6 Ways Digital Business Cards Can Help Financial Advisors

Financial advisors like you often need to build rapport and trust with clients. Traditionally, you rely on face-to-face interactions and exchanging business cards. However, paper cards have limitations. 

For starters, they’re easily lost or damaged and limited in the information they can convey. Moreover, traditional paper cards are static, flimsy, and just a coffee spill away from becoming completely useless. 

The good news is that digital business cards offer a powerful alternative to paper cards. They help you eliminate paper card limitations, boost networking, and aid in lead generation.

Let’s see how digital business cards can help you overcome challenges as financial advisors. 

Table of contents

1. 6 challenges financial advisors face (& how digital business cards can solve them)
2. Digital business cards for financial advisors: Best practices
3. Unlock the power of digital business cards for your financial practice
4. Frequently asked questions

6 Challenges financial advisors face (& how digital business cards can solve them)

Let’s examine the main issues they face and how digital business cards can solve them:

1. Paper cards often reach the trashcan, risking your financial business

According to a UK-based press, 10 billion paper business cards are printed annually, of which 88% are in the trashcan within a week! 

As a financial advisor, you should be able to relate: how many of the dozens of paper cards you receive are handy when you need them? 

The same applies to your prospects. They, too, will find looking for your card among a pile of other cards challenging. Your card often becomes another piece of paper stuffed in their wallets or scattered on desks. 

Furthermore, physical business cards are limited to in-person interactions—which may not always be convenient. This means you can’t exchange information at virtual events and video conferences.

🛜 How digital business cards can help

• Keep your digital business cards handy on your mobile device as a QR Code or URL or as Apple Wallet or Google Wallet passes–and easily share. 

• Every digital business card has an “Add to Contacts” button, making saving information on mobile devices easy. 

• Exchange data instantly, such as contact information and other resources—without you or your prospect downloading an app.

• Embed card QR Code in your Zoom background or presentation files to make it easier for prospects to access your contact information. 

2. No space on the card to fully convey your financial expertise

As a financial advisor, you offer various services, including budgeting, debt management, tax planning, and more. However, fitting all the details on a small physical business card is impossible. Paper cards can only accommodate contact details, leaving little room to showcase your capabilities. 

The limited space to put all your details often makes it difficult to make an impression on prospects and stand out in a crowded market. Prospects may not understand the depth of your offerings, leading to missed opportunities. Just so you know, 72% of people judge your company by your card. 

🛜 How digital business cards can help

• There’s enough space to add a bio, professional headshot, and company logo to highlight your experience, certifications, and credibility. 

• You can directly link it to your personal or company website, portfolio, and testimonials, which prospects can access.

• You can include engaging videos explaining your services or downloadable brochures outlining your fee structures.

3. Outdated information on printable cards

Printed cards quickly become outdated with changes in phone numbers, email addresses, or even your service offerings. This reflects poorly and can damage your credibility in the eyes of prospects.

Maintaining an accurate supply of physical cards requires constant monitoring and frequent reprints. It is also expensive and time-consuming. 

🛜 How digital business cards can help

• You can easily edit and update your digital business cards to ensure prospects can access accurate and up-to-date information.

• Edit without incurring printing costs and incorporate frequent updates using the backend.

• Update or modify the entire team’s information on the digital business card through a centralized platform you utilize.

4. Bridging the gap between gathering & organizing data

Gathering and organizing prospects’ data will be tricky if you use physical business cards to exchange contacts. 

For instance, after collecting paper cards, you must manually transcribe contact information into CRM software. This process tends to be tedious and prone to human error. 

Think of the lag between receiving a physical business card and entering the lead data into the CRM system, which can result in delayed follow-up with prospects, reducing the effectiveness of lead nurturing efforts.

Additionally, client data scattered across various sources, such as paper files, email inboxes, and spreadsheets, makes maintaining a centralized and up-to-date database challenging.

🛜 How digital business cards can help

• Automated digital business cards eliminate tedious data entry tasks, freeing valuable time to build personalized connections with prospects.

• Utilize two-way contact sharing and capture prospect information using the same e-business card.
• Since your contacts are on the CRM automatically, schedule personalized emails or reminders for future touchpoints for consistent communication. 

5. Inability to track, segment, and understand prospects

When you give your prospect a physical business card, interaction with them typically ends there. This is because there is no guarantee that they will retain your card. This one-way exchange makes it difficult to collect their information for future contact. 

Further, it can be tough to track interactions. You might struggle to differentiate between warm leads (interested or engaged clients) and cold leads (clients needing more nurturing).

Additionally, physical business cards offer limited avenues for communication. Prospects may prefer alternative communication channels such as social media or messaging apps. But physical cards can’t accommodate clickable links.

🛜 How digital business cards can help

• You can set the fields in your digital business card based on the data you want to collect. 
• You can then segment them based on engagement levels. This can help you identify warm leads and reach out accordingly.

6. Navigating the minefield of data security

The financial sector and its personnel are, unfortunately, the second most targeted group (PDF) by hackers.

While there may not be a direct link between a physical business card and targeted attacks, a lost or stolen card could potentially leak valuable information for a potential cyber attack.

This could include the advisor’s name, contact details, and company affiliation, which threat actors could use for phishing scams, social engineering attacks, or physical threats.

Moreover, financial advisors must adhere to strict regulations in most countries to safeguard client information. For example, it may be deemed a minor data breach if you frequently exchange paper cards with clients and misplace any. If nothing else, such incidents could harm your reputation as a financial services provider.

🛜 How digital business cards can help

• Any information on a digital business card is safeguarded via encryption if the provider supports it. 
• You can implement access control measures such as password protection or multi-factor authentication to ensure that only authorized individuals can view the digital business card. 

Digital business cards for financial advisors: Best practices

You can incorporate several elements into your digital business card to enhance engagement and maximize lead generation. Here they are:

1. Captivate prospects with multimedia in your card

Add videos where you explain your services in detail and address your customers’ pain points. This will help you make an impression on prospects and communicate your value proposition better. 

2. Supercharge your efficiency via bulk card creation

As a financial advisor with a large team, you need access to easily customizable digital business cards at scale. You can create them in bulk with Uniqode. 

You can also link your cards with Microsoft Entra ID to automatically create digital business cards for your team members as soon as they join your organization. There is no need to spend time creating individual cards.

3. Stand out among the crowd with branding

Use your company logo, brand colors, and professional headshot to show credibility and trustworthiness.

Remember to keep it simple and direct, using everyday language instead of jargon or legal terms. Short sentences and an active voice also help to make your message clear and concise.

4. Keep an eye on analytics & track your growth

If you want to know how well your digital business card is doing, you should use analytics tools to track how people use it. Uniqode has an analytics dashboard that can help you keep track of key metrics such as card views, contacts saved, and unique users. 

This information lets you learn more about your prospect’s behavior and preferences, helping you optimize your strategy accordingly.

5. A clear Call-to-action (CTA) is a must

A clear and compelling call to action (CTA) can be anything from “Schedule a consultation” to “Visit my website” or “See me on social media.” You can increase engagement and drive conversions by guiding recipients on what to do next. 

To make your CTA effective, keep it simple, direct, and concise. Finally, use active voice to make it easy to understand who is doing what.

6. Reach more prospects with multi-language cards

To reach prospects globally, it’s important to use digital business cards that can cater to multiple languages. Uniqode offers digital business cards with multi-language support. This allows recipients to access your digital business card in their preferred language, making engaging with your information easier. 

For example, sharing your card in Japanese when targeting prospects in Tokyo shows your dedication to connecting on a personal level. This helps establish trust early in the relationship.

7. Stay fresh, stay relevant, update

Keep your digital business card updated with accurate information. A current and relevant digital business card enhances your credibility and ensures prospects can reach you easily. You can easily update your cards at any time on Uniqode.

Unlock the power of digital business cards for your financial practice

Traditional business cards can’t compete with the dynamic capabilities of digital business cards.  They limit you to static information and get misplaced in the shuffle of networking events.

Digital business cards, on the other hand, offer a wealth of benefits, from showcasing your services in detail to engaging prospects with features like downloadable brochures. They also keep your information updated and accurate and provide a cost-effective and environmentally friendly way to exchange contact information.

Ready to transform the way you connect with clients? Uniqode’s digital business cards offer everything you need to create a dynamic, professional digital presence.

Frequently asked questions

1. What should financial advisors look for in a digital business card solution?

If you’re looking for a digital business card, finding one that is easy to use and effective is important. Solutions like Uniqode (formerly Baconstac) offer a range of features you can consider. Some notable ones are as follows:

1. Customization: Choose a platform that allows you to personalize your digital card with your branding, contact information, and multimedia content.
2. Compatibility: Ensure the platform works on various devices and operating systems so it’s easy to share and view your digital card. Uniqode, for example, is compatible with all Apple and Android devices.
3. Analytics: Choose a service that provides analytics to monitor engagement and determine the effectiveness of your digital card.
4. Integration: Find a platform that integrates with CRM systems to simplify data management and lead follow-up.

2. What key challenges do financial advisors face?

Financial advisors encounter several challenges in their profession, including:

1. Limited reach and accessibility in networking.
2. Difficulty in maintaining regular communication with clients.
3. Displaying comprehensive information on traditional business cards.
4. Keeping printed cards updated with accurate information.
5. Integrating client data effectively with CRM systems.
6. Building trust and professionalism in client interactions.
7. Identifying and connecting with ideal prospects efficiently.
8. Managing client data efficiently and securely.

3. Are digital business cards secure?

Digital business cards can be secure if used correctly. Most reliable platforms offer digital business cards and use encryption protocols to protect user data during transmission and storage. Users can also control the privacy settings of their digital cards, deciding who has access to their contact information. Choosing a reputable provider with a good track record of prioritizing data security is important.

4. How much do digital business cards cost?

Digital business cards can vary in cost depending on the provider and the features offered. Some platforms provide basic plans with limited features for free, while others offer premium plans with advanced customization options, analytics, and integration capabilities for a subscription fee. There may also be one-time setup fees or additional charges for services such as CRM integration or custom branding. It’s wise to research different providers and compare prices to find the most suitable plan that meets your needs and budget.

• Author Details

Author Details

Sukanya VS

Sukanya is a content marketer who previously worked as a journalist. She has been passionate about writing from a young age and now helps businesses boost engagement through content. Currently, she is exploring innovative tools, such as digital business cards, and their transformative impact on various aspects of business.

sukanya.v@uniqode.com