The financial advice profession has plenty of complicated stories. What advisors need is tangible lessons that can be easily recalled. What we do and how we do it is rapidly changing, as is our customers’ understanding of the role of financial advice in their lives.
We recently gathered a group of 30 advisors to discuss the rapid pace at which technology and our industry are evolving and to examine the shifts in how value is being delivered to their clients. We create a lot of analogies in our industry, but after two days of lively discussion in Boston, three particularly poignant lessons emerged that all firms may want to leverage to help increase the value they bring to their end investors.
1. Stop Cleaning Teeth
John Bratschi of Seaward Management encouraged others to “run their practice like a dentist’s office.” Consider this: A dentist with 30 years of experience should not spend her time scheduling appointments or cleaning teeth, but rather putting her energy into the highest value work, like reconstructing a broken tooth. The same can be said for your most seasoned financial advisors. Bring in support resources for what you can, and let your more experienced advisors practice at the very highest end of their profession. No more cleaning teeth.
2. The Softest Side Can Be the Hardest