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Technology is Helping Financial Advisors Deliver More Human Advice

Just last week, I had the pleasure of attending and speaking at the 2023 AdviceTech.Live event hosted by Asset-Map. This event is a must-attend for financial advisors, fintech & wealthtech providers. Especially, those who want to learn about cutting-edge tech and the state of financial advice.

In this blog post, I’ll share three key takeaways from the event. These are special insights into what the thought leaders and tech creators are doing. Let’s make the future of financial advice more human.

Key Takeaway 1: Tech Enabled Advice Delivery

We’re seeing a shift to tech-enabled advice delivery. Especially where advisors are using technology to better serve their clients and deliver advice. One of the fastest-growing categories in the financial advice technology landscape is advice engagement. This category of solutions helps advisors meet clients where they are. And also, in the way they want to interact with their advisor.

Research from JD Power shows that clients who receive goals-based or comprehensive planning are happier with their advisor. This suggests that there is a growing demand for tech-enabled advice. This can help advisors deliver more holistic and personalized advice to their clients.

Adviser experience and net promotor score
stated preferences for human versus digital interaction

Key Takeaway 2: Financial Advice 3.0 is Empathetic

Financial advice 3.0 is evolving to be more empathetic. Advisors are moving away from a transactional approach to advice and towards building deeper relationships with their clients. Clients want more than just rates of return and asset allocation conversations. They want to talk about the meaning behind their money.

Tech can help advisors scale deep conversations and comprehensive advice by automating tasks and streamlining workflows. This allows advisors to focus on building rapport and trust with their clients. As well as delivering personalized advice that meets their unique needs.

Key Takeaway 3: Rapport, Trust, and Relationships are Paramount

Technology is becoming the great equalizer in the financial advice industry. As more and more advisors adopt technology, it’s becoming more difficult to differentiate on tech alone.

The best way to differentiate yourself in the market is to focus on the human element. Clients still desire human relationships, even in the digital age. Tech, like Couplr for example, can help advisors build rapport and trust with their clients more quickly and in a digital manner.

Parting Thoughts

A common thread you should pick up on is that humans are wired to connect to other humans.  The people building fintech today are recognizing this more and more which is being reflected in better experiences where we use tech to double down on human relationships and experiences.

The future of financial advice is bright. Advisors who embrace technology and use it to deliver more human advice will be well-positioned to succeed in the years to come.

Best Regards,

Derek Notman