Why advisors 'must love technology more than they fear change'
Like it or not, digitally enhanced advising is here. If firms haven’t begun to transform their practices, they risk losing clients to competitors who have, Scott Klososky, founding partner of TriCorps Technologies, told wealth managers at BNY Mellon Pershing’s recent RIA Symposium in New York.
“Humans are integrating with technology at an extremely high rate,” said Klososky, whose firm advises companies on how to anticipate technology trends and provides cybersecurity services.
American society has entered the Web 3.0 era, Klososky said. Now that social technologies are connecting people, smart devices will start connecting things. After that, expect machine and data intelligence to combine and help formulate decision-making.
By 2045, get ready for “augmented humanity,” the widespread deployment of technology to enhance human capabilities and productivity, resulting in what the company calls an era of “transhumanism.”
For financial advisors, the stakes couldn’t be higher, Klososky warned.
Technology will continue to advance and become more sophisticated. The question for firm owners is when they will jump in, he says. “Are you going to wait until six other firms use the new technology? If you do, you will be at a competitive disadvantage, because reaction time is critical.”
Here’s what Klososky told advisors to do: