Best practices for virtual client meetings

Key takeaways:

• The financial industry has seen a shift towards virtual client interaction in recent years. 
• Virtual consultations or catch ups can help set you apart from your competition by saving you time, money, and helping you reach a broader client base. 
• Remote meetings can be improved by utilizing up-to-date technology and virtual meeting best practices.

11/20/2024 — Remote meetings have become essential in our increasingly virtual world. Video calls not only save time and resources but allow you to connect with clients from anywhere in the world. Whether you're conducting a virtual consultation, discussing investment strategies, or simply catching up, mastering the art of remote meetings can set you apart from the competition. 

The rise of remote meetings in finance

It’s no surprise that the financial industry has seen a significant shift towards virtual client engagement in recent years, driven by advancements in technology, increased globalization, and the need for more flexible work arrangements following the COVID-19 pandemic. According to a survey by SmartAsset, prior to the pandemic, less than 8% of financial advisors had a client base that was at least 50% remote. Now, as of 2023, roughly a third of advisors are communicating with the majority of their clients exclusively virtually.¹ Remote meetings offer numerous benefits, like saving you money on travel, improving time management, and reaching a broader client base.

For financial professionals, staying ahead of the curve in this rapidly evolving digital landscape means understanding and implementing the best practices of virtual meetings. By doing so, you can enhance client satisfaction, foster trust, and ultimately drive business growth.

Tips for effective meeting preparation

Preparation is key to running successful remote meetings. Ensuring that all aspects of the meeting are well-organized will not only boost your confidence, but also demonstrate professionalism to your clients. Here are some essential tips for getting started:

1. Set a clear agenda
   Having a well-defined agenda helps keep the meeting focused and ensures that all critical points are covered. Share the agenda with your clients in advance so they know what to expect and can prepare any questions or concerns they may have.
   
   
2. Test your technology
   Before the meeting, make sure your internet connection, video conferencing software, and any other necessary tools are functioning properly. Conduct a test run with a colleague to identify any potential issues and address them beforehand.
   
   
3. Choose the right environment
   Select a quiet, well-lit space for your virtual meeting. Ensure your background is neat and professional, as this sets the tone for the conversation and helps maintain your clients' focus.
   
   
4. Select the best tools for virtual client engagement
   To ensure smooth and efficient remote meetings, it's crucial to choose the right tools. You’ll probably want tech that offers features like screen sharing, breakout rooms, and chat functions. You’ll also want to make sure your video and audio are clear.

Best practices for virtual meetings

There are 3 things to remember to improve the virtual experience for both you and your clients: 

• Maintain eye contact
• Practice active listening
• Keep it interactive

What are the benefits of virtual client meetings? 

Prioritizing virtual meetings can help you save time and money and give you the opportunity to work with clients outside your local area. Savings made by removing travel can be reinvested into other areas of your business or passed on to clients as added value. The flexibility of scheduling meetings online also allows you to accommodate clients' schedules and time zones, leading to greater satisfaction and stronger relationships. And virtual meetings enable you to connect with clients globally, opening up new markets and opportunities for growth. For many financial professionals, virtual meetings just make sense. 

What are the potential challenges of virtual client meetings?

While remote meetings can offer lots of benefits, they also come with their own set of challenges. Technical glitches can disrupt the flow of a meeting and potentially leave a negative impression, depending on the client. Building rapport in a virtual setting, compared to face-to-face, can also be challenging. Remote meetings can also be susceptible to interruptions from external factors like phone calls, emails, or background noise. Although interruptions are not unique to virtual meetings— who hasn’t accidentally had a cellphone ring during an event? —creating a distraction-free environment can help you maintain focus during meetings.

The future of remote meetings in the industry

As technology continues to evolve, remote meetings will likely play an even greater role in the financial industry—so it’s in your best interest to stay informed! AI and automation, as well as virtual or augmented reality will likely continue to be players in the digital space, so keep your eye on these technologies and how they may affect your business. Remember, preparation and adaptability are key to navigating remote meetings with clients.