Nevertheless, physical advice will continue to be a key component in customer acquisition and the sale of financial products in the future. An ongoing, individual and personal relationship between the advisor and the client is becoming increasingly important, as individual advice and the client-specific knowledge that reputable advisors possess are not interchangeable components.
Key factor of digital advice
Digital consulting tools support the sales process without media discontinuity in electronic and personal interaction. The customer needs or the ROPO effect of the hybrid customer can thus be optimally addressed.
In order to meet the customer’s need for trustworthiness, reliability and professional qualification of advisors, consideration should be given to the introduction of standardised standards for independent and high-quality advice. In the future, pension and financial services should be issued or restricted on an individual basis depending on the skills and qualifications of the advisors. It would also be worth considering a public and independent client advisor comparison, where clients would have direct insight into the advisor’s skills, qualifications and job evaluations.
“Customer relationships should be carefully nurtured, because trustworthiness, reliability and empathy are virtues that cannot be replaced by digitisation”.
Hybrid consulting as a virtuous trade
For the advisors of the near future, the differentiation strategy should lead through personal, long-term and hybrid advice. Today, as in the future, advising on money is a matter of trust. Clients want a flesh-and-blood advisor to whom they can entrust all aspects of their assets. The aspect of personal advice is crucial in order to secure the sale of financial services and achieve the necessary margins. Customer relationships should be carefully nurtured, because trustworthiness, reliability and empathy are virtues that cannot be replaced by digitalisation. In addition, financial service providers should focus on low fluctuation, as this strengthens customer loyalty to their own institution.