Michael Kitces recently posted about financial advisors being cyborgs—neither human nor robot. Here’s my take on why humans still rule the day and HAL, the robot-like computer from 2001: A Space Odyssey, comes up short.
First and foremost, advisors have the ability to empathize. What I find to be the greatest accelerator for advisors is our ability to truly understand clients. This is what builds lasting relationships with clients.
In a recent discussion on LinkedIn, Adri Miller asked if financial advisors’ interactions were too “manly.” My thoughts? Yes! I cited an advisor who has benefited from really understanding his clients by: 1. Taking more time; 2. Really listening to the client’s goals; and 3. Educating the client on what he is doing. Essentially, he is doing what many advisors miss—being more like women by being more empathetic, patient and understanding.
I don’t think HAL can do this.
Second, I don’t think that a cyborg can network with others and build relationships with their clients. I am sure you have met advisors who have tunnel vision—they are great investors or problem solvers, but they can’t interact with humans. Arguably, these people may be cyborgs, but they don’t have to be. I have worked on sales trainings for financial advisors, and know that advisors can learn. Our Sales Training Classes and Class Library help you, whether you are human or cyborg, build relationships and grow your network.
HAL, I have got a good feeling about this!