Have Financial Advisers Lost Relevance In The Digital Age?

So many industries are now at the mercy of technological innovation. For those who have lived through both the pre-internet and post-digital innovations in their respective industries, it’s pretty clear that those who embraced these changes have been able to survive.

Financial advisers, often a luxury for the wealthy, could offer insight for a fixed fee. They would provide strategies for those with money to build their portfolios and earn a living from doing so. In the age of social media and highly accessible free content, have they lost their USP, or do they simply need to adapt to the new normal?

Striking A Balance

That’s not to say that these industries have had to completely abandon the ideals and plans that made them so successful in the days before the internet. Online casino gaming, for instance, has experienced a golden age since the early 2010s, and the rise of cryptocurrency betting and an almost borderless market has created enormous potential for those who specialize in this casino niche. 

Such is the demand for online casino gaming that many traditional brands had to adapt to the innovations that online casinos thrust into the market in the early part of the 21st century. 

Gone were the days when local markets would dominate casino gaming; almost overnight, they had to adjust to the rise of the online market. However, those that adapted, offering online casino options while still providing an avenue for traditional gamblers, have been able to survive in this highly competitive market.

Embracing A Global Market

Regardless of how old an industry is, whether it is a new start-up or a multinational company that has existed for centuries, it is pivotal that it be able to embrace digital media. Again, we’ve seen this in casino gaming, where memes, ideas, and fusing recognizable TV clips are among the most effective ways to advertise, as you can see in the link below.

Those financial advisers who have leveraged social media to promote their own brands have been able to maintain relevance, but they find themselves increasingly battling against the elements and sophisticated technology. The transformative impact of AI in the financial industry leaves no facet untouched. It isn’t just a case of financial advisers embracing digital media and using social media to remain relevant; they also have to compete against AI.

As the internet has made many industries more accessible and made more information free to access, financial advisers have faced the grim reality that they would have to do more work, become more creative, and expect less money for doing the same work. 

It isn’t all doom and gloom, though. Those financial advisers who have been able to adjust and follow the lead of some of the world’s biggest companies that have flourished in the digital age. Apple’s target market continues to grow, encompassing billions of potential customers. While the scope is obviously smaller for financial advisers, the same principle remains. If they can embrace and leverage digital media, then they will be able to carve out their own corner in this global market.

Taking The Rough With The Smooth

So, has the market thinned for financial advisers? Well, those with a proven track record of delivering results can ride the highs and position themselves as intelligently as possible when the market dips. Often, it is the financial advisers who are best at riding the lows rather than the highs who are the most sought after.

We’ve seen a proliferation of self-proclaimed financial experts and fake gurus infest social media over the last decade. It is essential to seek out financial advisers who have the proper accreditation and who can prove their track record. Beware of the pitfalls of finfluencers.

It would be a stretch to say financial advisers have become irrelevant in the digital age. It would be like saying physical bank branches have become irrelevant. While they might not have the same grip on the overall market, the internet has created a disruptive innovation, forcing them to change.

The Challenge Of Staying Relevant

Financial advisers must ensure they work with AI, which often provides unique insights that are readily available to speak to their customers as and when required, given the 24/7 nature of many markets, with crypto being the most prominent example. 

They need to have a strong presence and a visible business across a multitude of social media platforms, so long as they can keep up with this demand, they stand the best chance of surviving in the digital age.

The need for financial advisers remains; in fact, in the age of credit, some could argue that a good financial planner is more important now than ever, but they need to be flexible with how society has changed and become more digital. 

The proof is in the pudding; it’s just that the market has become more global, 24/7, and only the best in the field have been able to leverage these changes to their advantage. Even as AI continues to disrupt our lives and change the way we seek advice, the best financial advisers will remain relevant and viable.