It’s often the small things that matter when running a business. In this section of Wealth Intelligence, we will regularly share business tips that you might find useful in the management of your business. Please feel free to comment on any of the tips and should you wish to share any of your ideas, please contact us. We would be delighted to pass them on.
The latest Business Tips articles are listed below.
How do I keep up with technology?
Technology is constantly evolving and failure to be proactive and adapt to these changes can be disastrous to your practice. The digital world is changing how we need to engage, attract and communicate with our clients. As a result of this changing landscape, we need to re-assess our value proposition and embrace technological advances to demonstrate that we are able to adapt our strategies to cater for our clients’ changing needs.
The profile of our clients is changing and so are their expectations.
Clients are more tech-savvy, regardless of age, and we need to react to this changing world or risk losing our relevance and being replaced.
THE HYBRID ADVICE MODEL
However, technology alone cannot always provide the reasoning, expertise and empathy that the human element of the advice process offers, particularly in managing clients’ behaviour. Many clients expect the ability to choose how much digital and human access they want. If you cannot provide the balance they desire, they may simply move on to the next provider. Therefore, the ideal solution is a combination of the best aspects of both digital and traditional human advice, also referred to as the hybrid advice model.
MORE TIME TO FOCUS ON BUILDING RELATIONSHIPS
Technology can replace components of the advice process to enable more efficient back-office support, ultimately improving service delivery and the overall client experience. Your business will then be able to cater to the needs of your more tech-savvy clients, especially those who expect simpler, more convenient engagements.
This means that you will have more free time to focus on other aspects of your proposition and deliver value where it is actually perceived. This includes forging stronger, deeper client relationships and behavioural coaching to manage client behaviour. Our role will be to interpret advice rather than generate it and also to ensure a deep understanding of our clients’ goals to help them reach them by means of a well-structured financial plan.
MANAGING CHANGE IN THE WORKPLACE
If embraced, technology can offer many benefits for clients, staff and businesses within the financial services industry. However, it does require the willingness to learn a new way of doing things, an initial outlay of time, and additional resources.
Change management will therefore become critical in your business as staff will need to embrace new tools and new skills. Roles may shift as automation will result in more free time. Technology is making some jobs and tasks obsolete, so people are likely to feel threatened. As such, you will need to rethink future strategies.
Driving technological changes within a business means outlaying initial costs and investing not only capital, but also resources and time. Reducing reliance on your own resources can be achieved by partnering with businesses or providers who already have digital tools available.
Despite the challenges that lie ahead, advances in technology need not be seen as a threat. If embraced, technology can provide opportunities for advice businesses to really set themselves up to be future fit. It gives you an opportunity to demonstrate to your clients that they can adapt their strategies to cater for their changing needs. It also opens doors to scale your business and helps more clients to achieve their goals.