Financial planners are battling fintech, and failing to win
As a financial planner, you have constant competition for retaining existing clients and expanding your customer base. However, you also have competition from another, unlikely source: technology.
Today, there are hundreds of fintech apps for investing, saving, and portfolio management. These tools are being gobbled up by younger consumers who are more technologically-savvy and believe that innovations like artificial intelligence can be leveraged in their financial life.
Provide a personal touch
Even with the rise of technology, most people are still leery of using automated software to make investment decisions. In fact, only 31% of investors would be ok using AI as their financial advisor. This number is even smaller for older demographics who are less technology-literate.
The human element of your business and relationships is something that no technology can ever replicate. Leverage your relationships and the personal touch you can provide clients. This can come in the form of regular, personalized email campaigns, whether it be to relay important investing information, or just to say hi during the holiday season.
Answer the “why” as much as the “what”
Providing your audience with data points and news updates is only half the battle. Sure, your audience wants to know what’s happening in the market, updates to interest rates, and other economic forces, but they also want to know what it all means.
Why should they care about rising interest rates, or increased money supply? What does the US manufacturing PMI have to do with their portfolio? Providing the “why” behind economic indicators and statistics can help you engage your audience and make this information more relatable.
Stay current and stand out
The financial industry is constantly changing, and unfortunately, you will never be as quick as AI or technology-based solutions in delivering timely content. But that isn’t necessarily a problem. Yes, from a content perspective, if you aren’t delivering content in a timely manner it will become irrelevant rather quickly. And no, you likely won’t have time to write detailed reports on each piece of breaking news and its impact on investors. However, you can update your audience on important information, and even link out to reputable sources where they can learn more.
Instead of trying to announce a financial update or be the first to deliver news, try once again to stand out from your competition by adding your own voice and flavor to intrigue your audience. Maybe that means highlighting a news story and how it’s affecting you in your own life, or how you’ve seen these instances play out in the past. There are just a few of the ways to add your personal touch on timely updates.
