InvestmentNews Article: How Our Response to the Pandemic Created a Better Normal
There is nothing good about the pandemic. But, as a businessperson, you adapt and learn and grow if you want to survive.
But in the face of all the adversity, could your firm perhaps even thrive?
The impact of COVID-19 has knocked thousands of businesses, and possibly even sectors, out for good. Some of that was inevitable, as you can’t conduct business if the law requires you to close your doors. For advisory firms, however, with our unique business model, the pandemic made us improve our style and standards of communication, and that will be good for our firm, and, possibly our sector, in the future.
From the article:
While navigating through the restrictions of the coronavirus hasn’t been easy, a lot of learning and some good business outcomes have occurred.
I run a top 50 RIA, headquartered in California, where we have 80 advisors spread across 14 offices in seven states.
Except April, each month of 2020 we’ve added new clients and, even after accounting for the market rally, we’ve increased our AUM. Further, we’ve had very few clients leave our firm. (In fact, we are experiencing the best client attrition we’ve ever had.)
And all of this occurred with our physical offices closed and our advisors working remotely.
The primary reason we’ve had such good success is due to the robust communication plan we’ve employed. This includes:
Scott Hanson, Co-Founder, Allworth Financial