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Future technology in financial services

Financial services will be more interconnected, more collaborative and frictionless

In financial services, it’s all about the clients. What your clients need, what they want, where they are, where they’re going and who they can refer along the way. There is no business without clients, and all financial advisers must be experts in the art of finding new clients and engaging existing ones.

Digital propensity is no longer specific to only younger investors, nor is it limited to consumers who cannot afford high-end financial advisory services. Rather, it can be observed in every age group and every wealth tier.

So looking to the future technology will increasingly empower a new generation of investors who demand simplicity, transparency and speed in transactions. Insurers will capitalise and learn from the exponential increase in data insights as wide scale use of wearables and intelligent sensors in consumer goods becomes the norm.

Cognitive technologies will transform services for consumers and businesses alike by humanising the services we receive delivered by a new workforce blending AI technology and people. The new world of financial services will be more interconnected, more collaborative and frictionless.

So what do you need to consider to grow your financial services business?

Find your niche

Every firm needs to consider a niche. A niche will allow you to create a highly specialised offer, a focused marketing strategy and sales process, and an amazing client experience. Unfortunately, some advisers get this wrong. Some define their niche as anyone who has a certain amount of money.

As a result, their marketing, operations, and sales have no focus or direction. You shouldn’t simply be looking to work with anyone who has £500K or more to invest. Instead, you should focus on becoming the go-to financial advisory firm for your ideal clients.

Also don’t choose a niche without doing some due diligence on long-term sustainability. Getting over-specialised won’t automatically pave the way for growth. In fact, the key is to be realistic. Work with a group that has a real problem and the means to pay you. Then test your ability to reach decision-makers in a way that’s reliable and financially feasible.

Build your offer

Once you have identified your target audience, plan your entire client experience to speak to that person.

It’s so important to define your offer or client service proposition before you start evangelising. This allows you to communicate to your niche that you are a perfect fit for them. It also makes it easier to promote your service offering, which is key for your future marketing and sales efforts.

Your client service proposition should be the act of positioning your service to speak to the specific, relevant pain points your market faces. This immediately differentiates you and positions you as the perfect — and leading firm — choice in your market.

Focus on marketing in financial services

This isn’t just about running Google adverts. Marketing in financial services is all about delivering value so you can capture the attention of the right people. Financial advisers sell a relationship, and that relationship is built on trust. For people to trust a firm, they have to understand who you are first.

LinkedIn can be a great channel to start. You can reach your niche audience by searching for professional affiliations on LinkedIn. You’ll also be able to interact inside LinkedIn groups, comment on conversations, and add value. You might share videos posted on your YouTube channel or blog posts related to them about how they can improve their financial situation. Facebook groups can be relevant here, too.

Different niches call for different strategies. The key is to understand where your niche spends time and gets their information (online or offline). Learn who serves your niche; then build relationships with both prospects and other professionals by creating a lot of value for them.

Magnetically attract prospects

Once you’ve started marketing to your niche, you need to get them interested in your offer.

The goal of your offer is to add value, get a better understanding of their problems, and secure “micro-commitments” from them on the challenges they face. With an established understanding of the prospect’s pain points and the goodwill built through delivering value up-front, you will find that the sales process will move forward organically.

Automate your processes

Once you have leads coming in the door, you will need the right technology, processes, and automation in place to make your practice run like a machine. Automation can offer a significant boost to efficiency; however, not everything should be automated.

Don’t try to over automate the client experience. But workflows such as reporting should be automated to free you up and allow you to focus on delivering an exceptional hands-on client service.

This includes using cloud-based technology to automate processes and workflows, and training staff in creating and following standard operating procedures. That way, if you lose an employee, you can bring another person in and train them quickly.

Create raving fans

Finally, tie it all together by providing a service that turns clients into advocates for your business — and gains you referrals. This type of service isn’t easy. It requires going above and beyond the call of duty.

Think outside the box. This type of client service doesn’t scale. It also can’t be automated. It’s the opposite of the logical delivery side of the business — but it’s just as important for growing an advisory firm that succeeds.

Do you have a vision for the future? We have a way to get you there

For more information about how to turn your firms vision for the future in to reality, contact a member of the Goldmine Media Business Team on 0845 686 0055, or email:

Toby Hickman, Growth and Strategy Executive,
Goldmine Media

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