they progress into retirement . We are developing internal and external hires through an Advisor Professional Development Program. We are recruiting in new spaces, going to the colleges, looking for quality traits and characteristics and developing the skills.
How do you stay informed about the evolving expectations of advisors and clients? Does that shift your strategy and expectations?
MR: Consistently talking with your teams and clients. We work in one of the biggest industries that just happens to be really small. Having a regular recurring dialogue with the field is really important — you can’t help anyone if you don’t understand and are not open to feedback or insights. We are constantly looking for ways to improve and make changes based on feedback from the field and from clients. Feedback is the biggest gift; it’s really a matter of if you want to open it or not.
Are you taking any steps to ensure that your organization remains responsive and adaptable to future changes in advisor and client expectations?
MR: We are. We are looking at how we can continue to connect with the next generation of clients and advisors. We are leveraging internships, Advisor Professional Development Programs, targeted recruiting and we encourage roundtable conversations with all levels on the team. We are also leveraging client surveys and proactive client outreach for feedback and ideas.
Do you have any suggestions for professionals in similar positions to you navigating the current recruitment/retention landscape?
MR: As leaders, we have to continue to look for other ways to grow, take into account our current clients and our prospective clients — knowing that what may have worked 10 years ago is not the same. The areas that you may have looked for talent in the past, may look different in the future. Talk to your teams, get perspective from your leaders or advisors — what are their views, what are they looking for, what would make them stay or go? When you focus on your people and having the right people on your teams, they may not have all the skills required today, but they can be developed, encouraged and empowered. Most importantly, be open to any and all ideas and suggestions.
About Megan Richter
Megan Richter is a Wealth Management Regional Executive with Key Investment Services within the following markets: Ohio, Indiana, Michigan, Colorado, Utah, Idaho, Oregon, Washington and Alaska. She leads and coaches a team of Wealth Market Leaders leading Private Client Financial Advisors to grow her business through deepening our existing relationships and expanding our market share across Key Bank’s footprint.