Making a Safe and Successful Transition in Quarantine

by Benjamin Beck, CFP® Benjamin Beck, CFP® | August 12, 2020

It may feel like COVID-19 has put everything on hold and made some underlying problems worse. If you’re a financial advisor, you might be feeling this, as your current firm’s challenges are only exacerbated by the pandemic. We offer what we hope to be some inspiration and advice for those looking to make a successful transition in quarantine, especially concerning the technology available to help advisors breathe free – even when they still have to wear a mask.

Finding Expression and Purpose at Your Financial Firm

Here at Beck Bode, we have a wide range of advisors, veterans of the financial world who came from a myriad of other firms. We are always looking to continually improve and asking why they sought us out. Each advisor tells a similar story: their previous firm didn’t allow them to express themselves. This could be anything from how they approached clients and their needs to how they express themselves and their business personality. Maybe it was an issue with their business ethics? If this sounds like you, it’s very likely, there is a better solution for you!

How Digital Tools Are Transforming How Advisors Work

One of the biggest stumbling blocks for established firms, especially Wirehouse Firms, is their reluctance to use new technology. We’ve heard many stories from advisors about having to slough through draconian in-house applications, or worse yet, try and guide clients through un-intuitive user interfaces and confusing processes. We love the flexibility of picking the systems that work for us and sharing them within the company. A couple of examples from our staff:

Misty Lynch on eMoney Advisor:

Using our financial planning software allows me to run hypothetical situations like selling a home, doing a Roth IRA conversion, or taking a new job before it happens in real life. Major changes can cause a lot of anxiety, and this helps clients see things on paper before they actually make their decisions.  This can be very helpful if you aren’t sure what the best next step is for your finances.

Matt Morizio on Microsoft Teams:

Microsoft Teams has been a great addition for our group. It’s like having Zoom, Slack, and a shared calendar all in one. And I can communicate with my team securely, which is so important given the nature of our business.

This, along with other systems such as client portals, give our clients and advisors clarity, incorporating client training on financial management dashboards into the planning process, so they can monitor and make informed decisions.

Future-Proofing Your New Financial Agency

If you leave your current Firm/Agency, you must help your new firm make the right decisions – even if you decide to go it alone. Once you’re there, make sure the technology and culture meet the current and future needs of your practice. At Beck Bode, we believe there needs to be an ongoing discussion and education when it comes to the technology and best practices of our firm, from honest conversations about apps that are or aren’t working to ongoing coaching and education of all our advisors.

It’s indeed been said enough that we’re living in uncertain times. However, there’s the option to “get through this” and simply survive, or to be “in total control” of the market and thrive. We’ll help you with the latter. If your firm has been affected by the coronavirus, check out our resources for financial advisors during COVID-19. If you’re looking to make the transition, it might be the right time to talk to us. Beck Bode, LLC is always looking to assist new advisors and financial planners who are looking for a better way of helping clients. Learn more about our unique investment philosophy and visit our recruitment page for more information. Stay safe.Beck Bode Blog CTA Option 2

Subscribe Now

Additional Reading