Everything nowadays is all about the “experience.” Why should wealth management be any different? It shouldn’t be. Advisors should strive to provide clients with exceptional financial experiences. Unfortunately, we find that within the realm of the wealth management industry, the financial experience process has been slow to catch up with 21st century standards.
A long time ago (in a galaxy far, far away) I was a financial advisor. I’m proud of many things that I achieved - but with the benefit of hindsight, I realize that there are some things I could have done differently. I’ll share with you now the biggest mistakes I made as a financial advisor and how to avoid them. My hope is that this will serve as valuable advice for those in the advisory role and also as a guide for those who are seeking financial advice.
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I feel fortunate to work with Carly de Diego. She brings positivity and intensity to her role as Chief Client Officer. Her leadership directly benefits the wealth management firms that use our technology every day. So it’s well-deserved that Carly is getting some industry attention. Just this week alone, she was interviewed by leadership publication Authority Magazine and received special recognition from a group called NYC Fintech Women.
Technology has entered every part of my life. At home, I am surrounded by it. In the kitchen cooking, throwing in a load of laundry or helping my kids with homework - everything requires something digital to function. At the office, my Macbook has replaced all my old tools - pen, paper, scanner, and fax. On the road, I’ve got something high-tech in my pocket, on my wrist, in my car - the list goes on and on. Everything has a screen and buttons to push. It’s no wonder that a new digital age has entered wealth management.
I’m a millennial. So it should come as no surprise that I like texting. But it’s not just millennials who prefer texting as their go-to form of communication. Did you know that 89% of all consumers prefer to use messaging to communicate with businesses? Texts have a 98% open rate and 90% of these are read within 3 minutes of receipt. These numbers are astonishing. It’s no wonder that financial advisors are thrilled with Junxure’s latest integration with MyRepChat. MyRepChat reports this new integration allows advisors to communicate with clients via text while fulfilling important compliance requirements.
Saturdays are made for soccer. I’ve found myself looking forward to Saturdays all fall. It’s when I get to watch my seven year-old daughter take the pitch. It also doesn’t hurt that we have been fortunate with perfect, crisp, fall weather to go along with the play. This past weekend, I had the pleasure of meeting a grandfather on the sidelines. He was in town visiting one of the other players. For the purpose of this article, I’ll call the grandfather “Sam.” After exchanging pleasantries, Sam asked, “What do you do?” I gave him my brief headline and quickly responded, “What do you do, Sam?” It turns out Sam is a florist. I found my conversation with Sam the florist enlightening and worth reflecting on.