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How the Role of a Financial Adviser Is Changing


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Written by: Nigel Reid | Econnexx

People can now choose and manage their own investments through fund supermarkets; compare and select insurance policies and a host of other financial products at the click of a button. 

They are more empowered than ever before and in-turn becoming less reliant on others to help them get what they want.

What This Means For Financial Advisers 

Although technology has empowered consumers with more choice and control, this comes with an element of risk. Without guidance from a financial adviser they may find self-planning proves to be harmful to achieving the desired end results. 

The problem faced by financial advisers is that consumers will continue to be influenced by technology such as social media and online sites with easy to purchase products. Technology has removed the need for many to meet face to face with the majority of service providers, including financial advisers. Instead they choose to use channels such as the Internet and social media to source general information and email or livechat to communicate one on one.

Financial advisers must therefore adopt a new approach in order to remain relevant and secure the custom of a new breed of clientele.

The New Role For Financial Advisers

Although technology has eroded some of the reasons for people to seek the help of a financial adviser, it has also created new opportunities for advisers to reach more people.

Many firms have embraced technology to a degree but have failed to see any significant rewards – such as,  

  • Their website may bring in visitors but only a very small proportion of these visitors actually make contact and become clients.
  • They use social media but see little engagement or interaction from people and see little business value from allocating their time to social channels.

For financial advisers to get the most from their online profile, social media and technology as a whole they need to focus on: 

  1. Having a defined ideal client type with their online profile and message created to appeal to these personas.
  2. Focus on providing value in exchange for basic contact information. Such as downloadable guides, webinars, videos, free online consultations. Use social media to share and promote.
  3. Develop a remarketing process to continually engage with contacts generated through your offerings, reminding them of your firm and the benefits you have to offer them.

By implementing these 3 steps you will have a firm that appeals to the right audience, the ability to convert your audience into contacts, and effective processes to convert those contacts into clients. 

Building New Relationships

The success of financial advisers in the past was embedded within their ability to create a one on one relationship with a client. These relationships built trust and security amongst adviser and client, which converted into long lasting business relationships.

As technology has diluted the need for face to face engagement it has created a void that has been difficult to fill.

However automated marketing provides advisers with a new way to reach more people and build personal relationships with prospects and clients.

How Automated Marketing Builds Relationships

Automated marketing takes the information collected when visitors come to your site (such as the pages they viewed) and when they complete a form to download an offering – and uses this information to personalise future correspondence.

By creating a series of emails each designed to address obstacles and concerns faced by your target clients you are able to reconnect with prospects on a personal level, whilst moving them closer to making contact. When they do make contact a relationship has already been formed. 

Technology will not go away, nor will it stop advancing, yet a significant proportion of financial advisers remain routed to their own traditional ways of working. Those who don’t take heed and adapt to technology will only find it more and more difficult to achieve the success they strive for – or regain the success they may have enjoyed in the past. 

The possibilities for financial advisers through the use of technology are endless and the opportunities are real.

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