The Synergize podcast explores the evolving role of the financial advisor in an emerging AI-driven world. Host and TradePMR Chief Client Growth Officer Bill Coppel brings together thought leaders and industry experts across a range of disciplines to share insights designed to help registered investment advisors thrive in the industry of tomorrow. You can listen and subscribe for free on Apple Music, Spotify, and YouTube.
The industry-shifting impacts of artificial intelligence mixed with human emotion are on full display when John O’Connell, founder and CEO of The Oasis Group, joins in conversation with Bill Coppel on Episode 8 of Synergize. As a leader in technology selection, sales processes, and strategy, O’Connell describes how emerging technologies can help advisors nurture stronger connections with clients and catalyze faster growth.
In fact, emotional affinities are more powerful than advisors may realize: 59% of clients keep their advisors because of their strong feelings towards them, compared to just 12% of clients citing investment returns as a reason to retain their advisor, according to research from Morningstar.1 As a force multiplier, technology can be used to accelerate and galvanize these emotional ties.
While providing portfolio management and investment products continues to be an important part of financial advice, clients expect advisors to offer superior service, says O’Connell.
Emerging technologies are helping advisors capture and utilize relevant data, which drives deeper personalization and truly insightful action items, which help advisors grow their business, as he explains in this lightly edited excerpt.
John O’Connell, CEO of The Oasis Group:
Be curious about your existing client base, and not just at the annual meetings that you have, or during your preparation for those annual meetings. Really be curious about them.
Take an opportunity to sit down and look at who are your current clients are today. What are their demographics? What commonalities do you have? Ask yourself those kinds of questions, which is going to help you to identify opportunities with your existing clients and inform everything else.
If you're very successful at winning a particular client type, that's the client type you should be going after. Understand your current clients, beyond the annual meeting.
Take a look at the data you're capturing. Does that match the understanding you want to have with your clients?
Do you need to expand that data set? Or capture new data, to close data gaps?
Get a feel for your client base. Close out the gaps. Figure out the data that you want to capture and start capturing it.
Lastly, act upon it. Don't just capture the data for digital hoarding purposes. You need to come up with a plan for using data, going forward. How are you going to use insights to deepen your relationship with the client?
You can find the full conversation along with every episode of Synergize here. Be sure to subscribe on Apple Music, Spotify, and YouTube.
For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), providing innovative technology tools and support designed to transform their businesses. The privately-held brokerage and custodian services provider (Member FINRA/SIPC), based in Gainesville, Fla., works to streamline investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.
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Disclosures: This content is provided for general informational purposes only. The views expressed by non-affiliated guest speakers are their own and do not necessarily reflect the opinion of TradePMR or its affiliates. The Oasis Group is not an affiliate of TradePMR. TradePMR and its affiliates do not endorse any guest speakers or their companies, and therefore give no assurances as to the quality of their products and services. TradePMR does not provide investment advice, tax advice, or legal advice. Trade-PMR, Inc. is registered with the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB). TradePMR provides brokerage and account services to registered investment advisors. Custodial services provided by First Clearing. First Clearing is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
¹ Why Do Investors Keep Their Financial Advisors Around? Morningstar. Published Jan. 22, 2024.