When working as a technology provider, the most essential elements of this process, besides trust/relationships, are experience and expertise. This is not just when it comes to the technology itself, but also when it comes to understanding the intricacies attached to the market it serves.
As I’ve said more times than I care to remember, successful technology integration can be a game-changer for many companies, but only if it matches their individual business needs and allows users to have real trust in the system, solution or platform they are using and, just as important, the people behind the technology. As a company with a family history spanning decades in the midstream industry, we understand the importance attached to strong customer relationships and to being adaptable enough to sustain them through good times and bad times. times. Relationships that can span generations if implemented with the best intentions and the best results.
This was evident in a study by M&G Wealth which pointed out that 33% of families advised use the same financial advisor as another generation of their family or in-laws. Of those who have a counselor, well over half (57%) share it with their parent(s) – including birth, step and adopted. Two in three (65%) share a counselor with their grandparent(s), and a third (34%) with their partner’s parent(s).
Well over a third (37%) admitted they would feel relaxed sharing an advisor because their parents/family trust them, while 34% said they would feel good that all family finances are in the same place and can examine together. Despite being comfortable with an advisor sharing, a third (33%) admitted they want boundaries and therefore wouldn’t share all of their details and situation.
So what can we learn from this?
The fundamentals of the counseling process remain largely the same, but the way we meet the needs of the current generation versus past generations has changed, and the best counselors have adapted accordingly to maintain and even improve those relationships. generational.
A lot of that is due to technology, but it hasn’t always been easy for technology and the advisor community. There have been times in the past when the perceived threat of roboadvice has cast a large shadow over the mortgage market and skewed many opinions regarding the impact of technology on the advising process.
Fortunately, a host of technology providers have managed to turn the tide and a large proportion of mid-market businesses, large and small, are benefiting from a range of online tools to help their business run more efficiently while simplifying the mortgage journey. for their customers.
It is a process that affects the value of trust and relationships. In order to get the most out of technology, advisors must trust their ability to generate the best results for their clients to build lasting relationships.
And the deeper that trust is – beyond pure technicality and in the people behind it – the more likely those relationships are to flourish.