The Unique Advantages of a ProRRT℠-powered Online Meeting With Clients
DTC’s Professional RapidReview Tool℠ “ProRRT℠” now makes online meetings with client a competitively advantaged and more profitable preferred choice. Such meetings require no travel time for the advisor or the client, and the advisor can effectively meet with clients in any part of the country, not just within the advisor’s local area. The chance for more meetings, with more clients (over a much broader area), with less operational expense, can produce a broad range of beneficial effects, including greater client engagement and satisfaction, enhanced regulatory compliance, more advisory fee revenue, greater profit, and a potentially dramatic increase in firm valuation. To understand just how beneficial this could be for you, your firm, and your clients, please read on. The traditional in person approach to client meetings may soon become obsolete. The Covid pandemic made the shift to virtual / online meetings broadly accepted and much easier to conduct. Sharing screens with clients can save considerable time in producing and delivering hard copies of quarterly reviews and recommendations, and the meetings themselves can even be recorded for the benefit of the client and the potential the protection of the advisor. But is simply performing a pre-pandemic style, in-person meeting with a client online the optimal way forward? Is there a better way – a way that can also help to replace the “chemistry” that is lost when in-person meetings are replaced by online ones? The answer is now a compelling: “YES.” The ProRRT℠ facilitates a uniquely different online meeting – one never before experienced by clients. The ProRRT℠ enables advisors to review and comparatively evaluate the client’s mutual fund and ETF holdings online with the client not only watching it being done, in real time, but with the client also participating to the extent the client may wish to do so (especially in selecting and weighting the various performance metrics that best match the client’s needs, goals, and preferences. Sharing a screen to go over a typical, “static” quarterly review simply cannot compare to the client seeing the ProRRT℠ used to comparatively evaluate the performance of the client’s holdings, not just against a benchmark index, but also against all other potential investment choices within each relevant asset class. Here are some of the key advantages: • The client will get to witness the comparative analysis in real time – something the client will have never before seen and which was never before practically possible. • The client will have an opportunity for input regarding the performance factors selected and their respective weightings. • Mutual funds and ETF retention and replacement decisions can be made by a fully informed client, with the advisor’s assistance, from among all of the choices revealed in the scoring and ranking process. • The client is directly involved in the process, with full transparency, minimizing the possibility of claims against the advisor / RIA for “unsuitable” recommendations or other potential violations of fiduciary duty arising from (for example) undisclosed conflicts of interest. Importantly, use of the