3 Client Misconceptions About Advisor Technology

The fear of the unknown and comfort with the status quo can cause anyone to be a little hesitant when it comes to new technology strategies - even your clients. If you have long-term clients who are used to traditional advisor-client operations, then introducing them to the big world of advisor technology can sometimes result in a little bit of resistance.

The best way to introduce the new changes to your clients is to first understand what misconceptions they may have and how you can help alleviate some of their worries.

3 Client Misconceptions About Advisor Technology

“Technology makes the experience less personal.”

A client-advisor relationship is supposed to go deeper than a business transaction. After all, that is how you gain their trust and business. Any good advisor knows that technology isn’t going to hinder that relationship. When used correctly, technology can actually enhance the relationships you have with your clients. Instead of just dropping the new technology integration on your client’s lap, help show them its value by starting off small.

  • Schedule your next follow-up meeting through new technology. The best way to get someone on board with a new idea is to immerse them in its value. Using the new technology to do simple things like scheduling their next meeting lets them see the value first-hand instead of solely hearing about it.

  • Give them updates through text messages. Texts are more personal in nature than emails, so sending them a text is not only a great way to connect, but also to show them that technology isn’t all scary.

“My information is safer on paper.”

It can be hard to get your clients to become comfortable with switching from paper to digital. As an advisor, it’s your responsibility to truly understand the technology that you’re using before introducing it to the client. When you do sit down with your client to explain why the technology is safe, you’ll be able to appear relaxed and confident. The more confident you are, the more at ease your clients will be.

  • Be transparent. Nobody likes to be left in the dark, especially when it comes to their finances. If you’re implementing new technology, take the time to be transparent about why and how you’re going to be using it. The more a client knows, the more likely they are to be on board.

  • Get them involved. Any technology you integrate into your practice should be beneficial to both the advisor and the client. Get your clients involved with the tools that you are using. This way they feel comfortable with what information is being put into the system and where it is going.

“Technology makes everything more complicated.”

We know that technology is helping us become more efficient, but for our clients, it can be a scary adjustment - especially if they’re not tech savvy. Encourage your clients to take a minute and think about other areas of their life that have been improved by technology. Maybe it’s their smartphone that lets them FaceTime their grandkids, or the security and home systems that make life much easier and safer. Illustrate how that sense of ease is carried over to your practice.

  • Focus on the benefits. The technology you implement shouldn’t just benefit you as an advisor, but your clients as well. Focus on what benefits come out of the new technology - will communication be easier? Will they have more insight? Will it take up less time?

  • Walk them through it. It never hurts to take some time out of your meeting to walk your clients through the new technology. Show them key features, how they’ll use it, and really focus on its simplicity.

When it comes to nipping these common misconceptions in the bud, it’s important to not only explain the technology but to show its value, too. At Wela, we’ve created Benjamin, a simple tool with big value. If you’re interested in seeing how this technology can help bring your firm to the next level, reach out to us here, and we’ll get you started with a free demo.