Don’t Compete With The Machines!
In any battle between humans and machines… bet on the machines.
Bank tellers or ATMs?
Humans or robots to assemble cars?
The “asset gatherer” has become an endangered species. So has the financial planner who’s mostly an investment advisor. The good news is that, by definition, only a human can make a “human” connection.
eMoney Advisors is hosting complimentary workshops with Bill Bachrach where you will improve your human skills and learn ways to more effectively attract and serve Ideal Clients.
Register today. https://www.billbachrach.com/blog/dont-compete-with-the-machines/
By definition, only a human can make a “human” connection. What will continue to be uniquely human even as the machines continue to commodotize many of the things that FAs formerly considered part of their value proposition?
1. Conversations that uncover a person’s values, other emotional drivers, and meaningful goals which require money and planning to achieve.
3. Accountability. The machine can be set to remind a person to do the things that need to be done. But only a human being can sit a person down and have the heart-to-heart conversation that needs to be had so the action is actually taken. Only action produces results.
4. Leadership. The bringing together of the human and machine / electronic subject-matter-experts to contribute their wisdom, experience, and skill to produce the best possible advice and leading the clients to implement that advice… especially when they don’t want to. This includes preventing a client from making a bad decision that could derail their goal achievement. Eg: moving their money to cash or gold instead of sticking to the plan, cancelling an important insurance policy, or failing to complete crucial legal docs like powers of attorney and health care directives.
Human financial advisors will only become obsolete if they try to compete with the machines at the things the machines are better at.
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