3 challenges keeping IFAs awake at night

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1: Managing high client interaction levels

The onset of Covid-19 has seen client interaction levels spike dramatically, leaving advisors with little time to manage their businesses and chase sales. With clients facing growing affordability issues, IFAs are being bombarded with requests for advice on premium holidays and even policy cancellations. They are also expected to be experts on the latest developments around the pandemic and the latest regulations.

Unfortunately, there’s no easy way around this. At this time, clients need the most support and made aware of the risks of letting their insurance cover lapse. This is the time that they may need it the most. Where clients have challenges keeping their premiums up to date, they've got to know their options and the associated risks.

2: Sourcing new clients (and staying connected to old ones)

The pandemic has brought new concerns about client affordability. This raises the risk of IFAs losing revenue and momentum, which will have a negative impact on their practices.

At a time when most customers are likely looking to freeze, reduce or even cancel their policies, it’s more important than ever for advisors to focus on building relationships and demonstrating their value.

One way of getting around this challenge is to embrace the move to digital client servicing. Digital servicing wasn’t broadly accepted before Covid-19, but now it’s got sudden credibility. Instead of meeting clients for coffee and a face to face chat, advisors are doing video calls while operating 100% remotely. Younger customers are especially open to this remote approach.

Offering advice and tips for their clients also helps: Share good news stories and client friendly documents with clients, which show the importance of expert advice and the value of their policy.

3. Staying abreast of the latest trends and technology

Staying up to date with the latest regulations and trends is a challenge at the best of times. For many IFAs, an additional challenge has been digitally upskilling themselves in a new world of e-everything.

It’s become business-critical to keep up with evolving methods of communication, documentation and general business management. Technology can affect the way customers reach your business, indicate new markets, and even introduce new methods that could give you a potential lead over your competition.

IFAs who embrace the digital solutions and tools available to them are most likely to improve their efficiency and process, and help them connect with clients while building their credibility and reputation.