Advisers can choose to be relevant to their customers today and tomorrow. Embracing technology they can automate to serve the mass market by delegating many tasks to others. They can provide complete solutions to high value clients using technology to collect data and serve when and where they are needed. If not, the market will find another way to connect need with advice. - By Eoin Lyons
The quote “those who cannot change their minds cannot change anything” has been attributed to George Bernard Shaw. This thought has crossed my mind for a few reasons over the last number of weeks as I ponder matters personal, business and political.
We have already received a British passport for our newborn son William. His Irish one is on the way. He will be encouraged to identify as both British and Irish and to understand that you can be both. A product of a typical suburban upbringing in Dublin in the 70s and 80s it took me many years to learn this for myself.
To allay the fears of those in UK politics who won’t accept anything but a full Brexit (whatever that is) an invisible border in Ireland will become visible. The Good Friday Agreement, a democratically endorsed international treaty lodged with the UN, is in jeopardy to placate those at the fringes.
Last month I was invited to comment by the FT Adviser on the topic of “10 things advisers should know about protection”. Technology did not feature on the list.
I am reminded of the building boom in Ireland in the 90s. At one point bricklayers could charge £1 per brick which made them the highest paid worker on any project. This was based on low supply in a time of high demand as opposed to explicit value.
Of course they were perfectly entitled to charge what the market would pay. The unintended but predictable consequence of this was architects and engineers designed bricks out of the solution and addressed the problem on the demand side by eliminating it.
Advisers can choose to be relevant to their customers today and tomorrow. Embracing technology they can automate to serve the mass market by delegating many tasks to others. They can provide complete solutions to high value clients using technology to collect data and serve when and where they are needed. If not, the market will find another way to connect need with advice.
Those adding little value, and who are afraid of change, but who hold disproportionate power will define the solutions in the short term. Longer term people will find a way around them and make them irrelevant.
I agree with my English colleagues that if William is good he will play rugby for England. I remind them if he is great he will play for Ireland.
One thing is for sure we will teach him not to be afraid, to be flexible and embrace new ideas, and that if he isn’t making a difference doing something he should find a different way to do it or find something else to do.