Continuing ed in a socially distanced world

The COVID-19 pandemic has impacted many forms of communication, including professional development. In the age of social distancing, most of the opportunities that were traditionally face-to-face have gone all-digital. When we think about networking, personal development, seminars, and growth, we now also think of Zoom, WebEx, and Google Hangouts. “Being forced to adapt, we've all now seen how there are many ways to accomplish a goal," says Judith Lu, CEO and founder of Los Angeles-based Blue Zone Wealth Advisors. “Not being able to travel hasn't stopped us from continuing our training programs. The format has simply evolved."

Like most advisors, Lu is seeing a lot of opportunities coming her way. “Virtual training and online personal development opportunities are being heavily marketed to advisors, so you really don't need to find them. They find you," she says.

There may be more free or low-cost opportunities than ever, but deciding which ones are worth your advisors' time is still essential.

The benefits of virtual

While virtual learning opportunities don't have quite the same energy as in-person ones, there is a new level of accessibility. Traditional restrictions—like long flights or scheduling conflicts—don't matter as much anymore. “Not being restricted by geography and logistics can improve the probability of being able to hear a particular sought-after speaker," says Lu.

Plus, as major conferences assume virtual formats, advisors can access presentations, classes, or speakers on their own schedule. “They can be recorded and played when convenient, resulting in greater numbers of attendees and truly global reach," says Lu. She also notes that the quality of the speakers who are being booked at many events seems to have improved. “The increased flexibility of virtual education opportunities makes them more widely accessible."

The breadth of available digital education allows advisors to customize their experience. Which means the days of everyone attending the same conferences and learning the same things are gone. “Each member of our team has a slightly different goal and focus when it comes to personal development," says Lu. “As a team, we value giving each person the chance to thrive, continuously learn, and innovate, both as an individual and as a part of the collective team."

Decoding conference types and experiences

Attendance at many virtual conferences has increased markedly from in-person events. In cases where conferences have been cancelled or postponed, advisors are leaning in to whatever alternatives are offered. The Association of International Certified Professional Accountants, for example, postponed its in-person meeting for 2020, but its webinars had 80,000 views in April—compared with 6,500 views last year.²

There are many ways to communicate via all-digital channels, but learning the differentiating factors can help you decide what's valuable:

• Virtual conferences: These are, like their in-person counterparts, multi-day events with breakout sessions and networking opportunities. The 2020 Fall Conference from the National Association of Personal Financial Advisors, for example, has three days of all the same events you might see at a live conference: live chats, conversation circles, workshops, and keynote speakers.
• Livestreams: These are sometimes referred to as broadcasts, where you can access a video feed of a speaker in real-time and, in some cases, ask questions. Many are recorded and available for replay. Generally, livestreams are available without registration.
• Webinars: These are similar to livestreams, but they typically require up-front registration or fees. They also often have video presentations or additional interactive elements, including live chats or even break-out rooms.
• Networking events: These are usually invitation-only and you can connect via video conferencing software. Guests are often introduced to one another ahead of the call via email so that conversations can be more comfortable.

Lasting benefits for advisors

Digital conference planners are also working hard to advance advisors' knowledge of new communication tools, which will directly benefit client interactions. “I believe the pandemic has actually provided more opportunity for increased and continuous conversation with clients, other advisors, and centers of influence," says Lu.

In cases where advisors might meet in their office with clients once or twice a year for check-ins, the digital models of communication allow for more frequent touchpoints. Lu says the quality of client communications has improved overall. “I would go as far as to say that people are even more likely now to pick up the phone and have a personal conversation, whereas they would have simply sent an email before."

The all-digital skills that are necessary today will benefit all advisors as the world continues to change. “At the end of the day, the ability to impactfully connect with others through video conferencing or phone may just become the most vital skill of a successful advisor in a post-COVID world," says Lu.

For more tips on working with clients during, the pandemic and beyond, read Client communication post-COVID-19 crisis.

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Content provided is for educational purposes only and is not intended to be advice for any firm.

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