Zach strives to help enterprise firms stay out in front of the pack with technology by helping to implement easy and repeatable internal processes. Zach enjoys learning more about a firms process to help fit technology and strategy together to achieve their goals.
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I had the opportunity to represent Advicent at the XYPN Conference in Dallas. It was a phenomenal experience to be able to rub shoulders with other vendors, learn from the speakers, and talk with many industry experts on where they see the industry going.
What made the XYPN conference and this organization unique is they bring a more tech-focused mindset to the financial services industry. Part of that is because the average age of their members is 37 years old. Understanding that these individuals are the future of the industry below are give key takeaways that I learned from speaking to hundreds of individuals.
Client experience is front and center
Advisors seemed to care more and more about what their clients are experiencing. When digging into this a bit I learned that this is rooted in the increase in outside competition like robo-advisors and larger financial institutions. The way these advisors approached that "client first" mindset ranged from cutting-edge technology, new unique business models, and offering a larger menu of services that scopes the entire financial life of a client.
Leading with financial planning
Historically, a very low number of households that receive investment advice actually have a written financial plan. From my conversations with advisors, they were looking to change that and take advantage of the opportunity. This goes hand in hand with client experience and allows these advisors to offer more services than just an investment management fee.
Working with clients of all ages
Something I learned was that by focusing on client experience and also financial planning this was leading to these Gen X and Gen Y advisors to serving more than just Gen X and Gen Y clients. A lot of advisors I spoke to said that because of the value they were providing to their friends and colleagues they were starting to get heavy referrals from their friends and various family members.
Technology drives their business
By adopting technology and being early adopters for new FinTech that has been brought to our space these advisors have been able to take advantage of running their business from anywhere. Many advisors were attending the conference but very easily running their business at the conference from their cell phone, laptop, and tablet. The advisors were eager to learn as well, all technology booths seemed to be consistently packed full of engaging conversations. Many advisors told me that as they are in the early stages of growing their business an integrated technology platform allows them to be efficient in their business to save time, money, resources, and better service their clientele while also prospecting to grow their business.
Making money as important as impacting lives
Unfortunately not everyone has the luxury of loving what they do. Most work at their jobs to make money. The sense I got at the conference was less that these advisors were doing this for a paycheck but were doing so because they wanted to help people. I saw this in many facets from some advisors knowing they have wanted to help people since they went to college with this vision to others completely changing industries to impact people’s lives. The future is strong in our industry.
To learn how to Advicent can help your firm in the competitive financial planning space, click here.