While the computers pick stocks and access to investment opportunities become open to all, the traditional role of the wealth manager is becoming obsolete. The skills of connection, empathy, sensitivity, insight and intuition are the defining qualities of future success in the highly relational, trust-based world of wealth management.
Description
The development and universal accessibility of AI tools is disrupting and transforming the role of the traditional wealth manager. Increasing volatility and decoupling of global economic drivers will bring major market corrections and disruptions. In this environment, the value exchange based on the typical fee structure is degrading – with AI tools accessible to all, human wealth managers are no longer needed to provide the analysis or access to opportunities. The exclusivity once the hallmark of wealth management has evaporated. Wealth managers and firms must pivot and adapt to retain current client relationships while building the funnel for the next generation of clients.
The financial industry has not faced dramatic external pressures to innovate like this before and Syvlia’s talk cracks open the traditional patterns of thought and brings a new awareness to the core of all relationships – curiosity, connection, and compassion. In a male-dominiated industry where soft-skills are shunned, it is time to consider the “feminine” skills of finance.
Key take-aways
- Deepen the appreciation for the uniquely human aspects of the trust-based, relational dynamic of true financial advising.
- Learn new assessment tools for risk tolerance and inquiry into core values to use as a basis for decision making in volatile times.
- Cultivate curiosity and the root of nimble thinking to stay pivot ready.
- Elevate the goals of trust, understanding, and shared values that provide the nuance that only humans can provide one another.
- Consider why truth-telling in an investment advisory environment is so radically unusual and yet so important.
