If the future of financial services is not financial, then how do financial advisors – many of whom
tie their value to financial performance– stay relevant and safe from extinction?
We’re an industry under threat and we are going through a profound transformation, and it's crucial that we adapt to thrive in this new landscape - it transcends traditional boundaries and ventures into uncharted territories.
First, there were robo advisors. Now these robo advisors have evolved into entities that seem to have a level of consciousness, or at least have the ability to learn and to keep learning with each human interaction. And, we’ve been told by surveys that a growing percentage of consumers are willing to accept advice from AI advisors. We must redefine our role to remain relevant and avert the looming threat of obsolescence. At the heart of every successful financial advisory relationship lies the authenticity of human interaction.
I have nothing against technology. The emergence of AI with learning capabilities presents both challenges and opportunities. When I find technology that’s useful, I try to use it. I’ve started using Otter AI to capture meetings. This helps me to be present, instead of having to take notes. I think it’s important to keep up with technology as it continues to advance. I believe it’s useless to fight it.
Technology is not our enemy; it's a tool that can empower us to deliver enhanced services and cater to evolving client needs. However, I don’t just embrace technology. I’m doing something a little different. Instead of looking to innovations like AI for a competitive advantage, I’m leveraging the advantage of something that’s more powerful than the most advanced AI out there. I’m tapping into the power of the human-to-human experience.
What do I mean by this? As we journey into this new era, remember that our true value lies in our ability to provide personalized, empathetic guidance that transcends mere numbers. Our ultimate goal is to serve and uplift those we encounter on this path.
People crave genuine connections, conversations that resonate with their innermost selves. In a world inundated with artificiality, the sincerity of human-to-human engagement remains unparalleled. Let’s cultivate lasting relationships built on trust and understanding.
Our greatest strength lies in our ability to forge real connections, to listen intently, and to respond empathetically. The essence of our work lies in the relationships we nurture, the stories we share, and the lives we touch. Embrace the beauty of authenticity, the strength of vulnerability, and the resilience of the human spirit.
When I meet clients, no matter how wealthy or influential they are, they are always individuals to me first. They are people with needs that are unique to them, that only they know. I don’t come to them with solutions based on their investable assets.
I ask them: What do you want? What’s important to you? What does happiness look like to you?
What’s standing in the way? What scares you?
People want authentic human connections. No technological innovation can replicate the empathy, intuition, and depth of a heartfelt conversation.
No AI can replace that, not even a deep fake of Elke Rubach – she’ll probably say all the right things but won’t ask the tough questions.
The future of financial services is not financial. It’s certainly not AI, even though AI is likely to
play some part. The future of financial services is experiential – authentic human experiences
that only we, human financial advisors, can provide. Let’s pave the way for a future where financial services are not just about numbers and transactions, but about meaningful relationships and transformative conversations.
That’s an advantage no machine can ever replace.
