Building a Competitive Edge with Bot Technology

As advisors, our greatest focus is our clients. Without our clients, our businesses wouldn’t exist. Since the emergence of the digital age, clients have been shifting their mindsets and expectations towards a more digitally inclusive experience in all facets of their lives. Yet many advisors still haven’t introduced technology into their practices. The advisors who overcome the fear of what tech could be are the ones who build a distinct competitive edge against those who are stuck in a traditionalist mindset. Advisors who want to be a part of the future are leveraging the latest in advisory tech: bot technology.

What is Bot Technology?

Advisors spend countless hours every week emailing back and forth with clients and answering phone calls for the simplest of questions. Bot technology allows advisors to communicate with their clients in a more efficient and less time-consuming way. This isn’t to say that they’re eliminating human to client interaction, but rather enhancing the timeliness of the interaction and increasing accessibility within various channels.

Why use Bot Technology?

Think about how you communicate with your friends and family outside of the office. When you have a quick question about dinner plans, are you more likely to call your friend or send a short text? Most people communicate through text over calls. Not only is it more personable, but messaging has been proven time and time again to be more efficient. Your tech-savvy clients talk with friends and family through the same messaging apps, so why wouldn't you?

Bot technology allows advisors to meet their prospects where they are in their financial journey, whether that be during prospecting, onboarding, or after they’ve come on as a client. Building an efficient communication channel that caters to clients’ needs allows advisors to build stronger, trusting relationships with clients, rather than creating them like inputs and outputs.

Bot Tech in your Business

Many advisors hear the word “technology” and immediate shoot down the idea, thinking that it would hurt the relationships they’ve worked hard to create. Contrary to that belief, bot technology actually enhances the relationship, communicating in a personalized, one-on-one way that feels natural.

Bot technology starts with being available for people. Your clients, whether they know it or not, want a personalized relationship with their advisor, not a business transaction. Bots help advisors be reachable. Clients don’t want to always jump on the phone for a quick question or to set up their next meeting. They’re already using SMS and other bot technology to schedule dentist and doctors appointments, so the willingness and desire for messaging interphases are there. It’s a matter of making it available to them.

Businesses that utilize bot technology as a frictionless way to get in touch are already seeing an exponential return. In fact, it’s estimated that bots will lead to cost savings of over $8 billion by 2020.

Benjamin, the latest bot technology in the wealth management world, is helping businesses tastefully weave in messaging interphases to their current business practices. You can integrate Benjamin with the tools you already use such as Outlook and Amazon Alexa to efficiently manage and enhance your communication channels.

We’d love to help you solve the problems your clients truly care about. Reach out to us here to get started with a free demo of Benjamin.