As advisors look for ways to make the
most of their time and money in today’s tough economy, a growing number of them are turning to technology to
market their products and services, attract and retain clients, create sales, improve customer service and streamline
back-office operations.
Contrary to popular opinion, it’s not
just the younger advisors who are jumping on the high-tech bandwagon. Seasoned professionals are getting in on the
act and are more tech-savvy than they
usually get credit for. In fact, according
to Michael Belluomini, practice-management technology consultant for Securities America, “most of my consulting
clients have been more tenured advisors
who now have time to devote to staying
ahead of the technology curve. They have
a stable book of business and are eyeing
changes that will serve clients better.”
don’t want you to mail or fax them anything—they want information now.”
Some quoting technologies let advisors email proposals or web links to their
prospects or call and lead them through
different scenarios, he adds. Advisors can
best work these leads by using a customer relationship management system. “A
CRM can help them manage the leads
process and follow-ups,” Desmarais explains. It’s especially important in an online model, in which everything comes in
virtually.
Building a client base
As they take the high-tech route, many
advisors are using technology to support
the first step in the sales cycle—reaching
qualified prospects. In this respect, they
have several high-tech resources available
to them from life insurance lead companies, according to Jeremiah Desmarais,
vice president of marketing at Norvax.
These lead companies use sophisticated search-engine optimization,
pay-per-click advertising, affiliate networks and special offers
to identify prospects who are interested in getting life insurance
price quotes from advisors.
“If it’s a good company, prospects are screened against call records to
make sure that the information is accurate,” Desmarais adds. “Depending on
the company, leads can be shared with a
number of advisors or sold to just one.”
The next step is converting these leads
into client orders. It is interesting to note
that many of today’s online shoppers are
seeking prices for the products and services they want online, and they want
those prices right away. “Prospects don’t
like to wait,” Desmarais notes. “They
High-tech, high-touch
Many advisors are also using technology to support face-to-face dealings with
their prospects. “Some of our advisors are
using tablet PCs,” observes Belluomini.
“They take notes directly on the screen,
convert them into the notes field in their
CRM system and index them by client.
We’ve seen a lot of success with it.”
Shawn Dewane supports his in-person visits with technology that offers
Microsoft Outlook functionality powered by voice alone. After meeting with
a prospect or a client, as he’s walking out
of the office, the Newport Beach, Calif.-based Raymond James registered principal speed-dials the number for MobiDic,
which drives the functionality, and goes
to work.
text, goes directly into his Outlook, generates an email message and sends it to
the prospect or client. “By the time I’m
back at the office, my client or prospect
has received the email,” he explains. “It
makes a big impression.”
On the same call, he builds his Outlook database by simply reading the business card information over the phone.
His voice is again converted to text and
populates the contact-manager fields.
“Next, I create a series of follow-ups,”
he explains. “It creates items in my Outlook to-do list, complete with reminders.” Once this is done, he generates a call
report, addressing issues discussed during the meeting, concerns raised, advice
given, future actions and other pertinent information. The call report is sent
via email, which Dewane prints, files and
saves electronically. “This contemporaneous note-taking is considered evidence
in case of a future disagreement or a lawsuit,” he explains.
“I have the business card in hand and
the notes in my head,” Dewane explains.
Once he’s dialed in, Dewane says: “I need
to send an email. The email address is
such-and-such. Dear Dave: Thanks for
meeting with me today. I look forward
to seeing you again. Please fax your 1040
form so we can review that. Expect a call
from my assistant to make our next appointment. Thanks again for meeting
with me today.”
Dewane’s voice is transcribed into
The virtual advisor
While many advisors like Dewane use
technology to enhance their meetings
with prospects, others use it to provide
in-person service without being “in person.” With web-conferencing tools, “the
customer is at his computer, and the advisor is on his,” says Desmarais. “Instead
of letting customers do whatever they want on the website,
the advisor leads them. He can
even take control of the client’s
screen and walk them through
a presentation.”
Rob Nelson, vice president
of Nelson Securities, uses web-conferencing to interact with his clients wherever
they may be. That’s important because
for years, he’s conducted business countrywide through a partnership with a national membership organization. “I work
by phone, often with clients I’ve never
met,” he says.
Nelson can handle up to 20 appointments a day, unlike a traditional advisor
who might have just a few appointments a
day. Still, Nelson wants to personalize his
Rob Nelson uses web conferencing
to interact with clients wherever
they may be.
