Which Advisors Will be Victims of the Pandemic?

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Coronavirus has turned the business world upside down. An overwhelming 85% of businesses continue to worry about the impact of the pandemic – and even though restrictions are starting to lift, any predictions about the future are still, well...pretty unreliable.

This has been uncharted territory for most practices. Measures to mitigate the virus bring up a million questions: How do we shift our marketing strategy? How do we continue to connect with prospects? How can we conduct business as usual when life is anything but usual?

Seasons of adversity reveal our shortcomings. Advisory businesses without the following qualities may not survive the pandemic, much less find ways to thrive in spite of it.

1. Those who cannot adapt

One of the biggest challenges facing advisors is unpredictability. If you’re unwilling to shift with the circumstances, it will show in your results.

The transition to complete virtual-ness is not convenient, but it is necessary – especially for advisors. Embrace the situation quickly and make the changes required to keep business moving. Establish a digital space for both your team and your clients.

The research above by NP digital tracks changes in organic internet traffic. The growth of the finance industry’s traffic is second only to media.

Instead of thinking of these changing consumption patterns as an inconvenience, think of them as an opportunity. Prospects still want to engage with your business. It’s just a matter of altering how that happens, with the help of digital marketing, content planning, and website optimization.