In new research from Aegon, carried out with over 200 advisers, it’s clear that the use of video conferencing has been the mainstay of adviser communications, with 67% of advisers using it more frequently. It also looks set to continue to be widely used, with only 6% saying they’ll use it less after social distancing ends.
The pros and cons of video conferencing
When contacting existing clients, video conferencing has a strong place. When it comes to its use for acquiring new clients though, it becomes less of a driving force. 71% of advisers state that it’s important to meet prospects face-to-face while 81% say clients prefer face-to-face contact.
While video conferencing may be challenging for developing client relationships, advisers do see many benefits in its use with existing clients. Nearly half (45%) of advisers admit to being more productive and 75% report cost benefits through use of video conferencing, presumably due to the reduction in travel times and meeting lengths. And this spare capacity will have been beneficial for the 31% of advisers who have reported an increase in client enquiries above normal levels, since the start of the crisis.
However, advisers are also aware that a virtual meeting solution is not a one size fits all approach and they are aware of barriers with some clients. In particular, 82% of advisers report having clients who aren’t tech savvy enough to use video conferencing.
Ronnie Taylor, Chief Distribution Officer at Aegon, comments: “Restrictions triggered by coronavirus outbreak has turned planning profession on its head with advisers and their clients being nudged towards new behaviours and technologies.
“Technology has offered an alternative means of communication in lockdown, but once we’re unhindered by social distancing restrictions, it will be interesting to see if these changes become permanent.
“Our findings show that video conferencing isn’t suited to everyone and meeting in a virtual world, can’t replicate meeting in person. In particular when it comes to developing potential new client relationships, picking up on people’s body language is one of the important aspects of a client meeting as is the rapport that comes from face-to-face contact. It’s clear that this is just one of the many challenges that advisers will have to overcome in the new environment in which we’re all operating.
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