Making sense of the changes in the financial services sectors - Part 3.

Technology in the hands of our Millennials.

Changes within the financial services and professional advice sectors are happening faster than you think!

If you don't keep up with the technological and generational changes, you might get left behind. Do your homework and strategically synergise with the right businesses and you can capture a lot of business.

Social Media

It’s no surprise to me that although, many of the Gen X’ers and Gen Y’s have accepted that social media is not going to go away, many are still resisting embracing at least the major and relevant platforms but rather trying to allow it to co-exist. I think one of the constraints is a genuine lack of time as most of us are busier than we have ever been, right? Ask another, and they’ll tell you they have more time on their hands than ever before. So why the vast difference between often two previously carbon copy professionals? Clearly two vastly different approaches and outcomes. We’re continually bombarded on facebook by memes and quotes, I’m sure everyone has seen many times…

One that comes to mind is:

‘success lives just outside your comfort zone’

another just as relevant says:

‘your attitude determines your altitude’

and one you may not be as familiar with:

‘the more things change, the more they stay the same’.

Generational Change

It’s very clear that the Millennials have grown up with and embraced Social Media making generational change extremely relevant. I know many Gen X’ers who have and continue to resist the prevalence of social media and the changing way society prefers to receive and discover information, data and even advice.

Now is an extremely relevant time to embrace the old saying…

‘Do what you’re passionate about, and get others to do what you don’t like or want to do.’

In other words, if you don’t really want to learn or master social media, partner with someone who does or preferably already has.

Rise of the Fintech’s

There is an increasing number of fintech’s and platforms emerging that are designed to make life as an adviser easier and more valuable. These consist of digital apps, software, services and solutions across PC’s & Laptops, Tablets, Smart Phones, wearable devices, in the cloud. The relevance and reality is that we have outgrown the traditional institutional ways, and society has developed a thirst and need for real-time information.

Something I’ve never forgotten, is the following quote:

‘The more things change, the more they stay the same’

    Les Guêpes, January 1849

In the next chapter, I will be discussing the need for personalization and how to benefit from it as well as adopting the holistic approach and a few home truths.

If you have any questions or contributions relating to this article, please take the time to comment below and share your thoughts or opinions for the benefit of others reading this. No doubt this topic commands interaction, innovation and collaboration. The more answers that are delivered, the more questions that will arise. If you have any personal questions or queries, please feel free to contact me on 0434 455 225 or email: [email protected]

About the author:

John Maxwell is founder and Senior Finance & Business Strategist at Cocalex Consulting. John has over 17 years' experience in the financial services sector, and has owned and managed 9 mortgage franchises and has developed a background across the holistic financial services realm. He has particular focus and passion for: Leadership Training and Development, Franchise Development and Business Networking.