EY in its recent research report ‘2019 EY Global Wealth Management Research Report’ shared that globally, investors are more likely to seek financial advice during major life events like marriage, job change, having a child and retiring. It is also the time they may consider switching their advisors if they see value elsewhere.
One way that advisors can identify these changes is through social media. Clients often leave breadcrumbs on social media when they are anticipating major life changes. Proactive advisors can use this information to identify the changes and engage with their clients better.
We spoke to a few advisors to understand how they proactively engage with clients during major changes in the lives of their clients.
Saurabh Bajaj, Nidhi Investments, Mumbai
He regularly tracks different social media platforms like LinkedIn, Facebook and Twitter to keep track of major life changes of his clients. As soon as he sees any engagement postings or maternity photo shoots, he connects with these clients. When a client is getting married, he has a joint discussion with both the partners. By understanding their income, likely expenses and goals, he makes necessary changes to his client’s financial plan. He also counsels his client about the responsibilities, which come with marriage. If his client is expecting a baby soon, he advises the couple on starting an investment kitty for their child.
Initiating these discussions a few months prior to the event allows Saurabh and his clients time to make changes to their monthly budget as well as their long-term financial plans.
Abhenav Khettry, Vyana Wealth, Kolkata
Along with social media, Abhenav also stays updated about any major transitions in his client’s lives through their common social circle. According to him, social media posts can be misleading. People only post their happy moments on social media. However, clients also need handholding in difficult times like divorce, family separation.
Social media provides him with timely updates on his client’s upcoming nuptials, childbirth. He uses these occasions to review his client’s financial plan.
Another situation when social media posts come in handy is when clients move abroad for work or education. Before the move, Abhenav helps the client sort through his bank accounts and investments to decide which ones to keep and which ones to close. He also ensures that all his investments can be accessed online.
However, when it comes to difficult family situations like divorce, separation, Abhenav has realised that staying in touch with his clients ensures that they confide in him. As these events have significant financial implications, he tries to work along with family members and lawyers to try to find best outcome for all parties.
By being proactive, these advisors equip their clients to handle major life changes better.
