More industries are seeing the emergence of “concierge services.” Taking their name from high-end hotels that assign concierge staff to meet guests’ every need, these services have emerged to help the affluent in their daily lives — addressing problems from chest pains to window panes and most things in between.
The driving force behind the need for these concierge services is, ironically, technology itself. While the Internet has given us access to virtually every product and service on the planet, it also has a dark side: creating a wall of voice mail, “help” sites and “more information,” which make it nearly impossible to speak with a live person when you have a problem with a product or service.
Thus, concierge services are popping up so individuals can get the help they need.
It follows that more independent advisory firms are adding technology to increase efficiency and lower costs. And when done intelligently, tech services can achieve these goals.
What Your Peers Are Reading
However, many advisory firms today are bringing on more technology to reduce the perceived “inefficiencies“ of client-to-human contact. To those I ask, “Why not close your doors now?”
Like other professions, such as law, medicine, accounting and teaching, financial advice is based on the relationship between clients and advisors. It involves one of the most important aspects of most people’s lives — their finances — and consequently, it involves a high degree of trust.