Post on 22-Jan-2018
There doesn’t seem to be
a day that goes by
without someone
announcing a new robo-
advice offering,
mentioning ‘fintech’ or
telling us we need to be
more innovative.
Throw in the word ‘disruption’ and you
are guaranteed to invoke emotions
ranging from excitement, inspiration, all
the way down to skepticism, anxiety
and downright denial.
These terms are
often misused, so
it’s no surprise many
are confused or
simply turn off.
The problem is that most of the debate
and commentary has been stuck
around “Robo Advice’ and whether
financial planners (humans) will be
replaced by robots.
The truth is, your business
will go through disruption
in the next few years.
• Advancements in technologies,
Advancements in technologies
Changing demographics
Social trend and regulations
Have either killed
existing business
or created new
ones.
Changing the
way things are
done.
Have either killed
existing business
or created new
ones.
If you’re a financial adviser, think less
about whether ‘Robo-Advice’ will
replace you.
Concentrate more on how you can use
innovations in technologies and outsourced
services to improve your client experience.
This will make your business more
efficient, protect and increase revenues
while improving your bottom line
over the longer term.
Review and
challenge what
you provide clients.
Compare this to
what’s available
online.
If a client can obtain services quicker, cheaper and more effectively than you providing it,
If a client can obtain services quicker, cheaper and more effectively than you providing it,
then chances are, you will get disrupted.
There was a time when offering your client face
to face meetings and a beautifully bound report
of their investments for the past twelve months
was considered a ‘platinum’ offer.
Today, clients want to be able to connect with you from anywhere and (almost) anytime.
Today, clients want to be able to connect with you from anywhere and (almost) anytime.
They expect you to be on top of their position and affairs.
They can get reports online at the press of a button, or have reports (loaded with graphs and analysis) sent directly to their inbox.
Many will still need advice from you,
particularly around important decisions
in their lives.
So make sure your services
are hitting the mark and that
you’re truly making a
difference to their lives.
““
Survey your clients
– talk to them, ask
them.
Understand what’s important to your clients and
be prepared to customise where it makes sense
to.
Understand what’s important to your clients and
be prepared to customise where it makes sense
to.
Ask them how they prefer to receive your
advice or services, when, where and how often.
Be aware of what they really think
of the services you are providing
today or how you provide to them.
It is important to survey your
clients, so you can gauge
whether ‘value’, in your eyes,
is the same for them.
““
Look for disruption
in your own
backyard – your
back office – and
turn it on its head.
Evaluate all the repetitive
tasks being performed
and challenge whether
any of these can be
outsourced (or done
offshore).
Evaluate all the repetitive
tasks being performed
and challenge whether
any of these can be
outsourced (or done
offshore).
Or maybe they
can be
performed better
using new
technologies.
Operational efficiencies arising from cloud
based client and risk profiling, asset
allocation and investment selections, as well
as middle and back office automation and
off -shoring may enable you to capture and
service a broader set of clients.
Operational efficiencies arising from cloud
based client and risk profiling, asset
allocation and investment selections, as well
as middle and back office automation and
off -shoring may enable you to capture and
service a broader set of clients.
You might also retain and grow profit from
your existing clients.
Some of the tasks being outsourced are
virtual assistants, para planning, lead
generation, digital marketing, form
completion and lodgement.
This isn’t necessarily about saving on costs because it can lead to better outcomes.
““
This isn’t necessarily about saving on costs because it can lead to better outcomes.
““It will also let you reinvest any
savings back into strategic growth priorities.
Robo-advice, fintech innovation, new
technologies, outsourcing, offshoring
aren’t going away.
Yes, they will cause challenges and disrupt your business.
But, those who embrace these
changes will emerge with stronger
and more successful businesses in
the long run.
Yes, they will cause challenges and disrupt your business.
Embrace innovation and new
technologies to take disruption
head on.
info@intama.com.au
intama.com.auLevel 261 Bligh StreetSydney NSW 2000
Email us now and we will set you up an appointment