Be the Adviser of the Future – Starting Today
Technology is an ever important factor in the business world today. Through the last few decades, technology has seen continual progression in use, efficiency, and quality. The latest developments can be seen and felt in many industries, but there are some areas that have benefited more than others. Costs of production have fallen, networking has become easier, employment levels have risen (in some cases), and we have certainly become more efficient at many complex tasks and processes.
As technology has made numerous aspects of serving our clients better and more impactful, there are just as many crucial aspects that cannot be done by machines. In the following excerpt, Perry explains how Payne Wealth Partners manages the growing use of technology, while keeping the quality of service a priority.
Financial technology will free the adviser of the future to think about the subtleties of client situations, says Perry Moore, director of wealth planning at Payne Wealth Partners, which manages $380 million in Evansville, Ind. His firm already delegates chores like portfolio rebalancing and performance analysis to computers, so team members can focus on helping clients make financial decisions that may trigger anxiety or other negative feelings. “A lot of it is coaching a client through what on paper might seem black and white but in their brain is not,” says Moore. A prime example would be the question of when to start collecting Social Security. “Help the client not only understand the logical case based on the calculations, but also get in their head and help them get past the emotional impulses.”
A practice that leverages technology fully can explore new ways to bring value to clients — perhaps by making them think about financial planning in ways that haven’t occurred to them before. For instance, says Moore, advisers at Payne Wealth Partners ask clients a question few of them have pondered: How do they want to be remembered by family, friends and their community when they’re gone?
A wealth manager who guides clients on what often becomes a philosophical journey conveys caring and trustworthiness, Moore says. To be sure, the journey will probably yield valuable information about the client on topics like budgeting, estate planning and charitable giving. But having a conversation about the very meaning of a client’s life requires understanding human signals, from word usage and tone to body language and facial expressions. That’s something machines haven’t yet accomplished.
Read the full article here: http://ow.ly/wLsbw
Posted: May 15, 2014
Authored by: Perry Moore, CBEC™, CFP®, ChFC®
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