I was pretty impressed with this and the other day I mentioned that I thought it was nice that he was teaching his kids the value of politeness. His reply? Sod that. When the robot uprising happens, I want them to have it on record that we were nice to them.
So it seems that some people have resigned themselves to a future where they meekly accept what a machine tells them. Computers and technology operate, however cleverly, on a binary level with yes and no answers and as a result, they simply cannot offer the holistic approach to advice that a broker can.
Of course, a computer can get to a ‘yes’ decision more quickly but the fact that it’s not the best version of ‘yes’ available seems to be getting lost.
Technology and the way it supplements the advice process should not be about eliminating the adviser, but about reducing unnecessary data entry and pinch points of the process.
There are a number of services that can help reduce the data collection burden on a broker. These include credit searches, open banking to complete a budget planner and verify income; AML and eIDv to verify the client is who they say they are; and identity documents. Even criteria and affordability sourcing allows a greater depth of qualification of products.
When integrated early into the advice process especially during the client qualification and on-boarding stage these services can be woven into a digital process. Ultimately both the broker and client are then in control of the data: the broker in terms of where in the advice process they choose to source hard facts and verification, the client in terms of providing appropriate permissions.
This also results in investment from both parties to a shared journey and establishes a relationship between the broker and client that prevents clients from moving to a ‘direct to lender’ channel. Brokers should not merely ‘sign off’ technology-driven advice but take control of the advice process.
By removing the lengthy time taken to collect ‘hard-facts’, time can be spent to explore “soft-facts” and deliver better client outcomes. Every client is far more complex than some technology providers would have you believe. I read that brokers are usually factoring in five different conditions when performing a criteria search for a single client.
There is also another layer of complexity relating to ancillary advice such as the provision of protection products. Technology can tell you which policy is the cheapest but it can’t tell you the client circumstances which dictate whether they should have a policy in the first place.
Technology is there to enable the intermediary and enhance the way they provide advice. There is a growing population and adviser numbers are not in growing in parallel. As a result, technology should not be underestimated in the role it can play but it should equally not be overestimated!
There are some wonderful technical advancements but please see them for the value they really add and that is largely in reducing the amount of manual processing, ensuring an adviser can get on with what only they can do – advise.
And finally; please be nice to your Alexa... Just in case!
