Advisers adopting a ‘fintech startup’ mindset can thrive
As the advice industry moves across COVID-19, advisers who are stuck in traditional processes will end up the losers but those who can adopt a startup mindset can redefine their roles and thrive.
Mark MacLeod chief executive at Rollit Wealth and speaker at the upcoming Adviser Innovation Summit, said that with the advice industry being a high profile, highly regulated profession, “advisers are expected to be experts and not make mistakes.”
“It is very difficult for an adviser to admit that they do not know an answer. It is harder still to make mistakes or to fail,” he said.
Mr MacLeod said customers place a huge amount of trust in their adviser and for many advisers, “who you are as a person is linked closely with what you do as a profession.”
“This makes it an ego-driven profession,” he said.
“I don’t mean arrogant, but instead centred around self-confidence and holding a ‘unique’ set of skills and insights.”
As a result, this makes adopting a start-up mindset difficult.
“Start-up founders have assumptions, not answers,” he said.
“Assumptions are tested on customers with incomplete services that often fail. These failures inform the next assumption and the services continue to pivot until they fit the customer need in an explorative, iterative process.”
In transitioning that thought process to advice, the “assumptions” and “failures” is how financial advisers should look to continually pivot advice tech in the future according to Mr MacLeod.
“Fintech assumes the advice process can be automated as a service, and adviser knowledge can be replicated or improved by tech,” he said.
“For advisers, customer trust is therefore achieved when a service meets a customer need.”
“The ‘unique’ skill and insight a founder mindset brings is in working systematically to achieve product / market fit.”
“Basically, a process to really, really know your customer.”
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Source: Advisers adopting a ‘fintech startup’ mindset can thrive – ifa
