At a conference four years ago, with about 150 advisors in the room, a co-panelist ridiculed me for being overly pessmitic after I had predicted that automated advice online would drive a shakeout in the financial advisor business.
Since then, fear-mongering over roboadvisors in the trade press has reached a fevered pitch. Not a day goes by now without some scary headline in the trade publications about a roboadvisor invading advisor turf. Moreover, Betterment, Wealthfront, all of the major RIA custodians and many others, have launched extensive TV ad campaigns saying advisors aimed at taking away market share from advisors.
In this 30-second ad campaign from Charles Schwab, which is now running nationally, a son chides his father for paying for advice. While directed at brokers, the ad implies that paying for advice is outmoded. Such advertising assaults will continue to chip away at financial advisor share of the retail advice market.
While the threat of losing business is very real to some advisors, here's a practical solution for eliminating it: Live chat.
For financial professionals, implementing a chat service model can eliminate the roboadvisor threat and improve your service virtually overnight.
CFPs, CIMAs, ChFCs, CLUs, CFAs, CPA financial planners, and other financial professionals know their clients better than roboadvisors. Roboadvisors cannot compete with you in giving specific advice to clients at the moment they need it! Call centers at roboadvisors are not equipped to dispense the personal nature of advice you provide.
Chat, as a medium for serving clients, unlocks the competitive advantage of a competent professional. Your service improves dramatically when clients can get answers fast. You'll be able to tell your clkients you will give them advice when they need it. To show you how an easy to use cloud solution can be the answer to the roboadvisor threat, A4A has partnered with FreshDesk. A4A will help advisors get intelligent information about implementing chat service to elminate the threat to your business from automated advice engines, and Advisor Products, which makes the best advisor websites available to p[rofessionals, is implementing the solution and putting the chat aopp on advisor websites.
A4A is helping to make it safe, secure, and simple to implement chat service in a professional practice while satisfying regulatory rules. At this session, we'll cover:
• Live chat and how it can benefit your customers
• How to configure and deploy live chat
• Archiving and encryption
• Sole practitioners versus multi-professional firms
• Best practices knowledge base for advisors for using chat