How a Human Touch Can Help Advisors Outcompete AI

It’s 2023 and it’s officially the wild west of artificial intelligence and machine learning. The growth rate of technology seems to be only increasing – and consequently, companies across all industries are looking for the most impactful ways to leverage AI and automation in their day-to-day workflows.

For financial advisors, automation has already changed their day-to-day in many ways. Now, it’s understandable that they feel like they need to distinguish themselves from their new competition of automated financial advisory tools. After all, plenty of financial advisory apps already claim to reduce or even completely replace the need for financial advisors. 

But we believe there are so many ways advisors remain head and shoulders above even their most advanced AI counterparts: 

They offer empathetic advice

There is a fundamental difference between harvesting information and gathering it naturally. AI-based advisory tools collect information. They are number-crunching machines that, while powerful, have limitations. For example, AI-based tools often fall short of asking clients the right questions that lead to a full scope of their financial landscape. 

On the contrary, financial advisors actively listen to their clients — conversing with them, sharing personal life experiences, and asking thoughtful questions that help them understand their full financial situation. It’s an empathetic process that builds a special trust between the client and advisor that simply could not exist with AI. 

They truly know their clients

Financial advisors understand that “knowing your client” means so much more than just having a grasp of their financial situation. It means understanding their personality traits and behavioral tendencies on a human level, and taking them into consideration when helping them plan for their future. 

A big chunk of the work of a financial advisor is behavioral coaching, having empathy to help people get through decisions, helping people think through and process through life change and complex tax situations. Helen Yang, of Andes Wealth Technologies, points out, “having robust conversations about risk and reward, and documenting it in the investment policy statement, advisors can set expectations and tell a compelling long-term story, which will prevent problems during market turmoil.”

They build real connections
Human beings are notoriously social creatures. It’s in our DNA to converse and work together to solve problems. At AssetBook, we work to amplify this fundamental facet of human nature. Our technology helps advisors give their clients the personal touch they are looking for when working with their finances. 

We don’t create technology that replaces advisors. We create technology that helps them establish stronger connections with their clients. By combining technology with a human touch, advisors are able to get to the root of their clients’ financial needs and aspirations. 

How we’re helping you help your clients

Our tools bring you closer to your clients. Explore how we’re helping advisors stand out against AI:

Client engagement through Valian: Our next-gen application makes it easier than ever for you to engage with your clients. Share documents in real time and message your clients directly from a secure, SEC-approved application. Valien lets you manage your clients’ accounts with confidence.

Detailed report generation: Compare and contrast financial metrics with powerful report generation tools. This feature helps you educate your client by uncovering trends and turning them into actionable insights.

Reputable partnerships: We prioritize partnering with technology providers, like Andes Wealth and wealth.com, that enable you to develop a deeper, more meaningful understanding of your clients and drive better financial decision-making.

Want to learn more about tech that empowers you to be more human?

Explore our solutions here.