Mastering the Virtual Sale

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Nearly two years since the beginning of COVID, prospects and clients are still concerned. Some are reluctant to meet. Some can’t wait. There are many challenges. Everything has changed. Many changes are permanent, such as client communication. Physicians now charge more for telemedicine because of lower reimbursement rates. It’s tough to get clients and prospects to attend seminars. Direct mail response rates are low.

But for financial advisors, business has never been better.

FAs are more efficient with their time. You can conduct virtual meetings in half the time of face-to-face engagements. One study showed that 89% of high-net worth clients and prospects would rather do a virtual meeting than a phone call or even a face-to-face engagement They feel that a 30-minute virtual appointment is better than an hour in-person appointment. FAs can conduct business across the continent instead of being limited to a 50-mile driving radius. We can do client events without the expense of hotels and other costly venues. One of my clients many years ago ruminated about relocating from Indiana to Florida for fear of losing clients. Now he can keep them all while communicating via virtual video calls and living where he wants.

One of my best clients in San Diego is now buying practices in Washington DC, Virginia and Arizona without losing any client contact. How is all this possible? Virtual sales. But are your virtual skills good enough to grow, no matter the economic or health climate? Can you communicate and run your practice virtually as well as you did face to face?

Here are some rules and skills that are unique to the virtual sales platform. Growing your skills in these areas will make your practice very profitable in the coming years.