PARTING SHOT

You ’ ll need a little of both in the future to connect with clients .

The choice of in-person or digital experience is not necessary . The blending of the two is what matters .

URING THE COVID-19 PANDEMIC , ADVISORS AND CLIents discovered the efficiency of online video meetings . Many advisors now insist there is no reason to return to in-person meetings . The attitude of most advisors is that everything can now be done online , and clients don ’ t want or need to come in . Perhaps . For years , doomsayers have been predicting the end of the brick-and-mortar retail industry , a casualty of e-commerce and online shopping . Yet despite predictions of a “ retail apocalypse ,” consumers are indeed flocking back to physical stores while they also keep using digital tools .

Why ? Because in most cases , digital is about delivering efficiencies , while personal service commands premiums .

The same lesson applies to financial advice . The choice of in-person or digital experience is not necessary . The blending of the two is what matters . So let ’ s get “ phygital .”

On the one hand , digital tools provide efficiency , but they are no substitute for the human touch that builds trust and loyalty . Retailers , restaurants , car dealers and real estate brokers have discovered the power of blending digital convenience with physical , in-person connection — a strategy that financial advisors must also adopt for operational efficiency and to keep up with the experience-driven expectations that clients enjoy nearly everywhere else .

Today , with AI and other digital tools enabling deeper client insights and seamless interactions , advisors can create a balanced , high-touch experience that integrates digital convenience with personal connection .

Financial advisors can take a cue from retailers by rethinking how they engage with clients . For example , advisors may want to do the following :

• Use virtual tools for transactional updates and document sharing ;

• Reserve in-person meetings for pivotal moments like life transitions , major financial decisions and meetings with adult children ; and

• Create hybrid client events that combine the accessibility of online webi-

nars with the impact of live Q & A and networking .

Adopting such practices not only delivers an efficient experience but also saves the advisor and their office time , expanding channel capacity to accommodate more personal interaction with clients .

The Retail Rebound : Why Personal Matters

According to the Financial Times , open-air shopping centers are experiencing their lowest vacancy rates since 2006 . Discount chains like Burlington Stores , Ross Stores and T . J . Maxx have added hundreds of new locations , while retail giants like Walmart plan significant expansions . This is happening not because e-commerce has waned but because it has plateaued in areas where human connection and physical interaction offer distinct advantages .

The trend highlights an important insight : Personal experiences are irreplaceable for many consumers . People value the ability to touch , see , and experience products in person . They also value the social connection and sense of community that in-person shopping provides . continued on page 58

60 | FINANCIAL ADVISOR MAGAZINE | JANUARY / FEBRUARY 2025 WWW . FA-MAG . COM