A top-notch tech stack is table stakes. And you won’t “out tech the tech titans” so you can’t win on technology.
So what can a financial advisor do to remain relevant and thrive in the years ahead?
You can double-down on your ability to humanize the advisor-client relationship, to understand and deliver on exactly what your clients really need, and you should do it in a technologically-enhanced way.
“You're not competing on your toolkit or the software that you deploy in your office,” says podcast guest Lex Sokolin. “You're competing on the core need, which is that most people don't have enough money. They don't know how to retire. They're super anxious. I think the smart financial advisor will shade the constructs of how they work and move towards what the human need is in this evolving world.”
Lex Sokolin is the Global Fintech Co-Head at ConsenSys, a blockchain technology company building the infrastructure, applications, and practices that enable a decentralized world. Lex is also a futurist and entrepreneur whose newsletter, Future of Finance, should be on your must-read list every week if you want to stay ahead of the curve (I read it each week).
In today’s conversation, we discuss the sweeping changes in the fintech landscape and what new skills advisors will need to thrive in an industry that’s getting more digital and more automated every day.