Financial planning demand in the wake of the pandemic

July 29, 2020 by Moriah Diedrich

Financial planning demand in the wake of the pandemic by Advicent

About the author

Moriah Diedrich

Demand generation specialist

Moriah Diedrich is a demand generation specialist at NaviPlan, the financial planning technology provider of choice for more than 140,000 financial professionals.

Rising client concerns

A recent study released by the Certified Financial Planner Board of Standards revealed that more than 78 percent of CFP professionals have reported an increase in client inquiries during the COVID-19 pandemic. Further, nearly two-thirds of CFP professionals have noted high stress levels among their clients.

Calming clients during this time can be challenging and among advisors’ biggest concerns are managing volatility and protecting assets, with a majority of advisors recommending that clients sit tight and wait for volatility to decrease before making any major financial decisions.

Adding fuel to the fire, virtual meetings and remote locations have added new obstacles for advisors to overcome when responding to the increased client communications.

Demand for planning spike

Alongside these increased client interactions, 34 percent of CFP professionals have reported an increase in inquiries from prospective clients. Even for the most organized advisors, taking advantage of this spike in market demand for financial planning can be a stressful task with a flurry of client questions coming in.

Still, this time is crucial for firms looking to expand their client base and broaden the reach of their advice. Word-of-mouth marketing and in-person sales strategies have quickly become less effective in reaching prospects, placing digital marketing at the forefront.

How can your digital marketing strategy positively impact firm growth?

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How can technology help?

While the increase in demand from both current clients and prospects can be difficult to manage, advisors with the right technology at their hip can emerge with more satisfied clients and a stronger book of business.

Planning technology

The NaviPlan client portal enables advisors to digitally onboard new clients and empowers them to access their financial plans remotely at any time. This plan accessibility puts clients at ease, allowing them to adjust contributions and time spans to see how they can impact their goal coverage, without an advisor needing to model each scenario.

We recently published an eBook with valuable insights on how advisors can leverage tools such as the client portal to become more connected with their clients, even from remote locations. 

For advisors looking to alleviate concerns of nervous investors, the NaviPlan scenario manager enables advisors to create side-by-side scenarios to analyze hypothetical questions and recommendations. Modeling a client’s current financial picture next to your action plan helps demonstrate the value of your recommendations in a visually engaging way.

Further, advisors seeing an influx of prospects can utilize the new NaviPlan Guided Retirement tool to create a financial needs analysis after entering only one data point – income. Guided Retirement uses smart assumptions to illustrate personalized retirement medical expenses and show prospects where their coverage falls short.

Impactful digital marketing

In addition to adopting new planning technology, advisors can look to their marketing strategy to maximize their potential in the wake of the pandemic. Consumers have seen their lives transform in many ways over the past several months, and the demand for financial advice has reached a new peak.

In this eBook, learn the fundamental digital marketing tips that can help you meet the current spike in demand across three fundamental pillars of marketing including your firm’s website, social media, and email marketing strategies.