You might think that having an ADA-compliant website is only about adhering to legal requirements, but it can actually help your firm grow. Avoiding lawsuits is certainly an important reason to ensure your site follows the Americans with Disabilities Act guidelines, but it’s also a proactive strategy that can benefit your financial advisory firm when it comes to market reach, customer satisfaction, reputation, and overall business growth.
In recent years, the financial services sector has become increasingly digitized. Research that required accessing costly tomes of financial literature, stacks of reports from investor relations departments, and newspapers can now be done online. Business dealings that would’ve required in-office meetings, pen and paper, or postage can be handled with pixels and clicks.
Not only have clients and advisors adapted to web technology, but many have come to rely on it. ADA compliance becomes integral in this context, and commitment to accessibility reflects your firm's dedication to ethical practices. According to the CDC, up to one in four adults have some type of disability, including those that affect their hearing, vision, or physical capacities. That number increases to two in five among adults 65 years of age and older. Ensuring your website is ADA-accessible is a strategic move that establishes your business as inclusive and client-centric.
Here are four ways an ADA-accessible website can help grow your firm.
Avoid Legal Issues & Reputation Damage
Ignoring ADA compliance makes your firm vulnerable to legal issues and lawsuits that are costly and damaging to your reputation. Taking the initiative to make your website accessible means avoiding unnecessary legal fees and preventing the impression that you neglect your clients’ needs.
If you think ‘it won’t happen to me,’ think again. ADA-related lawsuits against website owners have been on the rise in recent years. UsableNet’s 2023 Year-End Report on Digital Accessibility Lawsuits tracked 4,605 lawsuits filed last year, which is more than double the number of suits filed in 2018.
Small businesses are being sued at a higher rate than big corporations, and some industries are being targeted systematically by individuals or groups with what’s being termed ‘click-by’ lawsuits. Financial services could be next; the risk shows no signs of slowing.
But it’s important to remember that ADA compliance is not only about avoiding adverse outcomes. It’s also about an opportunity to uphold a standard of fairness and inclusivity.
Expand Your Market Reach
Speaking of fairness and inclusivity, most of us have a loved one with a disability, and anyone can become disabled at any time. As you may share with your clients during the financial planning process, approximately 25% of people will become disabled during their working years—and that number rises exponentially in retirement.
In other words, a considerable portion of your existing clientele and target client base likely needs access to an ADA-compliant website. Accessibility caters to the aging population, a significant demographic in financial advising.
Those with full or partial hearing loss, visual impairment, cognitive impairment, or mobility-related disabilities may need simple accommodations to use your website. Tools such as screen readers, captioning, and keyboard or voice-based navigation require an ADA-compliant website to work effectively and allow for ease of use.
Making your website accessible broadens your market reach. Word-of-mouth marketing is vital within the disability community as people share and promote businesses that respect their needs. If you’re ignoring this critical need, your competitors will meet it. Why not stand out from the rest by accommodating this often-overlooked market segment?
Improved Usability for All
There’s one consideration that’s often missing from this conversation: following accessibility guidelines improves usability for everyone, not just disabled individuals. The features that make a website accessible for people with disabilities generally improve the overall user experience for everyone.
The changes required for compliance are, in part, adherence to website best practices. Following universal design principles—such as readable fonts, simple layouts, and clear navigation—is the foundation of a website that’s easy to use. Whether a visitor is disabled or not, they will be able to find what they’re looking for more quickly and easily, which increases time spent on the site, reduces frustration, garners trust, and even converts more leads.
Imagine more prospects finding and downloading your free reports, reading your blog posts, watching your videos, registering for your webinars, and booking consultations. And existing clients can find their client portal, locate contact information and office locations, and easily refer friends — all because your website is user-friendly.
The improved usability of an ADA-accessible website can translate into a competitive advantage in client service and retention.
Boost Search Engine Rank
Many of the changes made to improve website accessibility also align with SEO best practices. This is a key factor in a comprehensive digital marketing strategy. When your site ranks high in search engines, clients and prospects are more able to find your firm online.
Accessible websites have more structured and organized content. ADA compliance requires using alt text on images, having content organized well on the page with proper heading levels, and making navigation easy to use—all of which search engines favor.
Websites with optimized and accessible content also tend to enjoy improved site speed and reduced load times. And because an accessible website is typically easier to navigate and understand, fewer visitors click away shortly after arriving, resulting in a lower, more favorable bounce rate. These metrics are tracked by search engines and directly affect a website’s ranking.
This is just another way catering to accessibility works in your favor.
Is Your Website ADA-Compliant?
When we talk to clients about ensuring their website is ADA-compliant, it can initially seem like a hassle. Even if you recognize the need, it may feel like one more to-do on your plate. However, a closer look reveals that the benefits of legal protection, market expansion, improved usability, and SEO enhancement outweigh the cost. It’s worth taking proactive steps to both avoid unnecessary risk and benefit from the strategic advantage.
This is where automated accessibility solutions, such as accessiBe, can help. It simplifies the process of making your website ADA-compliant, taking the hassle off your shoulders. With accessiBe, achieving compliance is straightforward and efficient, allowing you to focus on what you do best – serving your clients.
ADA compliance is more than just meeting legal requirements; it's a commitment to inclusivity and client-centric service that can set your firm apart, providing a competitive advantage in an increasingly digital marketplace.
