Blog Industry Knowledge → Advisor of the Future: Empowering the Fearless Mindset
Share the Story

Join thousands of firms that empower clients to invest fearlessly.

Advisor of the Future: Empowering the Fearless Mindset

By: Derek Notman
Founder, Conneqtor

Riskalyze solved the “fear” issue for investors. What if I told you advisors have a similar issue? Let me paint you a picture.

As advisors, our job is to help our clients realize their hopes, dreams, and goals. We do this by helping them with their money. This help takes many forms; help with investing, insurance, planning, and sometimes just an ear to listen or shoulder to cry on.

As you know people don’t make decisions with their money, or almost anything, when they are feeling a sense of fear. Fear can cripple us. Fear stems from not knowing something, “fear of the unknown”, making us feel anxious and reluctant to pursue an idea or situation presented to us.

How do we overcome fear? Knowledge. Understanding. Context.

Fearless Investing Issue – Solved

Since 2011, Aaron Klein and his amazing team of absolutely great people have been empowering advisors to help their clients overcome their investing fears. They developed a simple yet robust technology solution to educate clients & advisors on what Risk is, how to quantify it, and how to use it to make better investing decisions. Talk about a game changer. Riskalyze did to Risk what Robert Parker did to wine, gave it a simple number we all understand.

Although we see just the Risk Number® at the end, the process to arrive at this number comes from years of experience, trial and error, feedback, and of course expertise. But human beings like things to be simple. We have been using a 0-100 number system since grade school, we are used to it and prefer it, especially when it is given from a credible source.

The challenge now is that advisors are facing their own fear issue.

The Advisor Fear Issue

Riskalyze started the same year Zoom did. Crazy to think, right? For 10 years both companies have been empowering their users to do more. Yet, a lot of advisors are still stuck in 2011, or even worse, 1985. Why? Because that is still what is taught and encouraged by 99% of our industry.

Ideas, strategies, tactics, infrastructure, etc. that were all taught and put in place many years ago are being forgotten by time. Let’s face it, advisors have a hard job, especially in the early years. Once they hit their stride do they really want to go through more growing pains, especially when they don’t understand or have the knowledge to do it? Isn’t that fear?

Most advisors have a fear of change.

I believe this fear stems from a couple of deep-rooted issues:

  • Fear of losing clients
  • Fear of losing income
  • Fear of not being able to pay their bills
  • Fear of not knowing if the “changes” they are being told to make will work
  • Fear of not knowing where to start, what to do, and how to do it

These are all valid fears but fears they can overcome!

Like our investor clients, we need to be educated, empowered, and shown the way in order to kick fear to the curb and make decisions that will help us and ultimately our clients.

The Advisor of the Future is Fearless

Even before COVID-19 hit us in 2020 the world had been experiencing exponential change. That’s what mega-trends are, macro changes that affect us all and actually lead to changes in human behavior. We don’t devolve from these changes; they are set in stone.

Think about it. Since the late 90’s so many things have changed:

  • We have been buying stuff online since 1995 (Amazon)
  • We have been renting movies online since 1997 (Netflix)
  • We have been dating online since 2000 (eHarmony)
  • We have been conducting virtual meetings since 2003 (Skype)

We bank online. We buy our groceries online. We have telemedicine. We do virtually everything online.

So, it is only natural that the advisor of the future evolves to work online with their clients.

I was early to this party when I went virtual in 2013. I started helping advisors around the world do the same in the Fall of 2019 with Conneqtor. As my friend Aaron Klein keeps jokingly asking me; “who did you know in Wuhan?” I can only chuckle and respond, “I got lucky”. But doesn’t luck favor the prepared?

Being prepared is how we deal with our fears. We learn. We understand. We grow.

Riskalyze have been supporting advisors with their awesome tech for a decade but they didn’t stop there. They have provided additional value-add resources like highlighting the best advisor websites of 2020 (hey, I’m not on this list, lol!), preparing a guide to virtual meetings, and even creating their own virtual meeting tech to make it easier for advisors and clients to conduct virtual meetings. This all empowers advisors to be fearless. We all win this way.

Financial Advisor 2.0

America 2.0 is here, brewing as we adapt and evolve from the pandemic. Advisors have the same opportunity. I called this opportunity Financial Advisor 2.0 in my recent LinkedIn newsletter article. The world has changed. Technology spurred the evolution of human behavior and expectations. The financial advisor of the future (today) is embracing everything around them. They are pushing the envelope, learning, gaining knowledge, and pushing their fears aside to realize the success they desire.

Unlike the dinosaurs, advisors have a choice to deal with their fear and evolve, or go extinct. The tech, the people, the resources are all literally at our fingertips to help us overcome our fears as advisors and thrive in the digital world we live in.

What will you choose to do?

Riskalyze Fearless Investing Summit 2021

I had the good fortune and opportunity to present at the Virtual Riskalyze Fearless Week in 2020, it was amazing! So many great people and new relationships/friendships formed. My presentation was titled The Brick & Mortar Advisor is Dead and apparently was very well received.

Well, 2021 is going to be even better….This year’s Fearless Investing Summit is in person and yours truly is one of the speakers! I am so stoked to see so many great people in person and to share more on where I see the industry heading and what we all can do to take full advantage of the world we live in and thrive.

I hope this article resonated with you and I look forward to meeting so many of you in person later this year.

Sending positive vibes your way,

Derek Notman

Watch a Tour

Request a Demo

Book a Demo

Chat Now