Disruptive user experiences will drive innovation
Tesla, Disney+, DoorDash, Peloton, Purple, Airbnb, Uber, Dollar Shave Club, and Netflix. What do they have in common?
Each of these brands found growth and success through disruption.
In the world of financial advice, though, disruption seems… difficult. The rigid nature of our heavily regulated advisory environment can make innovation a challenge and disruption seemingly impossible. As a result, many of the disruptions in the advice space are related to the more “human” side of the business. To explore this kind of disruption, start by asking yourself one of these two questions:
o Is there some small thing that I can do that would improve the experience of every client in an innovative or new way that can make my advice brand stand out?
o Is there a small sub-segment of clients for whom I could provide an extraordinary experience that is tailored to them and will make my advice brand the obvious best choice?
Beyond disruptions that are directly related to your client contact, the best place to look for disruptions can be found in some of the newer generation of FinTech companies, which brings us to:
Smart use of technology improves quality of advice
The last few years have seen extraordinary developments in technology available in advice, especially for RIA’s. You should allocate time to explore what’s new in technology and evaluate whether your technology platform is due for an upgrade! We are living in a time of accelerating change not only with OpenAI, but the explosion of AI as it relates to how we serve and communicate with our clients. Utilizing AI in specific and strategic ways can set you apart from the masses and truly bring a nouveau interactive approach to client advice.
Are your clients looking for a 360 view of their financial life? Asset+Map is a valuable tool that we utilize for a visual representation of clients’ financial accounts. Want to take the guesswork out of risk assessment? Nitrogen Risk Tolerance can help you put more “science” in your risk alignment and eliminate old stereotypes from your risk tolerance measures.
Not only are we looking to ‘disrupt’ the typical offerings of financial advising firms, but we are also branching out from the norm by immersing our company into a hybrid mode of services. For our advisors, we offer the option of fully remote advising. Utilizing our full suite of office programs, we are here to assist you with IT help, Marketing, FinTech etc. For our clients, we have the ability to offer virtual or in-person meetings- meeting them where they are (no pun intended). We understand that a work-life balance has moved to the top of the priority list for many in the corporate world, and we agree.
Trends emerging in the industry of financial advice give the small business owner options and flexibility that were once impossible. Colmina is adapting to the evolving landscape of how we “used to do business” and what we can do now – and we couldn’t be more excited. We believe that our mission of “Curating Well-Being” represents the next generation of financial advice.
At Colmina, we offer robust financial advice designed to meet the growing needs of our clients. Expanding beyond transitional investment management, Colmina offers a platform of advice that ranges from foundational to complex planning to holistic wellness & lifestyle advice. The advisors and clients of Colmina have access to an abundance of resources and professional advice.