Digital vs. In-Person: How Advisors and Clients Decide What Makes Sense

We may be 14 years past pop singer Carly Rae Jepsen’s breakout hit, but many advisors are still using her refrain: Call me … maybe. 

As digital options continue popping up to connect advisors to their clients and people get used to doing more of their tasks from home, financial professionals must constantly redetermine the best ways to communicate. Plenty still prefer some face-to-face time, with nearly 70% of 2,000 consumers who have worked with a financial advisor saying they prefer either in-person or hybrid communication methods, according to a recent report from Million Dollar Round Table, a trade association for financial professionals. 

“If it’s basic administrative data gathering, then email or text is easy,” said Anderson Wozny, wealth manager at Savvy Advisors. “But if we’re talking about an actual financial decision with a dollar sign associated with it, that’s almost always handled better by a live conversation.” 

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Live conversations aren’t always best in person. “Phone and video are often much more flexible and can make the conversation more relaxed. Plus, in a metropolitan area, fighting traffic and finding parking can turn a 30-minute meeting into a half-day affair,” Wozny said. “On the other hand, if you’re close by, meeting in person can be a more natural option.”

What works for one client may not work for another. But roughly 46% of respondents said that additional in-person conversations during periods of market volatility or financial stress would strengthen their trust in advisors. Speaking with someone directly can also make the most sense early in the relationship: 

• “I have found that [for] the clients that do want a more in-person type of relationship, it is mostly for the first meeting to make sure I am real and not an AI bot or something,” said Michael Whitman of Millennium Planning Group. “Once that is established and out of the way, we can usually move forward in a mostly virtual way.” 
• Many clients, particularly retirees and those nearing retirement, want at least one initial in-person meeting as part of their due diligence, said Edward Mahaffy of ClientFirst Wealth. Then, clients tend to be fine with Zoom calls every quarter. “Afterward, getting together once a year or so, whether to meet or just grab lunch, is sufficient, as long as we continue to do an effective job of communicating throughout the year,” Mahaffy added. 

To Be Clear. Not all digital communications are equal. Survey respondents find digital communications ineffective when they receive a generic or automated message, have trouble reaching a human advisor or there’s a lack of clarity around next steps.