{"id":41490,"date":"2020-05-14T00:00:00","date_gmt":"2020-05-14T00:00:00","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/financial-services-video-conferencing\/"},"modified":"2025-03-13T06:27:02","modified_gmt":"2025-03-13T13:27:02","slug":"financial-services-video-conferencing","status":"publish","type":"post","link":"\/us\/en\/blog\/financial-services-video-conferencing\/","title":{"rendered":"How to provide financial services to high-net-worth clients using video conferencing"},"content":{"rendered":"<p>Video conferencing is a powerful medium for connecting.<\/p>\n<p>And as we\u2019re learning from remote work\u2019s growing popularity due to factors like the COVID-19 pandemic, video conferencing is a great and powerful way to interact on a personal level, but from afar.<\/p>\n<p>This video technology has allowed more employees to work from home and doctors to \u201csee\u201d more clients and prescribe medication in a fraction of the time\u2014and across great distances.<\/p>\n<p>And similar to this rise that we\u2019re seeing in telehealth and telecommuting, there\u2019s also a growing appetite for financial firms to provide similar types of services for many of the same reasons\u2014particularly in times of financial crisis.<\/p>\n<p>As we\u2019re forced to face our financial health, consumers are looking at new ways of using technology to learn about issues, respond quickly, and communicate with financial advisors no matter where they are. And video conferencing is a big piece of that.<\/p>\n<p>In this post, we\u2019ll look at:<\/p>\n<ul class=\"table-of-content\">\n<li><a href=\"#4 major benefits of using video conferencing\">4 major benefits of using video conferencing<\/a><\/li>\n<li><a href=\"#The differences between serving high-net-worth clients and your everyday clients in finance\">The differences between serving high-net-worth clients and your everyday clients in finance<\/a><\/li>\n<li><a href=\"#4 steps to setting up your business for video conferencing with high-net-worth clients\">4 steps to setting up your business for video conferencing with high-net-worth clients<\/a><\/li>\n<\/ul>\n<p>Intrigued? Let\u2019s go deeper\u2026<\/p>\n<hr \/>\n<p class=\"p1\">\ud83d\udc40\u00a0 Do you work in financial services? Learn how Essential Federal Credit Union is improving efficiencies, response times, <em>and<\/em> customer satisfaction.<\/p>\n<p class=\"p1\">\n<div class=\"download-form-widget standart-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/case_studies\/essential_federal_credit_union.pdf\" data-id=\"69dbadea5026c\" id=\"69dbadea5026c\">\n\t\t<button tabindex=\"on\"  on=\"tap:69dbadea5026c.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83d\udcd9 Get the case study<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">\ud83d\udcd9 Get this free case study to learn how Essential Federal Credit Union is winning across the board. <\/div>\n<form class=\"download-form SMB\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69dbadea5026c.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Enjoy! <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<hr \/>\n<h3><b>More money, more problems<\/b><\/h3>\n<p>According to a 2018 LinkedIn study of US professionals, the Notorious B.I.G., Puff Daddy, and Ma$e had it right. The more money you make, the more stressed out you\u2019re likely to be:<\/p>\n<p><a href=\"https:\/\/learning.linkedin.com\/blog\/working-together\/stress-at-work-_-see-whos-feeling-it-the-most\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-5092 size-medium\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image6-59.png\" alt=\"% of Stressed Professionals, by Income\" width=\"680\" height=\"400\" \/><\/a><\/p>\n<p>And across these income brackets, Gen X\u2019ers ranked as the most stressed population. In the wealthy set, their stress is complicated by added dimensions: more investments, properties, and other assets to manage. Add to this the strains of thinking about retirement, handling care for aging parents, and ensuring their wealth is secure for their kids and grandkids\u2026 and you can see why wealthy forty-somethings are in need of a one-stop-shop for financial services.<\/p>\n<p><a href=\"https:\/\/learning.linkedin.com\/blog\/working-together\/stress-at-work-_-see-whos-feeling-it-the-most\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-5093 size-medium\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image5-76.png\" alt=\"% of Stressed Professionals, by Age\" width=\"678\" height=\"400\" \/><\/a><\/p>\n<p>Not only do they need to be able to trust the person who serves them, but they also need to be able to reach that person at a moment\u2019s notice. Compared to boomers, their investments may be more aggressive or prone to movements, and they need to be able to get financial support quickly and across great distances.<\/p>\n<p>And this is where video conferencing comes back in.<\/p>\n<p>According to research from PWC\u2019s report, \u201cWhy wealth management can\u2019t afford to miss the digital wave,\u201d high-net-worth individuals (HWNI\u2019s) under 45 are disproportionately interested in using new technology to interact with their financial advisors:<\/p>\n<p><a href=\"https:\/\/www.pwc.com\/sg\/en\/publications\/assets\/wealth-20-sink-or-swim-gx.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-5094 size-medium\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image4-93.png\" alt=\"How important is it that your wealth manager has a strong digital offering?\" width=\"695\" height=\"346\" \/><\/a><\/p>\n<p>Can you see why?<\/p>\n<p>If you were young and wealthy, you\u2019d probably want to keep closer tabs on how your money is working for you too, right? You\u2019d want to be able to get in touch with a financial advisor quickly and easily\u2014even if you\u2019re halfway across the world from each other\u2014because everything else in your life is at your fingertips. Why not financial management, too?<\/p>\n<p><a name=\"4 major benefits of using video conferencing\"><\/a><\/p>\n<h2><b>4 major benefits of using video conferencing<\/b><\/h2>\n<p>So, what does this mean for you as a firm? Basically, it means there\u2019s a big opportunity ahead of you\u2014if you can make the jump. Video conferencing isn\u2019t only a trend in tech and health. It\u2019s also a tool for helping you compete more effectively for more <i>high-net-worth<\/i> clients.<\/p>\n<blockquote><p><b><i>If you can offer more high-demand technologies to your clients, you\u2019ll not only be helping your more average clients, you\u2019ll also make your firm far more appealing to these wealthy folks under 50.<\/i><\/b><\/p><\/blockquote>\n<p>If you can adapt to this new normal, you\u2019ll have a distinct advantage over those who are slow to adjust. If you can\u2019t meet the needs of your client as well as the firm next to you, they\u2019ll be quick to make the switch.<\/p>\n<p>This is especially true for millennial wealthy individuals, who are more comfortable than older generations with moving any part of their business around. They might drop a wealth manager for not responding quickly to requests or offering enough digital services to meet their standards.<\/p>\n<p>But there is an opportunity in all of this.<\/p>\n<p>There are many benefits of using video conferencing for high-net-worth clients, so let\u2019s explore a few of them.<\/p>\n<hr \/>\n<p class=\"p1\">Shopping for a video conferencing tool? (Or just curious about what to look for?) Grab the free checklist to help you choose the right one for your team or business.<\/p>\n<p class=\"p1\">\n<div class=\"download-form-widget standart-download-form\" data-url=\"https:\/\/netstorage.ringcentral.com\/documents\/video_conf_platform_checklist.pdf\" data-id=\"69dbadea503a4\" id=\"69dbadea503a4\">\n\t\t<button tabindex=\"on\"  on=\"tap:69dbadea503a4.toggleClass(class='open')\" class=\"open-modal-download-action download-form-button\" type=\"submit\">\ud83c\udf1f Get it now<\/button><\/p>\n<div class=\"download-form-modal\">\n<div class=\"download-form-modal-body\">\n<div class=\"download-form-modal-content\">\n<div class=\"download-form-modal-title\">See what you need to do (and know) as you're deciding on a video conferencing app with this checklist!<\/div>\n<form class=\"download-form SMB\" method=\"post\">\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Full Name\" aria-required=\"true\" aria-invalid=\"false\" type=\"text\" name=\"fullname\" placeholder=\"Full Name\" data-dl-events-hover=\"true\" data-dl-element=\"text\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<input class=\"download-form-input\" aria-label=\"Email (please enter a work email address)\" aria-required=\"true\" aria-invalid=\"false\" type=\"email\" autocomplete=\"on\" name=\"email\" placeholder=\"Email (please enter a work email address)\" data-dl-events-hover=\"true\" data-dl-element=\"email\" data-dl-additional-info=\"download form\">\n\t\t\t\t\t\t<\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"popup_form\" value=\"1\">\n\t\t\t\t\t\t<\/div>\n<div><input type=\"hidden\" name=\"Asset_ID__c\" value=\"ODAM-01510\" class=\"download-form-input\"><\/div>\n<div>\n\t\t\t\t\t\t\t<input type=\"hidden\" name=\"Lead_Entry_Source__c\" value=\"RC Blog\" class=\"download-form-input\"\/>\n\t\t\t\t\t\t<\/div>\n<div class=\"download-form-part\">\n\t\t\t\t\t\t\t<button class=\"download-form-submit\" type=\"submit\" data-dl-element=\"button\" data-no-auto-dl=\"true\" data-dl-additional-info=\"download form\" data-dl-name=\"Get it now\">Get it now<\/button>\n\t\t\t\t\t\t<\/div>\n<\/p><\/form>\n<p> \t\t\t\t\t<button on=\"tap:69dbadea503a4.toggleClass(class='open')\" role=\"button\" tabindex=\"0\"  class=\"download-form-modal-close\"><\/button>\n\t\t\t\t<\/div>\n<div class=\"download-form-modal-thank\">Happy shopping! <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p>\n<hr \/>\n<h3><b>1. You reach a wider range of clients.<\/b><\/h3>\n<p>Instead of drawing only clients from your limited local geography, you can now bring in clients from anywhere.<\/p>\n<p>You\u2019re no longer limited by your location or the location of your clients. This means you can offer services to these young and wealthy folks wherever they are.<\/p>\n<h3><b>2. You can connect with your clients in more places and times.<\/b><\/h3>\n<p>With the ease of meeting virtually, you can help minimize the anxiety of your clients.<\/p>\n<p>You can easily set up recurring or ad hoc meetings to talk about their portfolio and even incorporate third-party stakeholders, family members, or other service providers like lawyers or accountants that your clients may want to keep in the loop.<\/p>\n<p><a href=\"https:\/\/www.ringcentral.com\/remote-work-playbook.html\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-5095 size-medium\" src=\"\/us\/en\/blog\/wp-content\/uploads\/2020\/07\/image2-120.png\" alt=\"Ready to work from home (or anywhere)\" width=\"695\" height=\"247\" \/><\/a><\/p>\n<h3><b>3. You can increase trust by adding a face to your voice.<\/b><\/h3>\n<p>While <a href=\"https:\/\/www.ringcentral.com\/solutions\/office\/call.html\">business phone calls<\/a> to discuss your finances can work to some degree, humans are visual creatures, and ultimately, we want to see and be able to talk to someone face-to-face. Video can help you increase trust both through letting your clients see your face more often, but also by being able to provide them more value in your calls by physically presenting client information.<\/p>\n<h3><b>4. You can retain more clients for the long haul.<\/b><\/h3>\n<p>Reports indicate that under-50 wealthy are more likely to switch financial providers, but after crossing that threshold, the likelihood of switching drops significantly. That means that if you can draw more of the young wealthy before they cross that 50-year threshold, you\u2019re more likely to keep them for life.<\/p>\n<p>At the end of the day, these folks simply want <b>results<\/b> and <b>convenience<\/b>. They want responsiveness. You already have the expertise, you just need to be there when they need you to answer questions.<\/p>\n<p>This will make you irreplaceable to your clients.<br \/>\n<a name=\"The differences between serving high-net-worth clients and your everyday clients in finance\"><\/a><\/p>\n<h2><b>What are the differences between serving high-net-worth clients and your everyday clients in finance?<\/b><\/h2>\n<p>At this point, you may be wondering, \u201cWhat\u2019s the difference between video conferencing with wealthy clients and the other folks I serve?\u201d<\/p>\n<p>The truth is, video conferencing is helpful for many clients, even your everyday clients. But the real benefit to you is that it also more closely meets the needs of high-net-worth individuals.<\/p>\n<p>For the under-50 wealthy, it checks the boxes in a powerful way. While more everyday clients are moving more towards automated solutions to handle their finances, that doesn\u2019t mean they don\u2019t want the human touch at all. The greater the wealth, the greater the value that is placed on 1:1 customized or \u201cconcierge\u201d financial services.<\/p>\n<p>Many of the wealthy (and especially if they\u2019re young and wealthy) have more specific needs. They want more of a custom-fit and might be:<\/p>\n<ul>\n<li><b>More cautious due to the 2008 financial crisis. <\/b>They were old enough to remember and feel its effects and tend to take a more hands-on approach to their finances. They also might be less interested in risk-taking in investing.<\/li>\n<li><b>More tech-savvy<\/b>. They want to connect with their financial advisor as easily as they can FaceTime their mother.<\/li>\n<li><b>More studied on finance.<\/b> With gobs of content available on finance, more of the wealthy are self-educating and using their financial advisors to help them with their financial literacy.<\/li>\n<li><b>Eager for higher-touch relationships.<\/b> They want a coach, a counselor for their finances, not just somebody who checks in every six months.<\/li>\n<li><b>More skeptical. <\/b>They\u2019ve seen challenging times for the economy, and trust is an even bigger factor.<\/li>\n<li><b>More likely to monitor their finances on the go. <\/b>If they\u2019re on the road or abroad, they won\u2019t want their geography coming between them and tracking their finances.<\/li>\n<li><b>Sensitive to fees. <\/b>They don\u2019t want to pay fees and give up more of their wealth than they absolutely need to.<\/li>\n<\/ul>\n<p><b>Video conferencing can help you provide more 1:1 help for these types of clients.<\/b><\/p>\n<p>For example:<\/p>\n<ul>\n<li>You can provide more reassurance by connecting with them more frequently, becoming a trusted advisor by acting as more of a financial mentor to help them allocate their wealth.<\/li>\n<li>You can use the tools of convenience that they\u2019re already using. If they\u2019re already having <a href=\"https:\/\/www.ringcentral.com\/video-call.html\">video calls<\/a> in other areas of their life, they\u2019ll appreciate the convenience of being able to do it with you.<\/li>\n<li>It\u2019s an opportunity for you to become more than just a voice on the other end of the line. If a picture is worth a thousand words, how much more is a video worth? That\u2019s the fundamental value add of video: <b>it\u2019s the closest thing to being physically present with them, without being there.<\/b> With video conferencing, you can serve these clients from anywhere.<\/li>\n<li>Using video conferencing can even help you reduce your overhead. You can serve more clients without having to invest a massive amount of resources.<\/li>\n<\/ul>\n<p>So at this point, you\u2019re probably wondering how to get started with video conferencing. Here\u2019s how to do it.<br \/>\n<a name=\"4 steps to setting up your business for video conferencing with high-net-worth clients\"><\/a><\/p>\n<h2><b>4 steps to setting up your business for video conferencing with high-net-worth clients<\/b><\/h2>\n<p>1. Sign up.<\/p>\n<ul>\n<li>There are tons of video conferencing platforms for businesses out there\u2014for example, RingCentral Video lets you join video calls from your browser without needing to download anything. Check out this clip of how it looks:<\/li>\n<\/ul>\n<div class=\"rc_custom_video\"><a class=\"rc_custom_video__link\" href=\"https:\/\/www.youtu.be\/fhUY2AGF7xQ\">\n\t\t            <picture><source srcset=\"https:\/\/i.ytimg.com\/vi_webp\/fhUY2AGF7xQ\/maxresdefault.webp\" type=\"image\/webp\"><img decoding=\"async\" class=\"rc_custom_video__media\" src=\"https:\/\/i.ytimg.com\/vi\/fhUY2AGF7xQ\/maxresdefault.jpg\" alt=\"\">\n\t\t            <\/picture>\n\t\t        <\/a><br \/>\n\t\t        <button class=\"rc_custom_video__button\" aria-label=\"Play video\"><svg width=\"68\" height=\"48\" viewBox=\"0 0 68 48\"><path class=\"rc_custom_video__button-shape\" d=\"M66.52,7.74c-0.78-2.93-2.49-5.41-5.42-6.19C55.79,.13,34,0,34,0S12.21,.13,6.9,1.55 C3.97,2.33,2.27,4.81,1.48,7.74C0.06,13.05,0,24,0,24s0.06,10.95,1.48,16.26c0.78,2.93,2.49,5.41,5.42,6.19 C12.21,47.87,34,48,34,48s21.79-0.13,27.1-1.55c2.93-0.78,4.64-3.26,5.42-6.19C67.94,34.95,68,24,68,24S67.94,13.05,66.52,7.74z\"><\/path><path class=\"rc_custom_video__button-icon\" d=\"M 45,24 27,14 27,34\"><\/path><\/svg><br \/>\n\t\t        <\/button>\n\t\t    <\/div>\n<p>2. Integrate with your calendar system.<\/p>\n<ul>\n<li>Once you\u2019ve signed up for your video conferencing software, find the right integration for your calendar so that you can book video meetings right into your calendar. (<a href=\"https:\/\/support.ringcentral.com\/s\/article\/10920-RingCentral-for-Google-Calendar?language=en_US\" target=\"_blank\" rel=\"noopener noreferrer\">Google Calendar<\/a> or <a href=\"https:\/\/www.ringcentral.com\/apps\/ringcentral-meetings-microsoft-outlook-windows\" target=\"_blank\" rel=\"noopener noreferrer\">Outlook<\/a>)<\/li>\n<\/ul>\n<p>3. Schedule recurring or ad hoc meetings via emails with your clients based on their schedule.<\/p>\n<ul>\n<li>Your newly integrated calendar will allow you to automatically send an invite to your client with all the info they need to attend the virtual meeting.<\/li>\n<\/ul>\n<p>4. Launch the meeting at the scheduled time.<\/p>\n<ul>\n<li>Remember to show your face and share your screen to instill trust and showcase your expertise.<\/li>\n<li>Share your screen and walk through your client\u2019s reports and portfolio performance.<\/li>\n<\/ul>\n<hr \/>\n<p class=\"p1\"><span class=\"s1\">\ud83d\udd79\ufe0f<\/span> Get a hands-on look at how RingCentral works by booking a product tour:<\/p>\n<p class=\"p1\"><button data-href=\"#leadform-popup\" class=\"js-open-popup-activator btn primary\" >Choose a time<\/button><\/p>\n<hr \/>\n<h2><b>Start video conferencing with your high-net-worth clients<\/b><\/h2>\n<p>As you can see, there\u2019s incredible potential to attract and retain more high-value clients.<\/p>\n<p>With more and more people working remotely and looking to minimize their commute times, it\u2019s time to start making video conferencing a central part of your firm\u2019s strategy.<\/p>\n<p>Check out a <a href=\"https:\/\/youtu.be\/r09vPFM0RVM\" target=\"_blank\" rel=\"noopener noreferrer\">video conferencing platform<\/a> and get started today!<\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><sup>1<\/sup> <span style=\"font-size: 14px;\">\u201cTop 3 trends that will influence Wealth Management in 2020.\u201d finextra.com\/blogposting\/18264\/top-3-trends-that-will-influence-wealth-management-in-2020<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Video conferencing is a powerful medium for connecting. And as we\u2019re learning from remote work\u2019s growing popularity due to factors like the COVID-19 pandemic, video conferencing is a great and powerful way to interact on a personal level, but from afar. This video technology has allowed more employees to work from home and doctors to &#8230;<\/p>\n","protected":false},"author":29,"featured_media":41495,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17901,18390,4],"tags":[17957,10609,18066,18067],"class_list":["post-41490","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-leadership","category-communication-and-collaboration","category-customer-experience","tag-client-experience","tag-finance","tag-financial-clients","tag-financial-firms"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.3 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to provide financial services to high-net-worth clients using video conferencing | RingCentral<\/title>\n<meta name=\"description\" content=\"Learn how your financial services firm can use video conferencing to attract\u2014and retain\u2014more high-net-worth clients with these ideas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/financial-services-video-conferencing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to provide financial services to high-net-worth clients using video conferencing\" \/>\n<meta property=\"og:description\" content=\"Learn how your financial services firm can use video conferencing to attract\u2014and retain\u2014more high-net-worth clients with these ideas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ringcentral.com\/us\/en\/blog\/financial-services-video-conferencing\/\" \/>\n<meta property=\"og:site_name\" content=\"RingCentral Blog\" \/>\n<meta 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