the well-th report
tech talk
Digital Connections in the COVID-19 Era
“Social distance” has been an unfortunate theme of the past year.
As the rapid spread of COVID-19 has made in-person meetings suddenly unsafe, we’ve all been forced to keep our collective distance. The need and desire to connect, however, has never been stronger. Fortunately, technology has been instrumental in helping to unite people, both personally and professionally.
COVID-19 Spurs a Boost in Digital Giving
One bright spot amid the darkness of the past year has been a nationwide increase in philanthropy. In the wake of the pandemic, a quarter of donors planned to increase their donations — and many of these gifts were made digitally.
According to Double the Donation, online donations increased by 23% over the past year, and the number of transactions completed on mobile devices increased by 50%. The ease and availability of digital platforms allowed donors to continue to give, even despite challenges.
Across our geographically diverse Hightower community, we successfully raised $100,000 for those experiencing food insecurity throughout the country by using the crowdfunding website GoFundMe.
That’s the true benefit of technology: enabling continuity and, in some instances, revealing new opportunities for enhanced connectivity.
Using Technology to Communicate
Over the past year, even the most entrenched Luddite has become familiar with communication tools such as Zoom and FaceTime, which have united families and colleagues alike. With some creativity, financial advisors can use personal technologies to forge a deeper relationship with clients.
For example, Rick Nott, a senior wealth advisor at Los Angeles-based LourdMurray, has been using a digital camera in client meetings. That camera was originally a gift from his family in celebration of the birth of his first child.
“My family pitched in [when my son was born] and bought me the camera so I could document everything,” says Rick. “Then I went crazy with the lenses. I thought it would be a great idea to use it, and now I use it both for family communication and client communication on Zoom and webinars.”
The heightened quality of the camera has added a distinct element of professionalism to Rick’s meetings.
“Any time I use that camera, it’s something people mention,” says Rick. “In our industry, the way you present in a meeting is so important. [The technology] has added a layer of credibility in a world where you can’t see people face-to-face.”
And paradoxically, technology that simulates in-person encounters has actually enhanced Rick’s relationships with some of his clients. “Before COVID, most of our meetings were in-person,” he explains. “Some of my clients were brought in by partners. I’ve been their primary person for a year or so but have never met them.” Rick now connects with them via his video technology rather than via phone or email — and that more personal interaction has drawn them closer.
“I’ve actually developed deeper relationships now because of technology,” he says.
DID YOU KNOW?
In December 2019, Zoom saw 10 million participants per day using the video conferencing platform but by April 2020, it shot up to an average of 300 million participants per day.
Source
Rethinking Client Engagement
Kristen Lucas, CMO of Fairport Wealth, has realized similar benefits by leveraging technology to engage her firm’s client base.
Each year, Cleveland-based Fairport hosts a client appreciation event. In typical years, a group of constituents gather at a large venue, such as the Rock and Roll Hall of Fame. This year, Kristen and her team knew they would be unable to have an in-person event, so they turned to technology to find a different way to bring people together.
“Music is a great start,” says Kristen. “We work with a lot of different generations, and music is a great way to connect.” She decided to host a holiday music concert and livestream it via YouTube.
“Each year we pick a nonprofit to support,” explains Kristen. “This year, we didn’t get to do a lot of the hands-on volunteer work we normally do, but we decided to give additional dollars to our community beacon for everyone attending the concert. We ended up raising an extra $5,000 for charity.”
Kristen hired professionals to optimize the quality of the livestream, so the event went as smoothly as possible. By creatively using technology, she and her team were able to devise a well-received program that demonstrated the firm’s commitment to philanthropy and underscored its gratitude for clients.
And one more silver lining? “We were able to engage clients from all over the country,” says Kristen. “Our clients aren’t just based in Cleveland. We may do a similar event in the future, even when things are back to normal.”
Get Creative and Get Connected
We’ve all found ourselves in a strange “new normal.” Thankfully, technology has the ability to help us navigate these times. With a little creativity and the help of technology tools and platforms, we can stay just as connected as we once were — and perhaps even enhance our engagement and deepen relationships in the coming months and years.
