Happy New Year! That simple phrase has a renewed meaning this year. As much as we want to leave 2020 behind, there are things that will stick with us and continue to shape how we interact with our clients. Consumer adoption of digital technology was unprecedented in 2020 and that trend will likely continue in 2021. The time of digital transformation is dwindling and if you have not “transformed” then you are at a big disadvantage. 

Here is a list of some of the most noteworthy 2020 digital transformations:

  1. Telehealth
  2. Virtual schooling
  3. Online grocery shopping

I can’t imagine there were many doctors, teachers or grocers who saw this digital transformation coming. Yet here we are. I haven’t seen a doctor in person once this year. Additionally, thousands of kids haven’t sat in a classroom since March and their virtual classes are interrupted by grocery deliveries. 

What does this mean for financial advisors? How can we move forward in 2021?

  1. Have a living, breathing digital presence: Be sure to have a strong and engaging digital presence that includes a website, social media accounts, a blog and a client portal. It should not be static; we are past the time of just having a website that passively comes up in a Google search. Prospects and clients are interacting with doctors online, and likewise, they need to be able to interact with you. Twenty Over Ten has a great case study on their blog about an advisor firm’s engaging online presence.   
  2. Listen. Be sure you are getting real-time feedback from your clients and prospects. Listening digitally means using analytics to your advantage. Be sure you tune into your social media engagement statistics and your website traffic. If you are not connected and listening you won’t be able to adapt to client needs, or even better, anticipate their needs. 
  3. Don’t ignore mobile. Mobile banking usage jumped by 85%, not to mention that telehealth and grocery shopping are commonly done on a mobile device. Consider if the information you deliver to a client can be viewed and consumed on a mobile phone. This is includes everything from an email to a review report. Try looking at your own website on a phone. How does it look? Is it easy to navigate? Can they click your phone number or email address right there to contact you? 

There is no denying that digital reigned supreme in 2020, and it will undoubtedly continue in 2021. The time to digitally transform is now. This is exciting and can set advisors up to scale the delivery of personalized financial advice to clients.

digital transformation



Legal Note

Check with your Firm or Firm’s Home Office before implementing any suggestions contained.

Information provided by Independent Advisor Solutions by SEI, a strategic business unit of SEI Investments Company. The content is for educational purposes only and is not meant to provide investment advice or as a guarantee of any specific outcome. While SEI welcomes comments, SEI is not responsible for, and does not endorse, the opinions, advice, or recommendations posted by third parties. The opinions expressed in comments are the view(s) of the commenter(s), and do not represent the views of SEI or its affiliates. SEI reserves the right to remove any content posted by users of this site in its sole discretion.