Steve Gresham N E x T C H A P T E R
suggests that urgency to adopt is a function of proximity . But when we look broadly , we see other factors as well .
So what does it take to create adoption ?
1 . Demand by the End Consumer
For any new anything there must be an impact on the results of the organization . And the only reliable objective is more and better business . So whatever you are trying to deploy , it has to be easily linked to better outcomes . That means saying to your staff , “ We are not asking you to use the new CRM because we want to make you crazy . We are doing it because it allows us to do more business . And do it better . And much easier . And here ’ s how …”
2 . the Ease Of Doing business
In my experience , you earn a loyal following in business if you make people ’ s jobs simpler and easier . Even more than money , people value the respect they get from a company trying to make their lives better . The pandemic has turned employee job satisfaction into Management Job No . 1 . When you can walk that talk with better tools and procedures , you earn employees ’ goodwill and that makes them more receptive to new initiatives . You can pass the benefits to consumers as well because you have made it easier to do business with them and forged critical partnerships . You know those partnerships are working when both parties report less friction and better results .
3 . Industry and Internal Collaboration
Once you have a clear eye for the impact of technology on both consumers and your associates , it ’ s time to seize new opportunities in new business categories . Maybe you want to spread into managed accounts , financial planning or retirement counseling . To grow in a new category and get out of a silo , firms will require the broad support of the industry ecosystem , including connectivity with other capabilities and companies .
The “ go it alone ” approach likely won ’ t work .
4 . Lead . Really .
Once a firm has seized on a category it wants to succeed in and the technology it wants to use , everyone needs to come to the management table agreeing on transparency and the commitment to success . Management must be fully engaged . It ’ s not enough to buy a piece of software for someone else to use . Managers should be visible and take the time to learn the software themselves , keeping track of any issues with new tech that pop up . Here ’ s a quick test : If you cannot comfortably sit in a new user group and understand the feedback , you are not engaged enough . Some of
managers should be visible and take the time to learn the software themselves , keeping track of any issues with new tech that pop up .
the most effective process solutions I ’ ve ever witnessed came by subjecting senior managers to the bumpy experience of using new technology and watching them remove the roadblocks .
5 . Recognize a New Role , and Go Old School
I saved the best for last : Here ’ s where adoption really lives .
There is a professional version of the old chicken and the egg dilemma . Having a great kitchen knife doesn ’ t make you a chef , yet a great kitchen knife in the hands of a skilled chef can create works of culinary art . Ditto for golf clubs , microscopes and financial planning software .
Tools of any kind will achieve their greatest value in the hands of a trained pro . Tools on their own are just tools , orphans in search of parents .
In order to provide a meaningful and sustainable professional service , our first task is to support those professional pioneers who will lead . The tools will make sense in their hands .
We have seen this movie before . Remember the history of managed accounts . When they were first given to commission-driven stockbrokers , they were sold like other products — touted for recent performance and dumped when the numbers dipped .
But the professional development of managed account consultants later on turned the product into a service , and that paved the way for wealth management . A similar arc drove financial planning . It started with the role of a financial planner , and that led to the professional designation of the CFP .
Both managed accounts and financial planning grew in response to consumer demand for better outcomes . The professionals who saw those opportunities had the natural savvy , long-term perspective and empathy for the client condition . They took on new roles and pulled in the supportive tools as a natural evolution of their business . They did not get a set of golf clubs for Christmas and then set out for the links to try their hand at a new sport .
Today the demand is clear for advisors dedicated to supporting clients in their “ next chapter .” ( Don ’ t call it “ retirement ” because most people don ’ t think of it that way .) Clients are concerned about their health , about financing healthcare and about protecting their income and liquidity . Financial planning is now about funding their life , not saving for a far off bogey called “ retirement .” They need help right now from professionals dedicated to helping them succeed .
So “ adoption ” is first a commitment to professional development . Anything short of that commitment is just a hope that some fintech magic wands will transform clients into winners and advisors into heroes . We know better . See you at the Old School .
StEvE GRESham is on a mission to improve “ retirement .” He leads an industry initiative , Next Chapter , and is CEO of consulting firm the Execution Project LLC . He is also senior educational advisor to the Alliance for Lifetime Income . Formerly head of Fidelity ’ s Private Client Group , he is the author of five books about wealth management , including The New Advisor for Life .
28 | FINANCIAL AdvIsOr mAGAzINE | juLy / AuGust 2022 www . FA-mAG . COm