Sales processes the world over have changed since the onset of the Digital Age. The internet has increased exponentially the pace of this disruption, transforming sales patterns that had lasted for decades. The financial advice industry is no exception.
If we can buy more/faster/easier using web portals, do we need advisors at all?
Many financial brokers feel that our industry will be insulated from this wave of behaviour change. It very much depends how much value is being created by the advisor.
The primary argument for the survival of face-to-face advisors in any industry resides in it's complexity.
The more complex a problem is:
The more difficult it is to make a decision unless the client can understand the big picture and balance (visualise) the tradeoffs involved.
The greater the need for a true scenario planning process to consider multiple alternatives.
The Good News
The real value sales advisors provide today comes from helping people understand and manage the tradeoffs involved in the complex decisions they face. Technology tools like Voyant help to position the advisor as one of educator and facilitator in a consultative sales/advice process. In complex problem solving scenarios the software effortlessly brings to life the tradeoffs and implications of planning decisions. It simplifies the complex so that clients are comfortable making decisions more quickly and with certainty.
To survive and thrive in the digital age, financial brokers need to adopt technology or risk being made obsolete.