Since 2020, the outbreak of the new crown pneumonia epidemic has accelerated the application of artificial intelligence technology in the financial field, and the bank's financial management model has gradually changed. For financial advisors, as the most core position of customer maintenance and value enhancement, it has become more difficult to obtain customers during the epidemic, and it is difficult for novices to control professional knowledge, and there is also a lack of professional data and marketing tools.
At the same time, for managers, the penetrating marketing of employees during the epidemic is difficult to monitor and manage, the quality of customer service is uneven, it is difficult to achieve standardized assessment management, and the professional ability of the entire team is also difficult to improve.
If you use one word to summarize the mentality of financial advisers at present, "anxiety" must be very representative, the epidemic is changing, the macro economy is changing, customers are changing, the way of business development is changing, and competitors are also changing. At the same time, the limitations of the traditional marketing customer acquisition business model are clearly visible, and "anxiety" is inevitable.
Taking the current situation of financial advisors in North America as an example, research shows that the current online financial marketing tools have failed to meet the expectations of financial advisers, resulting in more than half of financial advisers leaving.
01. Marketing tools and online communication are especially critical during the pandemic
In 2020, the sudden outbreak of new crown pneumonia has brought severe tests to many industries, and it is even more far-reaching for the wealth management industry. Financial advisors at home and abroad have been plagued by the ongoing epidemic, and the connection with customers and some business activities has been fundamentally affected.
According to the survey, 63% of financial advisors said that during the epidemic, they will communicate with customers at least once a week. However, performance varies from age group to age. Among them, 51% of "post-00s" financial advisers communicate with customers every day, while 62% of "post-45-65" financial advisers communicate with customers once a month, and some are even less.
This situation has led to the dilemma of most financial advisers, after all, losing customers is equivalent to losing business, no business, performance will not come, and income will definitely shrink. Seventy percent of financial advisors said they lost business without marketing tools in place to interact with their customers, and 87 percent said there had been a huge change in the way they communicated with their clients. Revenue from financial advisors who lost business plummeted 21.7%.
02. The current financial marketing tools are not meeting the expectations of financial advisors
The pandemic has not only changed investors, but also accelerated the digitization of the wealth management industry online. Customers have a stronger demand for the online intelligence of the financial management platform and the butler-style service of the financial planner.com.
According to the data, 89% of financial advisors say marketing tools become more important during the work from home period. 74 percent of financial advisors of all ages want their company to have access to better technology tools, and 82 percent say offline paperwork takes up their time dealing with clients. In this way, a good marketing tool can not only play a role in "special circumstances", but also solve complicated chores in daily life.
These forms of change have also made financial advisers aware of the importance of online marketing tools, and even the idea of "finding another high technology". 51% of financial advisors say they often consider moving ship to a company with better technology tools. Among them, financial advisers under the age of 40 are more likely to leave the company than financial advisers aged 60-79.
Therefore, a good system will allow financial advisors to serve their clients in the best condition no matter where they are and no matter what the market conditions are. Under the impact of the epidemic, wealth management companies will face increasing pressure, and modernizing marketing tools is the only way, otherwise they will face the risk of financial advisers being robbed by companies that already have new marketing tools.
03. When it comes to marketing technical support, the disagreement is obvious
In the new round of scientific and technological revolution, cloud computing, big data, blockchain, artificial intelligence, Internet technology, etc., all belong to the mainstream and hot technology applications in the field of financial technology at this stage, and also belong to the core technologies that are expected to reshape the model and process of the financial industry in the next five years.
No technical support is the equivalent of an airplane losing its wings, and even the best marketing methods are useless, and the stark contrast between the United States and Canada can make us clear at a glance.
There are clear differences in resources between the U.S. and Canada when it comes to providing marketing support. In the U.S., 95 percent of financial advisors said they received adequate marketing support from their companies, while in Canada, only 59 percent said the same, and 15 percent said they didn't get any marketing support from their companies.
Only 17 per cent of financial advisors in Canada are very satisfied with the tools available on social media to engage with customers and prospects, compared with 67 per cent in the Us. All U.S. financial advisors surveyed said they use social media to some extent to engage with customers, but 8 percent of Canadian financial advisors don't use social media at all.
Therefore, whether it is high-tech financial technology in Europe and the United States, or Chinese-style Internet finance, it is based on these technologies.
With these technological innovations more fully applied to payment clearing, lending and financing, wealth management, retail, banking, insurance and many other fields.
What is the situation facing domestic institutions and financial advisors?
Is there a marketing tool that can change the financial advisor's dilemma?
04. How to crack the "pain" faced by The country
In the post-epidemic era and the full implementation of the new asset management regulations, many domestic financial institutions are facing the "pain" of the transition period.
How do I sell equity products?
How do I allocate assets to my customers?
How do you plan your customers for the entire life cycle?
How to effectively discover the real situation and needs of customers?
These problems plague most institutions and financial advisors in the mainland all the time.
At a time when "millennials" have gradually become the mainstay of the mainland middle class, more and more customers have begun to increase their demand for wealth management and targeted financial management. But the surge in customer demand is a huge gap with the limited energy of account managers. Therefore, how to effectively serve more customers in a short period of time through tools, while meeting the analysis of the diverse needs of different customers, has become the biggest pain point for many financial advisers in China.
Many financial advisors know that every communication opportunity with customers is valuable, and how to seize effective communication points and analyze and plan more comprehensively for customers is the top priority of whether they can reach the closing order. It can be said unceremoniously that every appointment with customers (whether online or offline), we need to be like the warriors on the battlefield to "race against every second", and in every minute of the battlefield, we can effectively find the actual needs and goals of customers.
It can be said that a good set of digital intelligence systems should effectively help financial advisers quickly solve the full set of services provided by the program from demand awakening - demand analysis, and according to the needs of the customer life cycle, from long-term financial management to short-term configuration; from goal planning to goal realization; from macro research, to market segmentation analysis, etc., all-round completion of the customer's one-stop service.
NewBanker also helps financial advisors quickly understand customers through the original "story line + smart KYC" approach, and clarifies customer needs, so as to improve the efficiency of financial advisers in the process of exhibition.
Some of the overseas data comes from Broadridge