Tim Sargisson: Differentiate Advice Tech Types

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When talking of advisers and technology, it’s easy to assume that they come hand-in-hand and offer the same solution. This simply isn’t the case. Robo-advice provides digital financial planning services to customers, saving them both time and money. It ties in with the growing trend of automated processes in businesses, where software aids in decision making with sound algorithms.

On the other hand, custom advisory services are slightly more complicated, yet have their own unique value propositions. This type of solution is tailor-made for an individual’s needs and will serve as an exceptionally useful form of advice giving. A tailored-made service involves an expert adviser that is able to give up-to-date professional advice and will recommend options tailored to a specific person’s wants and needs.

When trying to decide whether to use custom advisor or automated services, it really comes down to the individual’s requirements. If they are happy with the generic advice that is available from the automated services and don’t need any in-depth discussions with a professional, then the robo-adviser could be a perfect fit. If, however, a person is seeking detailed advice and requires a more personalized touch and experience, then a custom advisor service would be the more suitable option.

Technology can also provide value to the advice giving process, from simplifying paperwork and providing data at the touch of a button, to automating mundane tasks and making sure that systems are up to date with industry regulations. By incorporating technology in business practices in the right way, advisers are able to get more done in a shorter amount of time, freeing up valuable resources to provide even better advice.

Nevertheless, technology should never be seen as a replacement for human interaction. Personal relationships are key to providing advice that is tailored to the individual’s desires and needs. There are times when sound advice can only be given through trustful conversations between the adviser and the customer.

It is important that advisers are knowledgeable of the technology available and how it can help them provide advice. As with any business, having an appropriate technology strategy in place, that incorporates the right solutions for your business and customers, will ensure that customers are serviced in both an efficient and up-to-date manner.

In summary, advisers and technology are a powerful combination when used correctly. They can be used to both automate mundane tasks but also to provide customized advice for customers. Without technology, advice can be seen as merely “basic” but by combining the two, there can be genuine value added to the advice given. Ultimately, the right technology must be backed by the knowledge of an adviser, creating the perfect mix of innovation, expertise and customer experience.

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Tim Sargisson: Differentiate Advice Tech Types