Financial advice is facing new competition. Advancing Artificial Intelligence (AI) means that it really won’t be long before we can tap our situation into an app, and it will tell us how to invest our money to meet our objectives tax efficiently.
In fact, I heard this week that one of the major investment and platform providers have built an AI engine doing pretty much that. Already. Far more advanced than I realised was possible!
I remember, about 10 years ago, hearing someone at a conference suggest that technical excellence and a great investment proposition were going to become “hygiene factors”. Those things that we were all working so hard to make happen needed to become the norm. To differentiate, stand out and add real value, they said, it was the human skills we really needed to work on.
I agreed at the time, and think we are about to see this play out even more acutely over the next decade.
How will Financial Planners thrive in the coming years?
I think that for Financial Planners to thrive (possibly even to survive) they will need to focus far more deliberate attention on excelling at the things computers can’t do. Human skills like deep listening, empathy, relationship building, and coaching. These are the skills which are becoming ever more critical if planners are to demonstrate their value (and do a fantastic job!).
What if the aim of any conversation with a new client became for them to leave thinking things like:
- Wow – you really took time to listen to what matters to me!
- I feel heard in a way that I haven’t in years (if ever).
- I know things about my husband / wife that I never knew before.
- I feel really hopeful that working with you will help me make my dreams a reality.
- I better understand my relationship with money now and feel liberated!
How might that feel to a potential new client? If it was me, I would sign up straight away!
So, perhaps out of the AI threat comes a fantastic opportunity for those who are prepared to put in the work. Differentiate yourself by learning and honing the skills that computers never will, and at the same time improve the likelihood of clients signing up after a first meeting and improve your conversion rates.
If you’re interested in how I could help you to improve your human skills with clients and improve your conversion rates, you can find more details on training courses here. Alternatively, book in on this page for a chat over a coffee.
0 Comments