IDS and Quotemonster shared a stand at the conference this year and were promoting the tools and services we each offer to help advisers.
I also got the chance to present at the conference on a topic about the Future of Financial Advice. My presentation was on Robo-Advice – Are the machines taking over?
My three handy tips for adviser who want to beat Robo-Advice were:
- Choose a Target Market – Who are your ideal clients? What do they want or need? Focus on delivering your advice to them. Position yourself as their money/insurance/investment coach.
- Give your Clients a Dashboard – How can you show clients year in year out you are adding value? Providing a Statement of Position each year? Providing a Life Risk summary showing what they have covered? instead of just a policy schedule. Provide a debt management spreadsheet for clients to update. Whatever value you are adding show it is being added.
- Use Machines to Beat Machines – Technology should save you time and improve your service levels. The first step is to design your ideal customer experience and then find the right tool to enable that experience. Some advisers buy technology thinking it will provide the customer experience or time savings, but have missed the first step of designing the ideal process, then they get frustrated in spending money on technology.
Speaking of tools to help advisers…
We have done some work with Quotemonster this year on adding a basic Needs Analysis tool for Personal Insurance Advice. It is designed for advisers who currently don’t have a planning tool and helps provide context to the Scope of the Advice and how the products quoted were arrived at. If you currently use QPR on Quotemonster the tool is free during the Beta testing phase.
We also soft launched a new tool we are bringing to market this year called My Advice. My Advice is an online system that allows advisers to automate their advice process and written communications. We can take your current forms and documents and turn them into a simple system which means you aren’t typing client details into fact finds, SOA’s, application forms, emails etc, and it can automate communications during the advice process and review processes for an adviser.
We will be doing a Roadshow in October to launch My Advice so watch out for further updates.
From our point of view conference was a great success and Trevor, Angi and I enjoyed catching up with current and future clients as well as our other industry friends. We thought the attitudes of attendees signals a positive future for those who embrace change and professionalism moving forward.
So stay safe out there and watch out for robots…