In this episode of ThimbleberryU, Jag and Amy delve into the benefits and functionality of virtual financial advising, a model that Thimbleberry Financial has embraced fully. Amy explains how their transition to a 100% virtual advisory model was initially born out of necessity during the COVID-19 pandemic but has since proven to be a more efficient and effective way to serve clients. Catering to their tech-savvy and healthcare-focused clientele, this approach has saved time and made financial planning more accessible.
Amy highlights the seamless integration of technology into their services. Through secure platforms like Microsoft Teams, they maintain interactive sessions where screen sharing and real-time guidance ensure clients remain engaged and understand every aspect of their financial plans. This virtual method also allows for greater flexibility, enabling clients to meet from home, work, or even while traveling within the U.S.
Despite initial misconceptions, Amy dispels the myth that virtual advising is less personal. She emphasizes that trust, communication, and understanding—not physical proximity—build connection. Clients still receive the same personalized care and attention, from initial consultations to ongoing check-ins. The virtual format even enhances convenience, as meetings can adapt to clients’ schedules without the burden of commuting.
Amy recounts how the virtual model benefits clients, particularly busy professionals, who appreciate the efficiency of hopping into meetings without interrupting their day. She also notes the technology’s role in maintaining client relationships even when they relocate, a challenge in pre-pandemic times.
For anyone hesitant about the virtual format, Amy assures listeners that technology simplifies the process without sacrificing the personal touch. Thimbleberry Financial’s approach is designed to integrate seamlessly into clients’ lives, helping them achieve their financial goals confidently and efficiently.
ThimbleberryU 130- The Thimbleberry Virtual Experience
Speakers: Amy Walls & Jon Gay
[Music Playing]
Jon Gay (00:07):
Welcome back to ThimbleberryU. I'm Jon Jag Gay. Amy Walls of Thimbleberry Financial joins me, virtually, today. Hello Amy.
Amy Walls (00:14):
Hi, Jag.
Jon Gay (00:15):
And I make that joke because today's episode is all about how you work with clients 100% virtually. Like me, you are a 100% virtual business. Right?
Amy Walls (00:24):
We absolutely are, Jag.
Jon Gay (00:26):
Amy, virtual advising is becoming more popular, not surprising given where we were in 2020 and since, but it's still new to a lot of people. Can you tell us why you chose to go with this approach at Thimbleberry?
Amy Walls (00:36):
Jag, it's interesting because it was something I never thought was possible before 2020 and COVID. In fact, we got a five-year lease on a new office space, and had it built out and that lease started in February 2020.
So, this was very unexpected for us. I'd love to say that we planned for it. And instead we found we were very successful and it really served our clients. And so, we took a leap.
But why we chose this approach is really that we adjusted to working virtually during the pandemic. It worked for our clients being primarily in tech and healthcare. During that time in healthcare, healthcare providers were switching to things being virtual for the most part.
They were also extremely busy. So, jumping on a virtual meeting made their lives easier. And for our tech clients, that's how they were used to working for the most part anyway. So, it saved everybody time and energy. And as we came out of the pandemic, most of our clients wanted to stick with that.
We adopted our systems and processes, which we've discussed in our many, many episodes-
Jon Gay (01:52):
That you're a systems and process person. Yes.
Amy Walls (01:54):
Yes. To work virtually. And I think it just created a really seamless way for us to work with clients and serve them very well. So, really, it's allowed us to meet clients where they're at literally and figuratively. And technology really helps us deliver, I think, the same expertise and personal connection without the need and the time involved in in-person meetings.
Jon Gay (02:24):
Right. And this is an audio podcast, but let's paint a picture here. We're going to help our listeners visualize this. Because I think there is a stereotype about meeting with financial planners, financial advisors, where they're going to go into the office and everybody's going to be in a suit and you're going to have some art on the wall, or diplomas and everything. What does working with a virtual financial advisor actually look like, Amy?
Amy Walls (02:46):
Well first of all, we are more casual. That does not mean we are typically in T-shirts and such, but we're going to be dressed professionally. But it is unlikely that you're going to find someone on our team in a suit.
We're all working remotely from home using secure video platforms. We try to make our sessions as interactive as possible- whether that's just conversation or screen sharing, whether that's me as an advisor, sharing a screen or having you as the client share your screen to ensure we're talking about the same thing.
I think that's something that comes up a lot with virtual work is, well, “How do we know we're going to be talking about the same thing? I often shared the screen in person in a meeting. I think I do it more now and can actually see what the client's doing, can walk someone through it rather than demonstrating something for them to go home and do.
Jon Gay (03:43):
That's such a good point. And I think too that sometimes the subject matter can be overwhelming for folks, and I think that they might have that “eyes glaze over” kind of moment. And by keeping it interactive, you're keeping them engaged in the conversation and making sure they're with you every step of the way because I think there's that temptation to just smile and nod.
But I know you do a very good job- and having worked with you from several years with on the podcast- working with your clients to make sure they understand every step along the way.
Amy Walls (04:08):
I think we get a better sense of that because we may be demonstrating, we may be watching and leading while they do so that they're hands on. It's about what's going to work best for them.
And the other thing about working virtually that I think sometimes is a question for people is there's no fancy technology needed. It's a simple internet connection with access to Microsoft Teams. That's the platform we use which is easy and free to download, and preferably a camera.
Jon Gay (04:41):
It may not be face-to-face, but having a little bit of face-to-face certainly helps.
Amy Walls (04:45):
I think that the camera is really helpful because it helps with body language. Communication involves body language. It's not just words. And so, if I see an expression of confusion, I can call it out and say, “Well, something that we're talking about may not be making sense. Let's work through this.”
Jon Gay (05:03):
I mean, in full disclosure, even though this is an audio podcast, you and I are on video seeing each other's faces as we have these conversations. So, if I look confused by something, you know to say, “Okay Jag, let me back up and explain that a little bit more.” So, your point is certainly well taken, and from firsthand experience!
Well, let's go back to the process overall. And we've talked about the specifics, but let's zoom back out. How does it all work from the first meeting to the ongoing planning?
Amy Walls (05:28):
An initial meeting, we're on camera with each other. We're starting with a conversation about goals, challenges and priorities, same as we'd have in an office. No pressure and it's just a chance to see if we're a right fit.
So, I don't think anything changes in that meeting from being in an office because it just simply avoids the drive. Then when someone becomes a client, that goes to onboarding. And so, we have simple and secure document sharing to help people get started.
We have one way, through that document sharing, that we accept documents from clients and that is so that we can consistently process them. And more importantly than the consistent processing, which is important, is for client security.
We have clients put all their documents into one place. We know they're there; we know they're safe and then we can take them and process them versus hey, let's email a document here, email a document there. It's just not secure. And depending on what team member got it, that's hard to ensure we're providing good service.
Jon Gay (06:35):
The security aspect of it goes without saying how important that is, but also having those methodologies and processes. As a small business owner myself, one of the things I'm working on in 2025 is documentation and processes. I know it's going to make my life a lot easier if everything's consistent.
Amy Walls (06:49):
Yeah. And Jag it does. One of the things that sometimes clients may not recognize initially is that part of keeping one client secure by using the portal helps keep all of our clients secure. That's why we have a standard there.
And then through the onboarding, if there are questions, because with the tools we use, clients can link their accounts. If they need help with that, guess what? We've got someone on the team that can jump on a virtual meeting and walk the client with the client doing through linking those accounts or uploading the documents.
Most clients find it pretty intuitive, but sometimes people have some questions and so we can walk you right through that.
Then when it comes to the ongoing relationship, it's regular virtual check-ins and updates. We preschedule those. So, it is like going to your dentist just as a financial advisor and hopefully we're less scary…
Jon Gay (07:47):
And less painful. We can only hope. (Laughter)
Amy Walls (07:50):
Yes. They just happen over this computer screen and then of course clients reach out when they have questions, or we may reach out. And this is what I find interesting with our screen sharing is more and more if there's a quick question that a screen sharing would be helpful for, oh you're available right now. I may be on the phone with a client, you're in front of a computer, great. I'm sending you a link to a meeting right now, let's launch this and we'll just walk through it together very quickly.
Jon Gay (08:20):
That’s efficient.
Amy Walls (08:21):
And we move on.
Jon Gay (08:23):
Absolutely.
I want to address this misnomer, Amy, or this misconception. Some people might think that virtual advising is less personal. How do you ensure clients are going to still feel connected to you in addition to everything you've already kind of walked through so far?
Amy Walls (08:36):
Jag, I'm so glad you brought this topic up- so personal. I think a lot of times people do think okay, I need to be face to face, and I do miss clients’ hugs, because when we were in the office, rarely was it shaking hands, it was hugs.
And still sometimes I see a client somewhere, I love getting those hugs and giving those hugs. But what that's really about, it's not about personal, it's about connection. And connection is built through trust, communication and understanding, not physical proximity.
Jon Gay (09:09):
I like that.
Amy Walls (09:10):
So, how do we make it personal? We adjust the topic to what's going on. If we go into a meeting and a client learned 15 minutes before that they've been laid off, we're talking about something different. If they learn that right before driving to the office, they're going to be a little frantic, we're going to have things planned, it's much harder to pivot.
Jon Gay (09:33):
I see. Okay.
Amy Walls (09:34):
The other thing is, let's say because we pre-plan our meetings and we've planned for an hour meeting and we get through everything because there's not a lot going on and we get through it in 15 minutes once we're actually in the meeting. We can chit chat, have the fun conversation if we feel like it or everyone can get right back to their busy lives. There was no need to drive in for a meeting that didn't have a lot of meat to it. And so, everybody saves.
Jon Gay (10:04):
The old cliche is, “This meeting should have been an email.” In that case, this meeting can easily be a Teams call.
Amy Walls (10:09):
Exactly. We're looking for ways to make sure, like you said, if it can be an email, let's do it via email. We want our conversations to be meaningful. We want those interactions to be meaningful. And so, I think technology actually enhances that experience through our screen sharing the ways we can help easier and because we're so used to it and because clients adjust to it.
Jon Gay (10:35):
Alright. Amy, I am thinking of my folks, who I do a lot of tech support for on a weekly basis. What if you have a client who isn't comfortable with technology?
Amy Walls (10:45):
Yeah. If you are looking at working with us and you're not comfortable, the first thing to know is that we do make the process as simple as possible. Like I've mentioned, we guide clients’ step through step through using the tools if needed. Also most instinctively figure it out. Even our clients that would claim they're less tech savvy, so our focus is on making things easy for our clients and stress free.
Jon Gay (11:13):
Yeah.
Amy Walls (11:14):
Now that said, if someone is extremely technologically challenged or opposed to using technology, it's not going to be a fit.
Jon Gay (11:22):
That's fair. So, we've answered some questions about security, technology. Let's go back to the other side of this and the benefits. Why should someone consider working with an advisor virtually?
Amy Walls (11:32):
Yeah. First, flexibility.
Jon Gay (11:34):
Sure.
Amy Walls (11:35):
Clients can meet from their home or work while traveling. Now because of our licenses they do need to be in the U.S.
Jon Gay (11:40):
That’s fair.
Amy Walls (11:42):
Convenience, I mentioned there's no commute, no need to shuffle schedules for in-person visits. Now, earlier you asked me how did this happen? Of course, the pandemic, but how did we stay virtual? And I think I mentioned that most of our clients said, “Hey, we'd like to keep virtual appointments.” Well, that was most.
So, we had a handful of clients who said, “Hey, we'd love to meet in person.” And interestingly, for 18 months we tried to hold some in-person meetings for those clients. And consistently about two days before each of those meetings they'd call or we'd get a message saying, “Oh I scheduled my volunteer commitment really close to our meeting. I don't have enough drive time. Can we switch to a virtual meeting?” And we never actually held an in-person meeting.
Jon Gay (12:30):
Wow. That's really interesting. Okay.
Amy Walls (12:31):
And so, we went back to those clients and they all said, “Oh yeah, that's exactly right. Well, we said we want that. We keep making it virtual so there's no reason.”
Jon Gay (12:40):
I think we learned a lot about technology and convenience in 2020. It's probably worth mentioning too, at least from my side of it, where I record podcasts with folks virtually, the technology has really improved in the last five years since COVID hit as well to make this easier for all of us.
Amy Walls (12:55):
Absolutely. We are able to be more inclusive. As I mentioned, licenses do matter, but we can work with clients all over the United States if it makes sense. As long as we get licensed there.
And then efficiency, not only is it not the drive, but it's just the technology moving faster and smoother and being able to transfer knowledge, make things happen faster, that sort of thing.
Jon Gay (13:23):
It's funny, I think about when you and I first started working together virtually before the pandemic in 2019, I had my studio in the basement here in my home and then I said, “You know what, I'm tired of going up and down the stairs. I'm going to move the studio into my office.”
And so, now I'm at the same desk in the same chair all day long. And there's little things to be said for the convenience factor of that and that just pales in comparison to someone getting in the car and driving for 30 minutes each way to come see you.
Amy Walls (13:48):
Absolutely. I fully agree.
Jon Gay (13:51):
Amy, before we wrap up, any specific examples of how this model has worked for clients?
Amy Walls (13:55):
Yeah. I alluded to our tech clients, but many of them have shared stories or their appreciation of how easy it is and how much with all they have going on, and especially what's happening with the tech sector right now with overwhelm and such because of all the layoffs that have happened, they stop what they're working on, they hop into a meeting, and they can hop right back into their work.
That it helps them ensure they're on track for their financial lives with less time and energy because they just can hop into the meeting, have the conversation and move on.
Jon Gay (14:34):
Yeah, that makes a lot of sense.
Amy Walls (14:36):
Additionally, we've had clients move. And I think pre-pandemic, sometimes when a client moved across the country because they weren't used to the technology, we weren't as familiar with the technology even though we used it some, but not to the extent we do.
We actually lost a lot of that connection trying to have phone calls. And sometimes I'd say it isn't right to keep this going because it made it hard to keep that personal relationship. But now with the technology, it's what we're used to. So, someone wants to move, yay for them. We get to experience life with them in that new place in a much more complete way.
Jon Gay (15:17):
For sure. It really does sound like a great solution for not just busy professionals but almost anyone. Amy, any final thoughts for listeners who are considering working with an advisor but might be hesitant about the virtual relationship?
Amy Walls (15:28):
Yeah, I think just the main thing I said earlier is working virtually doesn't mean sacrificing connection. It's about creating a relationship that fits easier within your life. We're trying to use technology to keep that personal touch so that you can more efficiently and confidently achieve goals.
Jon Gay (15:48):
Alright. Amy, if somebody wants to come talk to you about working virtually with you and your team at Thimbleberry Financial, how do they best find you, virtually?
Amy Walls (15:56):
Well, let's start with online at thimbleberryfinancial.com. They can also give us a call at (503) 610-6510.
[Music Playing]
Jon Gay (16:06):
Fantastic stuff, Amy. I'll see you virtually in a couple weeks.
Amy Walls (16:10):
Sounds great, Jag.
Jon Gay (16:11):
Securities offered through registered representatives of Cambridge Investment Research, Inc, a broker dealer, a member of FINRA/SIPC, advisory services through Cambridge Investment Research Advisors, Inc, a registered investment advisor. Cambridge and Thimbleberry Financial are not affiliated.
Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions.
Securities offered through registered representatives of Cambridge Investment Research, Inc, a broker dealer, a member FINRA/SIPC, advisory Services through Cambridge Investment Research Advisors, Inc, a registered investment advisor. Cambridge and Thimbleberry Financial are not affiliated.