We all come from very different parts of the world, but we face many of the same challenges. As financial advisors, we are constantly trying to juggle our busy work schedule while also making sure we maintain a healthy work-life balance. There are many techniques that have the potential to change how you live and work forever, but they tend to be very hard to follow. My goal today is to show you that you don’t have to completely change your life to have a more efficient day. Using your computer for virtual planning more often during the workday can improve your efficiency in a number of ways. Utilizing technology can increase your production by driving process efficiencies, eliminating time spent commuting, and expanding boundaries to reach a wider clientele.

In our practice, most of our clients live more than an hour from our main office. We currently work with clients in 32 U.S. states. This is made possible through virtual planning. For example, I live in San Jose, California, where I work out of my home. I am over 2,000 miles away from our physical locations. I’m in a situation where I need to use virtual planning or I would be limiting my opportunities. Fortunately, our firm had started using virtual planning a few years prior, as our client base was expanding past a drivable distance. Today, I host almost 90 percent of my meetings over web conference. Using virtual planning is undoubtedly a learning process, and my goal here today is to share those learnings with you.

At first we used a video conferencing software from a tech company we already partnered with for other office needs. It worked well for our capacity at the time, but as the need for virtual planning increased, we needed a better system. We have used most of the major web conferencing software available on the market, such as GoToMeeting, and we found that Zoom is the most user friendly. Since virtual planning is not the traditional style of financial planning, we wanted the customers’ experience to be as seamless as possible. Zoom has little to no downloading required, and the clients are automatically connected to the audio from their computer. If they do not have audio enabled, they can dial into the conference line. The Zoom software allows for face-to-face interaction. In addition, we can share our desktops to show clients any reports or presentations. One of the handiest features of this software is the clients’ ability to share their desktop. How many times have we all had clients forget to bring in a statement or information that you needed to help analyze their plan? The screen-sharing ability eliminates nearly any concern for clients forgetting to bring information as they can access nearly all of their financial information from their computer and share their screen with us to help evaluate it. I just ask the clients that, prior to the meeting, they have important financial documents readily available on their desktop. This makes it easier on the clients as it removes the need to print and carry around a binder full of statements.

As we all know, the structure of meetings is different for returning clients versus new prospects meeting us for the first time. When we first started using virtual planning, most of our clients had already met us face-to-face, which meant there was already a high level of trust with us. Most current clients who lived farther from one of our locations really took to using the software since it meant they would not have to drive long distances to the meetings. If they do come into one of our locations and the advisor isn’t physically in the office, we will have someone at the office to greet the client and set everything up for the meeting. They will bring us up on the conference room screen, and we will begin helping the client plan. With current clients, most thought the idea of the advisor being halfway around the country and still being there to help them plan was amazing.

On the other hand, we have new prospect meetings. The first meeting is the most important for the client-advisor relationship. If you cannot get the client’s trust early on, the new business process can take months or not happen at all. If the first meeting goes well and you earn the client’s trust early on, the new business process can start. At first we asked ourselves how we could build a true client-advisor relationship when we may never meet the client face-to-face? The way we were able to move past this was by telling our story, focusing on the planning and finding ways to overcome the lack of physical interaction.

Most prospects who are meeting with us virtually for the first time are referrals from other companies we partner with, referrals from other clients or referrals from previous clients of practices we have acquired through the years. Once we get the referral, we will reach out and introduce ourselves and our method of virtual planning. We have found the clients are open to the idea, as a meeting from their home presents no extra effort. In fact, we’ve seen significantly less no-show virtual meetings than in-person meetings. The client receives a meeting invite, and once the meeting is started, there is no apparent difference. Our typical first meeting includes a short presentation about who we are and a sample of our planning software (we use eMoney). Then it concludes with next steps.

Once the client agrees to do business with us, we can complete nearly all of the paperwork virtually. Our broker-dealer for investments uses DocuSign. We can complete an application, email it to a client, have them sign it, and then submit it. A new account can be set up in less than an hour. Once we collect the client’s basic information and policy design, the client receives an email with general underwriting questions. After the client completes the questionnaire and signs it, the app is returned to us and submitted to the carrier. If it was an accelerated case, the decision arrives within a few minutes. Whether the client gets approved on the spot or more information is needed, this process has cut standard underwriting times in half. Quicker processing time means revenue in the door sooner and more time spent talking with clients.

Almost nothing compares to giving a client a physical handshake. However, in the end, we have the same ability to provide clients a detailed and customized financial plan tailored to their needs whether that’s done physically or virtually. We have often said to clients that it does not matter where the advisors are but rather where the clients want to go. These methods serve the needs of many, not just our clients. The other advisors and I can save time commuting to work and traveling long distances to meetings; we’re no longer limited by the distances our cars can take us.

With the help of other employees or a simple click to an invitation of a web conference, we can be face-to-face with the client on the other side of the country. We’ve been able to diversify our clientele in a way that was never possible before this technology. Using web conferencing and electronic applications is just the beginning for our industry. As technology continues to evolve, we continue to learn how to cater to everyone’s needs in a more efficient manner. It’s made us better, more effective and more successful advisors throughout the process, and we hope it can do the same for you.

Brandon Heckert, AAMS, is a three-year MDRT member from Nashville, Illinois, who started his career in finance at the age of 18. After graduating college, he began working full time at the Country Financial headquarters as a financial advice specialist, advising representatives on advanced financial planning strategies in areas of investing, retirement planning, education funding and insurance planning. A few years later, he became an advisor with FSM Wealth. He is currently pursuing his CFP designation.