Will Technology Create More Time for Advisers to Connect with Clients: Will Future Advisers Be Selling Products or Focusing on Planning?
Steve Conley
Founder, Academy of Life Planning & Planning My Life | Advocating Values-Driven Financial Planning | Mentor to Non-Intermediating Planners | Author & Innovator
In today’s rapidly evolving financial landscape, the role of a financial adviser is undergoing significant shifts, thanks to technology. Yet, the key question remains: Will technology truly create more time for advisers to connect with their clients? Let’s unpack this with an eye on where we stand today and what the future might hold.
Advisers and Client Time: What Really Happens?
It’s easy to assume that adopting technology or outsourcing to paraplanners will automatically free up more time for client conversations. However, studies indicate that the time advisers spend directly with clients often remains consistent, regardless of whether they use advanced tech solutions or rely on paraplanning support. This suggests that the business model of financial advice isn’t drastically altered by technology alone. Instead, it’s the quality and focus of the client conversations that are evolving.
The True Nature of Adviser-Client Conversations
Contrary to common misconceptions, client meetings aren’t merely about selling financial products. While commentators from the product-distribution perspective might see it that way, the reality is different. Most conversations revolve around the client’s unique circumstances, their goals, and the complex questions they want answers to. Clients are looking for trusted guidance, not just a shopping experience for financial products. This dynamic is unlikely to be radically altered by technology, as the human touch and personalised advice remain central to the relationship.
How Might Technology Alter the Adviser-Client Dynamic?
Rather than replacing the adviser, technology is set to augment their capabilities. Here’s how it could enhance, rather than disrupt, the adviser-client relationship:
The Future-Ready Adviser: What Does This Look Like?
A future-ready adviser is one who embraces technology not as a threat, but as a partner in delivering exceptional client service. Instead of seeing tech as a way to replace human interaction, they leverage it to enhance their offering, becoming “augmented advisers.” Here’s a vision of this new model:
The Path Forward: Embracing the Change
Ultimately, the goal isn’t to use technology to minimise adviser-client time but to maximise its impact. By adopting a hybrid approach and viewing tech as a tool for augmentation, advisers can ensure they remain indispensable partners in their clients’ financial journeys.
In conclusion, technology won’t replace the client-adviser relationship; it will reshape it for the better. Embrace the tools, but remember that the heart of financial advice will always be the human connection. That’s where the real value lies – and it’s why clients keep coming back.
At the Academy of Life Planning, we’re here to help you navigate these changes, offering guidance and support as you adapt and thrive in this new landscape. Let’s build a future where technology enhances, but never diminishes, the client-first ethos that defines our profession.
And, From Product Pushing to Genuine Planning: The Shift in Financial Advice
The future of financial advice is at a crossroads. On one hand, technology promises to enhance efficiency, allowing advisers to spend more meaningful time with clients. On the other, there’s a shift away from product-driven sales towards a focus on comprehensive, client-centred planning. These two changes are not only complementary but essential for creating a more transparent, impactful, and future-ready financial advice model. Let’s explore how these trends are reshaping the role of the adviser and why embracing both can lead to stronger, more trusted client relationships.
The role of the financial adviser is evolving, shifting focus from selling investment products like insurance and pensions to a broader understanding of total wealth as the sum of human capital and financial capital minus liabilities. In the future, conversations will increasingly centre on human capital—your ability to earn and generate income—while financial capital, which is about managing and growing money already made, will take a supporting role. Advisers will move towards guiding clients on how to optimise their earnings potential first, with the choice to either be empowered in managing savings themselves or delegate it as part of a holistic plan.
A Shift Towards Planning, Not Product Pushing
The landscape of financial advice is moving away from a product-driven approach. More and more, clients are looking for advice that addresses their whole financial life, not just a narrow focus on retail investment products. They want someone who can help them clarify their goals, provide insights on navigating life changes, and guide them towards financial well-being and total wealth management. In this new world, selling retail investment products will take a back seat to holistic financial planning, where the emphasis is on understanding what’s truly important to the client.
Why This Matters
Clients today are savvier and more informed. They want advice that’s unbiased and transparent, free from the pressure of sales targets or commissions. They want to know that their adviser is on their side, focusing on their unique needs rather than fitting them into a product or nothing solution.
At the Academy of Life Planning, we embrace this change. Our approach centres on helping clients build a financial plan that’s tailored to their goals, without pushing products. We believe in empowering you to make informed decisions, providing education and guidance rather than simply selling something.
What Does a Future-Ready Adviser Look Like For Us?
The future of financial advice lies in the role of the holistic wealth planner—a professional who looks at the whole client and their entire wealth picture. This planner designs a comprehensive plan that not only considers savings and investments but also includes strategies to maximise earnings potential. Their focus is on building the financial framework necessary to support the client’s vision of their ideal future, while offering guidance and coaching throughout the journey. In this model, financial products might still feature, but only when they fit seamlessly into the overall plan. The emphasis is on delivering tailored solutions that align with the client’s long-term goals, rather than simply selling a product.
The Benefits of This Approach
For clients, this shift means greater trust and transparency. You can feel confident that your adviser’s primary motivation is to help you achieve your financial goals, not to earn a commission (or assets-under-management fee). It also means more focus on developing your financial knowledge, so you’re better equipped to take control of your own future.
For advisers, it’s an opportunity to step into a role that’s more rewarding and impactful. By focusing on coaching and planning, rather than retail investment sales, advisers can build stronger, longer-lasting relationships with clients, based on trust and shared goals.
Embracing the Change
The industry is evolving, and so should the expectations we have of financial advice. If you’re looking for an adviser, consider seeking one who prioritises planning over products, who’s focused on your goals rather than their sales targets. It’s a sign that they’re adapting to the future and putting your best interests first.
At the Academy of Life Planning, we’re here to support you on this journey, offering the tools and insights you need to navigate your financial future with confidence. We’re shifting the focus back where it belongs: on you, your goals, and your life. Let’s plan for a future where your needs drive the conversation – not the products.
Q&A Will Technology Create More Time for Advisers to Connect with Clients?
Q: Will technology reduce the time advisers spend with clients? A: Not necessarily. While technology can streamline administrative tasks, the purpose is to enhance the quality of the time advisers spend with clients, not reduce it. By handling routine tasks, tech allows advisers to focus more on listening, understanding, and providing meaningful guidance. It’s about creating more value in the time you already have together.
Q: Can technology replace the adviser-client relationship? A: Absolutely not. Financial advice is deeply personal. Clients value the human connection, empathy, and trust that come from speaking with a real person who understands their unique circumstances. Technology can assist by providing tools and insights, but it will never replace the human element of financial planning.
Q: How can advisers use technology without losing the personal touch? A: By adopting a hybrid approach. Advisers can use tech to manage data and automate routine processes, freeing them up to spend more time on the personalised aspects of planning. Think of technology as a silent partner, supporting the adviser so they can focus on what matters most: helping clients achieve their goals.
Q: What does a ‘future-ready’ adviser look like? A: A future-ready adviser is someone who embraces technology but keeps the client relationship at the heart of their practice. They use digital tools to enhance, not diminish, their ability to connect with clients. It’s about being adaptable, empathetic, and client-focused, with the added efficiency that tech can bring.
Q: Is technology just for younger, tech-savvy clients? A: No, technology is becoming more accessible and user-friendly across all age groups. It’s about meeting clients where they are comfortable, whether that’s through digital tools or traditional in-person meetings. A future-ready adviser can adapt their approach to fit the needs of each client, regardless of their tech preference.
Q&A for Will Future Advisers Be Selling Products?
Q: Are financial advisers still going to be selling products in the future? A: The trend is moving away from product selling towards holistic financial planning. Clients are looking for advice tailored to their goals, not a push to buy products. Future advisers will focus more on coaching and guiding clients, with products only coming into the conversation if they truly meet the client’s needs.
Q: Why is there a shift away from product-driven advice? A: Clients are becoming more informed and want unbiased, transparent advice. They’re less interested in being sold a product and more interested in having a plan that helps them reach their life goals. The focus is shifting from ‘What can I buy?’ to ‘How can I achieve what matters most to me?’
Q: What does a holistic planner do that’s different from a traditional adviser? A: A wealth planner takes a holistic approach, focusing on the client’s values, goals, and overall financial well-being. Instead of just recommending products, they work with clients to create a comprehensive plan. It’s about empowering clients, helping them make informed decisions, and guiding them every step of the way.
Q: Will products still play a role in financial planning? A: Yes, but the role of products will be secondary. They’re seen as tools to implement the plan, rather than the main focus. The adviser’s job is to find the right solution that fits within the client’s broader strategy, rather than pushing specific products.
Q: How can clients find an adviser who focuses on planning rather than selling? A: Look for advisers who are transparent about their fees, who don’t work on commission or asset-based remuneration, and who prioritise understanding your life goals over recommending specific products. At the Academy of Life Planning, we focus on educating and empowering clients, ensuring the advice is centred on your needs, not sales targets.
These Q&As aim to clarify common concerns and provide reassurance, highlighting the benefits of embracing a client-first approach to financial planning with or without technology.