No matter the industry, the firms I see experiencing the most growth have embraced this notion of disruption. They are looking at their businesses differently and they understand that in order to retain customers and clients and attract new ones, they have to provide more than just a product or service. They also have to deliver value.
Challenging the status quo
One podcast I enjoy is The Next Frontier hosted by Bill Coppel, Managing Director and Chief Client Growth Officer at First Clearing — a firm with deep roots in the retail brokerage business. What I like about his show is that he is engaging in a new conversation and asking the right questions.
What he ponders with guests is how algorithms and artificial intelligence will impact their industry. Who will do a better job at managing money? How will the role of a financial advisor change? Will the profession be one day obsolete?
Once upon a time, success for an advisor was all about assets under management but it’s shifting more on the quality of the relationship. Clients are seeking a deeper connection, preferring more of a holistic approach that prioritizes communication, emotional intelligence, and knowing more than just the numbers — something which technology can never provide.
Viewing business through the lens of your client
While these topics are extremely relevant for financial advisors, they’re also universal thoughts for every business. People have always desired to connect with others, and the paradox of this digital age is that it just may be the best time to integrate that connection into your business model.
Whether you’re in engineering, accounting, legal, or any other professional services firm, it’s time to look at things through a new lens, to embrace the disruption that is all around us and to possibly rethink and change how you serve clients. As they say in The Next Frontier, are you ready?