As the Canadian economic recovery gets underway, it’s not just clients who are looking at making changes – advisors are too.

When the pandemic began and there was a lot of market volatility, some advisors hesitated to put more money into growing their own business. But now that things have turned around for the better (at least for the time being) it’s time to get back into the swing of things, said Stephanie Holmes-Winton of Halifax-based CacheFlo.

Harnessing social media 

Advisors will find it much easier to prospect now, especially for those adept at using technology and social media, said Michael Aziz, chief distribution officer and co-president of Canada Protection Plan, a Foresters Financial company. 

“I’m being hit by social media – whether it’s on LinkedIn or Facebook or Instagram. I’m seeing a lot more information advertising from advisors and it’s not necessarily just the big firms. I’m seeing independent advisors leverage that.” 

While it’s not known yet whether these social media-minded advisors are getting more clients they are getting recognition and having their names in front of potential clients, said Aziz. 

In the past, advisors may have made an insurance sale but then didn’t reach out to that person for a number of years. But by leveraging social media, they are now in the advisor’s network, sharing successes and ideas “and they want to be part of that.” 

Aziz also recommended that many advisors can do just as well with Zoom or phone meetings as they can going to clients’ homes, working up estimates and then going back to get client signatures. 

Insufficient insurance coverage 

Aziz said one in five Canadians has insufficient insurance coverage, sometimes because they don’t have the right understanding of how insurance works. Some mistake the word “insurance” for health coverage at work or don’t realize that when they leave a company or retire that this insurance may not go with them. 

And when they do get a true understanding of what insurance does they immediately think it’s too expensive or that they can’t get coverage if they have a health condition, he said. 

While the high net worth market has access to many resources, the average Canadian family requires additional life insurance support, said Aziz. 

Aziz also said advisors should find something personal or specific that will attract clients. Canada Protection Plan, as part of Forester’s Financial, has a number of “purpose-driven” programs. 

“We have to make sure we can continue evolving our offer and improving.” - Michael Aziz

One such program, called Foresters Cares, allows advisors to apply for a $200 grant to support a cause. Aziz received such a grant and bought some dog beds and toys that will be donated to a dog shelter. “This is a way you can leverage that technology to let them know the good things that you’re doing and how they can also participate in this giving environment.” 

Any way you look at it, advisors need to do more to connect and kept clients.

“Advisors are going to have to step up their game in terms of supporting activities and supporting both the consumer and the advisor,” said Aziz. “We have to make sure we can continue evolving our offer and improving.”