With the emergence of the coronavirus pandemic and lockdown, we are faced with a challenge surrounding how we conduct business traditionally as we are not able to meet in person. Although there are many industries that thrive in this space, it’s normal procedure for an IFA/Investment professional to meet face to face with their clients and discuss their portfolios and investment decisions especially where meeting new clients is concerned to build a relationship.
The lockdown has brought the reality which makes that traditional way of doing business impossible for now anyway. Will the lockdown be lifted? I hope so. Will this happen again? Who knows but it’s happening now and in truth we cannot predict the frequency at which these types of events might happen in the future.
What we are seeing is that countries all over the world are closing boarders and restricting travel with some indicating that these measures or a version of these measures are likely to be in place for the next two years.
What does that mean for the way we do business? According to Gideon Lichfield of the MIT Technology review, recent events mean that it will be very difficult to go back to life the way it was before, with social distancing looking to be a continuing initiative and changing the way we do business for the foreseeable future.
How does that affect me/you/us? It means that we move away from the sit down face to face meetings and hold video conferencing as the norm in a virtual real world capacity. It means that investments are done online with digital signatures and via verbal handshakes as opposed to physical ones.
With a number of different forecasts doing the rounds, one thing we can be certain of, is that the future is uncertain, and in these turbulent times, we need adopt flexible approach and embrace change or run the risk if being left behind. The virtual and social distancing age is a predicted outcome and future reality.
Although things may eventually go back to normal, we have to accept that this type of disruption which damages markets and investors portfolios could happen again.
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