There’s no doubt that last year’s events caused a paradigm shift in the way we foster meaningful connections with clients and prospects. Despite the challenges, the agile professionals in our industry have found clever ways to adapt to new operating environments.
“Wholesalers are leveraging technology more skillfully than they ever have,” said Jeff Duckworth, Head of Intermediary Distribution at John Hancock. “Even the folks who were the most resistant to technology realized they had to get on board or be left behind. I think that’s made them better, opening their eyes to the benefits of embracing change.”
Duckworth was one of three experienced sales and client management executives who shared their experiences turning barriers into opportunities during Nicsa’s Strategic Leadership Forum. Jim Bumpus, National Sales Manager at Columbia Threadneedle, moderated the virtual session, which also featured thought-leaders from Franklin Templeton and Wells Fargo.
Ronice Barlow, SVP, Co-Head of US Retail Sales at Franklin Templeton, said her firm started piloting new distribution and retail approaches in 2017 that ultimately served for a smoother transition in 2020.
“We knew our business and the way we needed to manage relationships was changing,” she said. “We took a few of our traditional wholesalers — who would typically spend close to 100 percent of their time in the field — and gave them the flexibility to spend more time within the home office. Through that experience, we trained them to successfully navigate the differences between virtual and in-person meetings.”
Franklin Templeton also began a digital training program for new hires that allowed the firm to think critically about effective instruction in a purely digital environment.
Bumpus noted that flexibility became a key theme for teams forced to make rapid changes in 2020. “The level of uncertainty in the markets required professionals to adapt quickly and frequently contact clients on a personal level,” he said.
Mike McLaughlin, Director of Business Development Group, Field Productivity at Wells Fargo, agreed, sharing his perspective from the wealth management arena.
“Market volatility forced our advisors to call all of their clients at a much faster clip to reassure them about the markets, but it was more personal than that,” he said. “It humanized our FAs because they were going through the same things their clients were. You wouldn’t think that we would have had our best net advisory flows in five years, but we did due to the frequency of FAs talking to their clients and reassuring them.”
NAVIGATING THE NEW NORMAL
The panelists agreed that digital meetings will make up the majority of client engagements moving forward. As employees continue to adjust to these changes, leaders must keep mental health top of mind.
“It almost seemed taboo to talk about mental health before the pandemic, and now the topic is at the forefront of conversations, which benefits everyone, to say the least,” Barlow said.
Duckworth said John Hancock is offering digital tools employees can access for help adjusting to the new normal.
“We’re offering a menu of options that people can dial in to access, such as meditation classes, health and fitness resources, and a speaker series,” Duckworth said. “It’s about providing tools for people to leverage at their discretion that are centered on topics that are them.”
“Everyone is going through this storm together, but we’re in very different boats,” McLaughlin said. “Understand where your team members are coming from and what they’re going through. Mental health is a real issue.”
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