The pandemic brought with it a load of problems from health risks to economic changes. It became the survival of the fittest. The fittest in business adopted faster to the ‘new,’ virtual way of conducting daily transactions.
Even in the financial planning and advisory industry, it was essential for planners and advisors to work online. The key to the success of the virtual business place was the use of video conferencing tools. Virtual meetings with Zoom and the likes became the new normal.
These tools have lots of benefits. It allows financial advisors to connect with their clients in a more relaxed and comfortable environment. Virtual meetings give access to nervous clients and let you and your clients pick the time and way they want the meeting.
There are also challenges to these virtual meetings. ‘Zoom Fatigue’ has become a real issue to discuss. Advisors need to turn off notifications and other devices to focus solely on the meeting for efficiency. This solution can, however, lead to reduced accuracy in note-taking.
Note-Taking in Advisor-Client Meetings
According to a 1999 study, people talk at an average speed of about 120-180 words per minute, but the note-taking students could only type at 33 words per minute and use long-hand at 22 words per minute. In addition to typing, the advisors might also have to direct the meeting and ask questions.
Considering that most financial advisors are just getting video conferencing, it becomes hard to keep accurate records. Lack of accurate records leads to a break in communication as clients might feel that all their inputs are not acknowledged. Communication lapse, inability to accurately follow up and loss of complete trust and transparency can result from this fundamental issue.
As transparency is an essential part of the client-advisor relationship, there is a need to boost the transparency video meetings provide. Marsview noticed this gap and invented Marsview to aid financial advisors’ relationships with their clients.
How does Marsview carry out this aim, though? In fact, why is transparency so important?
Why is Transparency Essential in Advisor-Client Relationships?
Nike Holeman, a certified financial planning expert at Betterment, explains that transparency is essential for trust. Trust is the backbone of a client-advisor relationship, which is ideally supposed to last a lifetime.
Trust is the reason why a client will recommend you to other people. It is also the reason why your clients will stick to you for a long time, leaving their investment in your capable hands. The presence of trust also means your clients can turn the same trust towards you, allowing you to direct their finances with minimal supervision.
However, without transparency, you cannot build trust. Transparency requires that you keep all cards on the table. This provision includes the fact that clients need to know everything said at meetings. However, you have seen that with the present trend of virtual meetings, accurate note-taking can be quite tricky.
It is at this point that Marsview comes to the rescue.
How Marsview Aids Transparency in Advisor-Client Relationships?
Marsview makes use of artificial intelligence to take detailed notes with comprehensive insights into the actions, decisions, and questions. The software can be automatically added to your video conferencing software to write the notes of live and pre-recorded meetings.
After the meeting, the hosts get all the notes to digest format that can be distributed. Your clients can also add comments to the notes made before a final copy is sent to them.
With this artificial intelligence technology, financial advisors no longer have to worry about taking meeting notes. You can concentrate on other non-verbal cues, overcome distractions, and enhance your clients’ trust in you by providing all details of decisions made.
Marsview allows you to listen more to your client. You are never in the dark concerning the needs of your clients. According to Mike Costa, VP. Fiduciary Trust, Boston, “Good communication requires more listening than talking from advisors,” and proper communication is the bedrock of transparency and trust.