As we further delve into the post-pandemic world and as digitalization accelerates, virtual meetings have taken precedence over in-person meetings. This is especially as Singapore is focused on transforming itself into a world-class, tech-driven city, businesses need to keep up with changes brought upon by digitalization.

For financial advisors, this often means they need to adapt to digital alternatives to service their clients. Although virtual meetings have become the norm today, it can be perceived as both an opportunity and risk. The convenience virtual meetings present is unparalleled to in-person meetings, however the human connection that one develops from in-person can be tough to mimic through virtual meetings. Financial advisors must now identify innovative strategies to keep clients engaged online and more importantly, foster strong relationships with them as they would in-person. So how can financial advisors bring value to their clients during online interactions?

Practice active listening

To communicate effectively, financial advisors must first understand how to practice active listening. The start of the meeting is pivotal for financial advisors to utilize the time to enquire about their client’s wellbeing. With a simple yet genuine question like “How was your day?”, provides a window of opportunity to further probe clients to know them better and allow them to feel heard. Based on their responses, financial advisors can take the cue from their clients to delve deeper for more details, further developing the relationship.

Similarly, financial advisors will need to develop the ability to understand social or non-verbal cues like eye contact, body language and general behaviour displayed by clients to facilitate the meeting. For example, observing the client’s posture like a slouched or closed posture highlights disinterest or discomfort and constant head nodding indicates the client is inattentive and disinterested.

When clients have their video turned off during calls, MDRT member Karyl Phua says, “it is important to monitor client’s tone and voice and lookout for a change in their tone to ensure they are listening. This helps to pick up their emotions or hesitations, hence you must be quick to address them by asking questions, or if they need further clarifications.

Especially with virtual calls, it can be difficult to gauge your client’s interest or if they are following through and as such, I have found asking open-ended questions to be a useful way to better engage clients during the meeting as they are able to elaborate on their opinions and perspectives.”

This is a skill that will be developed over time and with a range of clients. By being more observant of clients, financial advisors will develop a better sensing of their clients’ behaviour and watch how they respond throughout the online meeting. For example, if they nodded and answered verbally in a positive tone, these subtle actions can indicate how the meeting is running and if clients are engaged.

Understanding how to communicate effectively

Communication is a vital part of a financial advisors’ profession in a culturally diverse country like Singapore, and it is pivotal to navigate around the cultural linguistics. Financial advisors need to be mindful of the language and terminologies they utilize to prevent any misunderstandings and any negative connotations associated with what they have said. For example, Singlish is now part of our everyday vernacular and Phua says although Singlish may seem informal, she speaks in Singlish to clients she knows personally or those in the younger demographic. “Speaking in Singlish has helped me run the meeting in a casual manner and foster better trust with my prospect. It can build a connection between me and clients who prefer a less formal experience when discussing insurance, which typically involves the use of financial jargons.”

However, certain words like “sia”, as unharmful as it seems, can be often misinterpreted and come off as rude depending on the tone, context and level of comfort with the speaker.

This form of miscommunication can be simply avoided when financial advisors have developed a sound understanding of their clients and fostered a strong relationship with them.

Additionally, speaking to clients in a clear and precise manner on information that is relevant to them will help drive value during the meeting. In a survey conducted by Bain & Company, consumers in Singapore and Thailand indicated they expect high-quality advice from financial advisors that are tailored to their needs and aligned with their specific financial goals. For example, Singaporeans expect to gain clarity on the potential cost savings they can anticipate by opting for a certain coverage. Therefore, financial advisors need to identify ways to improve the advice they provide clients virtually.

MDRT member Geraldin Yap shares, “A good presentation deck before your virtual meeting that is customised to your client’s objective is crucial. This will help guide you in your speeches and help your clients follow your pointers as you go through the deck.” An effective presentation deck is characterized by its simplicity and brevity, ensuring you have your clients’ attention throughout. To distinguish your deck from a generic deck, it is essential to customize and tailor the deck according to your clients’ interests, needs and areas of concern. This is where having a sound understanding of your client becomes handy as you know what your client values, therefore you will know how to facilitate the conversation and keep them engaged. This highlights to the client that their interests are taken into consideration and in turn deem your service as personable and valuable.

Going the extra mile

Understanding clients from the get-go is often difficult, as some clients may be hard to read. As such, having access to consumer data is beneficial for such financial advisors who can have an in-depth understanding of their clients. One easy way financial advisors can seek this data is by requesting client consent to collect and assess their personal information and using data analysis to better understand each client. The 2023 Gartner CIO and Technology Executive survey revealed that financial advisors will require access to consumer data to enable them to offer better personalization such as offering value-added services and packages that responds to their needs and enhancing customer engagement for clients. Access to such information enhances the image of financial advisors and empowers them to run their virtual client meetings effortlessly as they possess a sound understanding of their clients and can therefore offer insights, highlighting their invaluable services.

When it comes to communicating effectively, there are various aspects at play that financial advisors need to be mindful of when navigating virtual meetings. By exercising active listening and employing an efficient communication strategy, financial advisors are able to maximize every client meeting, drive value virtually and develop better client connections.

Contact: MDRTeditorial@teamlewis.com 

Communicating effectively during virtual meetings with your clients