Digital Dollar Days: The Role Of The Financial Advisor In The Technology Age

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The world of modern business is changing. It is changing rapidly. Every few months, there is a new process or technique or marketing method, that it is so difficult to keep up with the trends, and so, where does this leave us as staff members and trusted employees? With the leaps in technology, showing how many different things can be automated, that it makes you worry about the security of your job, “will my role be replaced by a machine in a few short years?”, “It’s impossible! I do x, y and z, they can’t replace me!” Everybody’s thinking exactly the same thing. While we can see that it will make admin or menial roles redundant from a human perspective, what do the digital world and the digital economy mean for one of the stalwarts of business, the trusted financial advisor?

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The millennial generation is looking for a lot more engagement from large institutions. So, what is the best way to achieve this? The Internet! The millennial generation wants their advice sent through the computer screen via online tools rather than face-to-face conversations which are preferred by older generations. Statistically, 61% would like to have video meetings with financial advisors, and 57% will swap their financial advisor for a technological setting. This may imply that we live in a disconnected world. However, the millennial generation thrives on their smartphones and need to work in an environment where they can use their mobile phone. So as a financial advisor, you can use this to your advantage. By increasing the many different ways in which you can communicate with customers, you can use the tool that is in your jacket pocket to send emails, instant messages, texts, video calls, as well as the standard phone call.

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From the perspective of a young financial advisor, the tools that they have at their disposal now is infinitely more than 20 years ago. Now they have the option to find the right cpa review course to suit their needs, from learning style to budgetary requirements. So there is no denying that technology has made access to the tools a lot simpler. Does this mean that there are thousands of financial advisors in training currently that will be out of a job in a matter of years? In short, no. The nature of diversity in the workplace means the financial institutions are less likely to place the focus on technology, but merely use it as an essential tool for productivity, and that is exactly what it is! A tool. The digital world is currently in no fit state to replace the standard sales practices and techniques because we do not have equipment that is sophisticated enough to understand the notion of empathy, to use an example of human emotion. Using it as a way to assist a financial advisor in terms of research, understanding financial patterns, the current legislation, etc., has never been in ruder health. The innovation of digital processes and strategies are helpful analytics tool that is yet to replace the human touch of the trusted financial adviser.

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