FA-IQ reached out to advisors to ask: What changes have you implemented in the way you run your practice because of the Covid-19 pandemic? Do you expect those changes to stick even after the pandemic is over?
Nancy Tengler, chief executive officer and chief investment officer at Laffer Tengler Investments. Scottsdale, Arizona-based Tengler has been in the industry for 38 years and her firm has $1.1 billion in client assets.
Interestingly, the pandemic enhanced our ability to communicate with clients and expanded our geographic footprint.
We expect to continue in a hybrid model, meeting clients in person when feasible and continue to provide the flexibility of video conference where warranted.”
Michael Leverty, founder of Leverty Financial Group. Hudson, Wisconsin-based Leverty has been in the industry for 20 years and has around $450 million in client assets.
Although some areas of the practice have reverted to pre-pandemic ways of doing business, such as a return to the office for staff, some tactics adopted during the pandemic are here to stay.
Pre-pandemic, client conference calls and video meetings were less frequent as clients typically opted for in-person office meetings. Although face-to face-meetings are still important for relationship building, check-in calls through video conferencing or a phone call have become the norm for day-to-day plan adjustments with clients. We are aware of the 'Zoom fatigue' risk, so we often opt for multiple shorter check-in calls covering one or two topics versus a longer meeting covering a full annual review.
The pandemic also accelerated the transition from formal daily dress attire, and we are definitely not going back to suit and tie."
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