Leveling up from a tech novice to tech savvy advisor

Technology plays a crucial role in enhancing one’s practice management and client service in the current financial advisory landscape. Catherine Chee FChFP, a 28-year MDRT member with two Court of Table (COT) qualifications, shares her upskilling journey from a technology novice to proficient user, offering valuable insights for fellow advisors. 

In her initial years as an advisor, the use of technology was far less prevalent. However, with the wave of rapid technological advancements in the last decade, her limited information technology (IT) knowledge made it challenging to keep pace with new tools that could help manage her growing practice more efficiently. Undeterred by this hurdle, she was determined to improve. "I took proactive steps to enhance my IT skills by learning progressively," she explains. "As a result, I've become more efficient in managing business operations and developed a valuable skill set that boosted my overall productivity." 

Today, technology has become integral to Chee's practice, particularly in facilitating non-face-to-face sales processes. "I regularly conduct Zoom meetings where I set up and connect with prospects, present product benefit illustrations and guide them through necessary documentation. I've had to become proficient in scanning, saving and emailing documents in PDF format for clients to e-sign, and then uploading these to headquarters for processing various requests like cash value withdrawals, claims, fund switches and premium top-ups," she shares. 

 

Developing IT competencies 

To acquire these essential skills, Chee sought help and dedicated time to practice. She shares her approach, "I approached my assistant and spouse, who were more knowledgeable in these areas. Understanding the importance of mastering these skills, I dedicated time to practice [on tasks in my own personal life and with my children]. This hands-on approach allowed me to become comfortable with the technology, ensuring I could confidently conduct sales presentations and client meetings virtually." She believed it was better to make mistakes and learn in a controlled environment than in front of clients. For example, she practiced conducting virtual meetings with family members to familiarize herself with the entire video conferencing process and features available to ensure that the virtual meetings with her clients could be executed seamlessly. 

The IT skills Chee has developed have significantly enhanced her practice's efficiency, productivity and overall client experience. "The ability to conduct virtual meetings and process documents online has streamlined operations, reduced the need for physical meetings, and sped up the sales cycle. Clients appreciate the convenience and professionalism of the process, which has helped build trust and satisfaction," she notes.  

This paid off significantly. In 2022 and 2023, she was able to achieve her Court of the Table qualifications by successfully closing 77 regular premium cases for Investment-linked insurance policies (ILP) from her existing client base of 1500 when the pandemic was at its peak. 

 

Actionable tips to hone your IT skills 

Drawing from her experience, Chee offers advice for fellow advisors looking to get more familiar and comfortable with leveraging digital tools: 

• Start with a clear plan: Identify the specific skills you need to develop—whether it is mastering virtual communication tools like Zoom, learning how to manage and organize digital documents, or becoming familiar with Customer Resource Management (CRM) systems—break down these skills into manageable steps and set aside regular time to practice them. 

• Embrace continuous improvement: The financial services profession is constantly rapidly evolving, and staying relevant means being open to learning and adapting. Do not be afraid to make mistakes—view them as learning opportunities. 

• Network and seek guidance: Networking with peers who have already mastered certain skills can be invaluable. Do not hesitate to ask for advice or tips from colleagues or mentors. Additionally, consider attending webinars, workshops, or online courses that focus on the technology and tools most relevant to your practice. 

• Start small and be patient: Technology can be intimidating at first, but with consistent effort, it becomes second nature. Practice in a low-stakes environment, such as with family or friends, before applying these skills to client interactions. 

• Stay organized: As you integrate new tools and technologies into your practice, ensure that your digital files and records are well-organized and easily accessible. This not only saves time but also enhances your professionalism when interacting with clients. 

• Balance technical and soft skills: Remember that upskilling is not just about acquiring technical skills. It is also about developing the soft skills that go hand-in-hand with technology, such as effective communication, empathy and the ability to explain complex concepts in a way that clients can easily understand. 

 

Cultivating an adaptive mindset 

Most importantly, Chee emphasizes the importance of an adaptive mindset and commitment to continuous learning. “Embrace the discomfort that comes with learning something new and view each challenge as an opportunity to grow. By staying open to change and continuously seeking to improve, you’ll not only overcome initial hurdles but also position yourself to take advantage of new opportunities as they arise,“ she notes. This mindset has been crucial in helping her remain relevant and successful in a rapidly changing financial market, even as she continues to grow older. 

She concludes by highlighting the long-term benefits of continuous learning, "One of the most powerful aspects of continuous learning is its ability to keep you ahead of the curve. The financial services profession is always evolving, and clients expect their advisors to be knowledgeable about the latest trends and tools. By committing to lifelong learning, you ensure that you can meet these expectations and provide the best possible service to your clients. Whether it's keeping up with regulatory changes, exploring new financial products, or mastering the latest technology, a dedication to learning will set you apart and drive your success." 

Chee's journey is particularly motivational given that she is not from a digital native generation. Despite this, she has successfully adapted to the technological demands of the modern financial services industry. Her ability to pick up new technological skills demonstrates that age is not a barrier to digital literacy and professional growth, and this adaptability has been paramount in maintaining her competitive edge in the field. 

 

Contact: MDRTeditorial@teamlewis.com