I as I reach out across the miles, I hope you and yours are safe. While many of us were together at the end of January enjoying Denver and visiting at the NTSA annual conference, little did we know that the world was about to turn upside down. Seems like a lifetime ago, doesn’t it?
Our clients need us more than ever as we collectively deal with this rollercoaster ride. I’ll share a few thoughts from my experiences.
Outreach
I agree strongly with the idea that reaching out to clients has been critical. At CAPTRUST (I’m in the home office in Raleigh, NC), we were early to adopt a work-from-home policy. We had been systematically building an at-home plan for the last couple of years, thinking more of a natural disaster like a flood or hurricane, and the preparation helped.
The first order of business was to reach out to all clients. It was more about touching base to see where they were than about following any set agenda. I set up a “Coronavirus Dashboard” with some bullet points which I could scan during those conversations.
I quickly realized from these conversations that everyone is in a different place. I also tried to send information and resources that would be helpful, including early articles on best practices for working from home, and then later concerning how the education field could best adapt to a remote teaching environment.
As in 2008-2009, when CAPTRUST continued to grow as well, we find that uncertain times can be an opportunity to pick up top talent. And CAPTRUST continues to exceed growth goals and have low debt. But in conversations with clients, I’m careful how I deliver these points, especially to those suffering. However, I think if your firm is strong and doing well, it’s good to let you clients know that, as they are seeing in the headlines some big household-name financial firms in trouble and laying off employees.
A Silver Lining
I want to leave you with a final insight that I find uplifting, a sort of silver lining in the storm clouds.
A few of you may recall that at the Denver NTSA conference, Robert Young, Tamara Indianer and I gave a presentation addressing some best-practice ideas and spent much of the time addressing the benefits of incorporating virtual meetings into your practice (little did we know…). For the past six years at CAPTRUST, I’ve built my practice offering a low-cost, 3(38) fiduciary investment service package that is delivered virtually. That means that all my prospecting, selling and client service meetings have been via conference phone call, WebEx, GoToMeeting, Teams or Zoom.
From my view, the virtual meeting environment in our marketplace has changed dramatically since that January presentation. And for the better. How so? In the pre-COVID world, it was very difficult to get people to use video. When I did have a video conference, it was often all business. I’d be in a dark suit and ready to go with my deck, trying not to be nervous that there might be an IT glitch. In other words, the bar seemed to be set high for a polished performance. Now, we find ourselves in a world in which everyone has gotten over being camera-shy and the feeling is casual.
We’ve all had to make do at home, for the most part, with less than perfect conditions. But here’s the thing: We all seem to be collectively forgiving and empathetic. If your cat runs across your keyboard it’s not “unprofessional,” it’s funny. It may seem an odd and counterintuitive thought that the technology, because it is imperfect, allows us to be more human, but that’s my silver lining.
So I’d urge you to embrace, as you can, what seems at times to us all a frustrating substitute for reality. Many of my clients have said, after recent reviews in the past few weeks, “it’s been nice to actually see you here on Zoom.”
A Final Insight
These weeks are likely to be some of the most challenging ever for our clients as they contend with a new school year in a dangerous and ever-changing world grappling with in-person vs. virtual teaching. In these stressful times, we need more than ever to learn from each other and lean on each other. Best to you and your family, clients and associates.
Wat Keys is Vice President and a Financial Advisor with CAPTRUST. He is a 2016 Elite Advisor.
Editor’s Note: This piece is part of the Business Insights Series in which NTSA Elite Advisors offer ideas and insights intended to offer members support and provide information concerning business opportunities.
Opinions expressed are those of the author, and do not necessarily reflect the views of NTSA or its members.
About the Elite Advisor Award
The NTSA Elite Advisor Awards focus on NTSA financial advisors' innovative, unique, profound and successful best practices for advocacy, leadership, practice management and legacy. More information about the Elite Advisor Awards is available here.
WOWcasts Available
Wat Keys was featured in the 4th WOWcast Series. The segments are available here and here.
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