Independent Banker - March 2023 - 24

PORTFOLIO
L-R: Coastal
Heritage Bank
staff Pat Driscoll,
Sondra Krieg, Lisa
Levy, Janet Joyce,
Diane Calabro and
Scott Ambroceo
FOCUS RETAIL BANKING
The rise of virtual
advisor services
Spurred by social distancing and shutdowns during the pandemic, many
community banks turned to virtual financial advisory services, and these
new practices are expected to stick around. By Katie Kuehner-Hebert
he pandemic shutdowns
expedited community banks'
digital transformation journeys-
including the adoption of virtual
financial advisory services. More
and more community banks offering
wealth management now provide
these services, not as a substitute
T
for in-person meetings, but rather as
a supplement.
They are following a trend across
the wealth management sector. While
most financial advisors still prefer
in-person meetings with clients, a
2021 survey by SmartAsset Advisors
LLC found that the pandemic spurred
most to offer video calls, and more
than a third said they expected
to continue the practice postpandemic,
in addition to sending
emails and texts to clients.
By offering virtual advisory
services, community banks have the
potential to significantly reduce the
amount of time required from, and
friction for, customers, says Ashish
Garg, cofounder and CEO of Eltropy
Inc. in Milpitas, Calif., a fintech that
provides a digital communications
platform for community
financial institutions.
" Traditionally, customers
preferred going to a branch for
financial advisory services, because
they were discussing large sums
of money, " Garg says. " With the
rise of virtual and video banking
technologies, however, customers
still have the reassurance of talking
24 // ICBA Independent Banker // March 2023
Photo: Mike Ritter

Independent Banker - March 2023

Table of Contents for the Digital Edition of Independent Banker - March 2023

Table of Contents
Independent Banker - March 2023 - Intro
Independent Banker - March 2023 - Cover1
Independent Banker - March 2023 - Cover2
Independent Banker - March 2023 - Table of Contents
Independent Banker - March 2023 - 2
Independent Banker - March 2023 - 3
Independent Banker - March 2023 - 4
Independent Banker - March 2023 - 5
Independent Banker - March 2023 - 6
Independent Banker - March 2023 - 7
Independent Banker - March 2023 - 8
Independent Banker - March 2023 - 9
Independent Banker - March 2023 - 10
Independent Banker - March 2023 - 11
Independent Banker - March 2023 - 12
Independent Banker - March 2023 - 13
Independent Banker - March 2023 - 14
Independent Banker - March 2023 - 15
Independent Banker - March 2023 - 16
Independent Banker - March 2023 - 17
Independent Banker - March 2023 - 18
Independent Banker - March 2023 - 19
Independent Banker - March 2023 - 20
Independent Banker - March 2023 - 21
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Independent Banker - March 2023 - 24
Independent Banker - March 2023 - 25
Independent Banker - March 2023 - 26
Independent Banker - March 2023 - 27
Independent Banker - March 2023 - 28
Independent Banker - March 2023 - 29
Independent Banker - March 2023 - 30
Independent Banker - March 2023 - 31
Independent Banker - March 2023 - 32
Independent Banker - March 2023 - 33
Independent Banker - March 2023 - 34
Independent Banker - March 2023 - 35
Independent Banker - March 2023 - 36
Independent Banker - March 2023 - 37
Independent Banker - March 2023 - 38
Independent Banker - March 2023 - 39
Independent Banker - March 2023 - 40
Independent Banker - March 2023 - 41
Independent Banker - March 2023 - 42
Independent Banker - March 2023 - 43
Independent Banker - March 2023 - 44
Independent Banker - March 2023 - 45
Independent Banker - March 2023 - 46
Independent Banker - March 2023 - 47
Independent Banker - March 2023 - 48
Independent Banker - March 2023 - 49
Independent Banker - March 2023 - 50
Independent Banker - March 2023 - 51
Independent Banker - March 2023 - 52
Independent Banker - March 2023 - 53
Independent Banker - March 2023 - 54
Independent Banker - March 2023 - 55
Independent Banker - March 2023 - 56
Independent Banker - March 2023 - 57
Independent Banker - March 2023 - 58
Independent Banker - March 2023 - 59
Independent Banker - March 2023 - 60
Independent Banker - March 2023 - 61
Independent Banker - March 2023 - 62
Independent Banker - March 2023 - 63
Independent Banker - March 2023 - 64
Independent Banker - March 2023 - 65
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Independent Banker - March 2023 - 67
Independent Banker - March 2023 - 68
Independent Banker - March 2023 - 69
Independent Banker - March 2023 - 70
Independent Banker - March 2023 - 71
Independent Banker - March 2023 - 72
Independent Banker - March 2023 - 73
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Independent Banker - March 2023 - 78
Independent Banker - March 2023 - 79
Independent Banker - March 2023 - 80
Independent Banker - March 2023 - Cover3
Independent Banker - March 2023 - Cover4
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