How does an adviser maintain client relationships post-COVID?

Due to lockdowns around the country in the last few years, advisers were forced to establish virtual relationships with their clients and coming out of the peak of the pandemic, Midwinter’s head of advice sales, Stacey Cowan, believes that many clients will want that virtual relationship to continue.

On the latest episode of the ifa Show podcast, Ms Cowan reflected on a recent in-person session she attended where two advisers and business owners discussed the merits of delivering advice virtually as opposed to in-person when going through a statement of advice (SoA), saying they shared the “complete opposite views”.

“One said they loved the idea of delivering an SoA virtually. They found it was really efficient from a time perspective,” Ms Cowan said.

“They sent the document to the client beforehand and so they had a chance to read it and then ask really specific questions that were relevant to them.

“And the other was saying, ‘I actually felt there was so much distance between myself and the client as we were talking through a screen. I just don't think the strategy resonated. I felt like I couldn't connect with the client.’

“And so, I think we know remote work and all the benefits that come with remote work are likely here to stay in some form or another. So the question then becomes, as an adviser or an advice business owner, what do you want to do in terms of connecting with your clients?”

Ms Cowan said the obvious benefit of virtual meetings is that geographical distance is no longer an issue, and allows an adviser to broaden their reach while providing a client with greater accessibility.

“But if you are not someone who really enjoys connecting with people through a screen, or you find that it creates some limitations in the relationship that you build with your client, then maybe it's about determining what is your value proposition when it comes to engaging with investors and how do you want to make sure that you maintain the relationships that you spend such a long time and a lot of effort actually building?”

Listen to the full podcast with Ms Cowan here.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.