The New Era of Financial Advice: Transforming Client Experiences

The New Era of Financial Advice: Transforming Client Experiences

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Advisers are no longer just financial experts, they are now at the forefront of providing transformative client experiences.

This shift in the industry is predicted to bring about significant positive changes, according to professional VBP chief executive, David Carney.

Carney believes that advisers are now in the business of selling "an experience" and that the financial industry is transitioning into the experience economy. He envisions a future where clients eagerly anticipate their reviews because it challenges their thinking and helps them set goals. A structured and well-organized meeting, incorporating digital tools, offers a staged experience that leaves clients feeling valued and empowered. This, Carney asserts, is the future of advice.

Putting the "Human" in Financial Services

Carney emphasizes the importance of majoring in humanity for all financial services professionals. He believes that intuition, shared learning, and personal experiences create lasting impacts. Carney recalls a time when he helped an orthopedic surgeon, who was financially successful but yearned to take a sabbatical and give back in Africa. Carney provided the confidence and permission needed for the surgeon to pursue this significant endeavor. Through his role as an adviser, Carney empowered the surgeon to make a positive difference.

While acknowledging the role of technology, Carney believes that it should be used to enhance the human aspect of the business. He predicts that in the near future, repetitive tasks, such as building fee disclosure statements, could be automated by bots. This would allow advisers to focus more on building meaningful relationships and providing personalized guidance. By leveraging technology in specific areas, advisers can access global best pricing and improve efficiency, ultimately boosting cashflow and profits.

Revolutionizing Talent Development

As the industry evolves, Carney contends that revolutionizing talent development is a crucial necessity for advice businesses. Traditional approaches of working behind the scenes for a couple of years are no longer sufficient. To attract and retain the best talent, businesses must fast-track development and shorten the learning curve. Firms that invest in developing their people and embrace innovative ways of training will ultimately thrive in an industry facing a massive shortage of talent.

Carney envisions future advisers as individuals who possess exceptional interpersonal skills, while also embracing the role of co-pilots alongside technology. This combination of human expertise and digital tools will create a dynamic and efficient advisory experience.

In preparing for the future, Carney advises advisers to brace themselves for the inevitable disruption. The industry has already experienced significant changes in the past few years, and more disruptions are on the horizon.

VBP recently signaled their commitment to the financial advice industry by acquiring Elixir Consulting. This move is aimed at expanding their service offerings and positioning the combined business as the go-to growth partner for advice firms seeking innovation and scalability.

In conclusion, the future of financial advice lies in providing transformative client experiences. By adopting a human-centric approach, embracing technology as an enabler, and revolutionizing talent development, advisers can navigate the evolving landscape and thrive in an industry ripe for change.

Published:Tuesday, 5th Dec 2023
Source: Paige Estritori

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