The Wealth Management of the Future Roundtable

Improving financial service by utilizing new technologies

Nov 20, 2013 @ 12:00 am

Runtime: 3:15

Berthel, Fisher and Company CEO Thomas Berthel on how brokers, firms and consumers alike are all adopting new technologies, forcing a shift in how the financial advice process unfolds.

Video Transcript

There's a paradigm shift, I believe, going on in the industry where you have technology merging with the relationship business product scenarios that are out there in the industry. So, as those all come together, it's being driven primarily, I believe, by technology. The pace the technology enters the industry, how fast that integrates the other things in, so I think all the, you know, brokers, firms, consumers are all looking at what kind of technology and what the relationship is between, how they get information to 'em, how fast they can react to it, how fast we react back. So that paradigm shift is being created by technology, but it also is bringing everything else into play. The financial business is evolving much like the airline industry. You know, first you had prop planes or you had not even props in the beginning, but as the-- as the airline industry evolved, more technology kept coming into play and kept coming in play. Even up to today when you start to see planes that could land by themselves, all the things as high as we can go, but what's happening with the industry is as the technology continues to come about, what's the relationship to the captain, now to the airline, to the navigator that used to exist versus the technology that probably has somewhat become the navigator. So, I think when you're-- what you're seeing is the business is evolving back then to-- technology is driving that and making it better certainly. How can we improve the service? How can we get better seats? How can we do all those things to make the experience for the customer really worth them traveling on the airline? You know, really being excited about once again maybe being on an airplane, not that they aren't now because they can get somewhere pretty fast, but, you know, what's that experience gonna be about in the future. What you see over time even the last 20, 30 years is you've seen-- or technology would take over, maybe it was e-trading and there are still lots of e-trading going on, but there's also still a lot of adviser business going on because there are still people that need advice at it and get there, what their goals are, what else is out there 'cause they don't have to look it up on the internet. They may not know about it where an adviser role can be to bring in new ideas, new products, new services that might be able to enhance the retirement, things like that. So, I don't think you're gonna see the demise of the advisor, but I think advisors have to be cognizant to the fact that they may have to have teams much like the airline captain. He has to have a copilot, maybe a navigator, all the things that go with it, research analyst, what the team's gonna look like in the future, what does that advisor have to do because he or she may not be able to play that entire role out for the client so they may have to team up with either companies, technology, or people in their offices that will be able to take on some of those segments of things that they're trying to accomplish.


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