How Financial Advisors Can Keep Up With The Latest Trends And Technologies

In a world where a single tweet can rattle markets, and a single breach can devastate clients, keeping up with the latest trends and technologies is a prerequisite for the survival of any advisor.

Case in point:

We are currently amidst a momentous transition that signifies the greatest transfer of wealth in the annals of human history - the bequeathing of about $30 trillion to $68 trillion from baby boomers to millennials and Generation X. This trend is heralding unprecedented consequences and stakes: the younger generations are all about adopting a technology-driven approach to wealth management and they're not settling for anything less. In essence, the status quo has been upended and the dynamics of wealth management will continue to evolve, with no chance of reverting to the prior state.

This reality facing financial advisors is akin to an endless marathon, where the pace is dictated by tireless machines. Yet, despite the daunting nature of this challenge, a select few advisors not only manage to maintain pace and stay ahead of the curve but they have million-dollar deals to show for it.

How do they do it? What sets them apart?

For starters…

Stay Curious

Curiosity, like a sharp blade, is a tool that cuts through the thick brush of ignorance and allows one to see what lies beyond.

Pause and ponder:

Why do children ask so many “why?” questions? It's because they're learning and want to understand the world around them. As an advisor, keep that inner child alive and be just as curious about our industry as children are about theirs.

The veracity of this statement outweighs any hint of hype:

So get this - according to a new study highlighted in Havard Business Review (HBR), one key finding about curiosity is that it's a major asset when navigating unpredictable markets and external pressures. At its core: when you're genuinely intrigued by a topic or problem, your mind delves deeper and expands its horizons, allowing you to generate truly original and groundbreaking solutions.

Curious about the course of action to take?

It all boils down to this: set aside specific days for asking these questions: "Why?" "What if...?" and "How can I...?" It's a technique that's paid off big time in the past and there's no reason why it couldn't work wonders for you as well.

Find A Mentor Or Coach

This is a no-brainer. And if you haven't gotten yourself one as an advisor in this cut-throat industry, then you're not doing yourself any favors. Why? 

Because they can help you navigate the unpredictable waters of the financial industry, steer you toward success, and help you avoid the pitfalls that come with it. And most importantly:

The extensive network of a tech-savvy mentor means they can bring access to valuable industry connections, resources, and insights that you wouldn't have otherwise. Plus, it is not uncommon for them to get first-to-know (or some sort of alpha testers) privileges regarding technologies that you can benefit from as their mentee.

Where to find a mentor for advisors?

It even gets better: 

For a limited time, offers are open for insurance and financial professionals to get coaching through the Taylor Method from Eszylfie Taylor - an ACTIVE, MDRT Top of the Table producer. And not only can he mentor and help you increase your productivity, case rate, and average case size, but you can also learn how to prospect up to individuals that make the money you want to make. 

The best part? 

The efficacy of enlisting the services of a coach as exemplified by the accomplishments of other advisors such as Andrew Mortenson, who achieved an unprecedented “6x increase in overall production in less than 6 months… made Top of the Table for first time in my 9 year career,” means you've found yourself a coach that can stand behind their services with a guarantee - that by enrolling under their tutelage, you will “Stop worrying about money, period!”

Keep Tabs On The Competition

Advisors should be aware of what other firms are doing so they can stay competitive. You don't want to lose potential clients because they think you don't offer something they need — or worse, they think your services don't measure up.

This particular strategy holds a special place in our admiration as it epitomizes the concept of "done-for-you intelligence." In essence, you are the beneficiary of a pre-packaged insight that can meet your needs, requiring minimal effort on your part.

All it takes is to research your peers' websites, social media accounts, and other marketing channels to find out what types of services your competitors offer and how they differentiate themselves from you. 

Listen To Your Clients

Have you ever found yourself in a scenario where a client solicits a service or product that lies beyond the scope of your expertise? This happens to all of us, irrespective of our proficiency or capacity, and in most cases, it's not just because we're careless. Truth is: there are just so many things out there that sometimes it's difficult to keep up.

Nonetheless, when confronted with such an instance, it behooves you the advisor to pay keen attention to the client's request, as they may just be introducing you to the next big tech or trend that could enhance one's workflows or augment the customer experience. Similarly, if a client inquires about a novel product or service, it is judicious to seek further clarification and expand one's knowledge. A simple question like, “What makes this different from what we already offer?” could lead to a discussion that will help improve your knowledge as well as your relationship with your client.

Therefore, instead of dismissing requests that seem incongruous or irrelevant, it is expedient to listen attentively to clients' suggestions and weigh their merits. 

But you can even do better by being proactive. How?

Ask for feedback: 

Soliciting feedback can be accomplished through various means, such as administering surveys or conducting in-person conversations. The feedback garnered from such interactions can offer a comprehensive understanding of areas requiring improvement, while also providing a pathway to explore the new information that may lead to discoveries on the latest tech or trend.

Use Social Monitoring Tools

Social monitoring tools such as Hootsuite, Google Alerts, and Mention allow you to set up personalized alerts that notify you of specific keywords or topics. This can be related to your client's investments, industries you are interested in, or even the competition. You can also monitor social media platforms to see what people are saying about your clients or their investments.

It's like having a radar that picks up any relevant financial chatter, which is a viable option to be abreast of the latest trends and technologies. 

Of course, social monitoring tools are not a substitute for doing your own research and analysis. But they can be a powerful addition to your arsenal, helping you keep abreast of emerging trends and technology.

Use Google Trend

Google Trends is a free trend discovery tool that empowers users to delve into the popularity of search terms over time. With this tool, you can analyze keyword search volumes, explore similar keywords, and compare the popularity of various search terms. Also, comparison can be across different periods and geographical locations.

One of the most compelling draws of Google Trends is that you can use it to discover real-world events that grab the public's attention by uncovering a surge of search volumes for specific keywords which can provide you with invaluable insights into the ever-evolving landscape of consumer behavior.

Go To A Conference Or Meetup

When it comes to staying up-to-date with the latest trends and technologies, attending conferences and meetups should be up there with the best strategies. 

Picture this:

It's like embarking on a journey through a dense forest, where you must navigate through winding paths and hidden trails. And as you make your way through this journey, you stumble upon a clearing where you discover fellow explorers who are on the same mission as you with some experienced travelers that have gone down the path. There you can take a breath, take stock, and hear invaluable advice and experiences of the experienced explorers that can help you steer clear of the hazards that come with trying to navigate the wilds solo.

Bottom line? Conferences and meetups often feature talks, workshops, and exhibitions, product demonstrations, etc. which provide a chance to learn about the latest tools and techniques, pick up tips and tricks, and connect with people who are just as passionate about the industry as you are.

Tap Into Your Network

Closed mouths don't get fed! And it also applies in this case - as a financial advisor, reach out to your colleagues, peers, and mentors for guidance and advice. It can be as simple as asking: "Hey buddy, what is the latest trend in the market these days?" or "What new technology are you using for XYZ?" 

Use Job Boards For Research

Companies do not mess around when there is a new trend or technology to capitalize on - they spare no expense in their pursuit of acquiring top talent. The point we are trying to make is that when you start noticing a spike in demand for a specific skill or technology in the job market, you can be sure that it's the hottest thing around.

Reading To Stay Current 

Margaret Fuller once said, "Today a reader, tomorrow a leader." But where do you start? You can’t just rely on your old textbooks. Start by subscribing to financial publications, such as The Wall Street Journal or Bloomberg. Secondly, follow blogs and newsletters from leading financial experts. The third option is to join online forums and discussion groups to exchange ideas and we assure you, you’ll be among the first to know when something new starts gaining momentum.

Listen To Podcasts

Podcasts have become increasingly popular over the years, and there is a wealth of financial advice and insights available through this medium. The beauty of podcasts is that you can listen to them while doing just about anything - you can listen during your morning commute, while you're cooking dinner, or even while you're working out. 

Stay Connected On Social Media

The GameStop (NYSE: GME) fiasco of early 2021 showed us the power of social media when it comes to forging sentiment, driving behavior, and propagating narratives. Just like the way GameStop stock was influenced by online forums and social media platforms, advisors can also use these platforms to gauge market sentiment, identify emerging trends, and communicate with clients in real time.

It's also about listening to what others have to say. By monitoring the conversations and interactions on these platforms, you can gain valuable insights into the needs and concerns of your clients, and tailor your services accordingly.

Of course, as an advisor be careful not to cross ethical boundaries, disclose confidential information, or misrepresent your services when using social media.

Be Open To Teach Others What You Know

Sounds counterintuitive? After all, isn't the whole point of this post about learning the latest trend and technology? Let us explain:

When you create an avenue to teach others, you never know what new insights or ideas your students might bring to the table. They might ask thought-provoking questions, challenge your perspectives, or introduce you to unique approaches and the latest you had not thought of before or were constrained by time to explore. Additionally, being a teacher, you wouldn't want to disappoint which can push you out of your comfort zone to explore new technologies, trends, and strategies serving as a catalyst to learn more and stay on top of industry changes.

Finally: Stay Ahead Of The Curve With The Taylor Method

If you're looking for a comprehensive and proven system that not only helps you to keep up with the latest trends and technologies in the financial industry, but also provides the knowledge to develop the mindset, process, and language to build a million-dollar practice, look no further than the Taylor Method.

It is a unique, field-tested, approach that emphasizes shifting your mindset to solving problems vs selling products, resulting in fewer objections.

By enrolling in the Taylor Method, you'll be equipped with a deep library of resources to help you address each stage of the sales cycle effectively which can also help you to enhance your services, streamline your processes, and improve your bottom line.

Don't be left behind; join the ranks of thousands of successful advisors around the world who have already benefited from this cutting-edge training for advisors.