Technology makes almost anything possible these days.
The business of providing financial and investment advice to investors is, perhaps, best done in face-to-face, voice-to-voice meetings, but technology makes it possible for advisors to deliver messages efficiently without the need for direct contact.
A financial provider or advisor website can offer dozens of helpful tips in the form of articles, blogs and data presentations, but a popular form of communication that most successful firms provide these days is video presentations.
This does not mean advisors need to show up on screen daily. There are other forms of informational videos advisors can provide and investors are being to desire.
Taking a cue from utility companies and some banking firms, advisors can provide video presentations of an investor’s portfolio statement, in much the same way some banks are presenting checking and savings account statements.
There are dozens of video companies ready to assist provider and advisor firms in those presentations, and Spectrem has done a study showing that there is interest among investors for just such video programming.
“These video presentations are more than a transfer of hard copy data to a video screen,’’ said Spectrem president George H. Walper Jr. “They can include insights from the advisor regarding current events that might impact a portfolio, or a conversation about current markets. Anything is possible in this form of communication, and investors want it.”
As might be expected, that is especially true of young investors. In Spectrem’s quarterly wealth segmentation series study Using Social Media and Mobile Technology in Financial Decisions, investors were asked to express their interest in a personalized investment statement from an advisor on a 0-to-100 scale. Millennial Millionaires placed their interest at 48.68, a significant rating for a new technological service.
The ratings drop among older generations, but even World War II era investors placed their interest at 24.19, which means there is some interest from that generation as well.
The Spectrem study showed that while a majority of investors still maintain a hard copy of their financial records, there is a growing interest in online statements. A video presentation of a statement, with a corresponding comment about future decisions from an advisor, is another and more up-to-date way to present the same information.
Companies that provide video services are attracting interest from banks trying to capture or retain clients who prefer to use their cellphones for informational purposes. For banks, these video presentation companies can provide a personalized welcome message any time a client walks into a branch, an immediate transaction history to let the customer know the current state of their accounts, and personalized product offerings, all available to the customer before they ever talk to a teller.
Imagine an investor with an app on his smartphone from your firm. He opens the app and has all of his account information available to him, with a video presentation that highlights recent activity or significant changes in account balances.
Such technology creates an immediacy in the relationship between investor and advisor, and also spurs investors to action. An engaged investor is often a more active investor, and engagement these days comes in the form of videos on apps.
The fact that seemingly safe industries like banks and insurance companies are offering these kinds of video services would seem to be a call to action for financial providers and advisors who are just as interested in attracting new clients and retaining current ones.
Top Takeways for Advisors
If you have a video department at your disposal, use it to your fullest capability. The professionals likely know about all of the services they are capable of providing, and a quick conversation with the video specialists can reveal all of the possibilities available to you in terms of video presentations.
In much the same way television commercials can be a mode to suggest a call to action, a video presentation can provide a means to prompt investors to increase communication with their advisor. One specific point presented in a video can catch an investor’s eye and be the jumping-off point for a conversation that could lead to account activity.