Key Takeaways:
- Identify human irrationality that influences financial decisions
- Deepen understanding of human emotions
- Learn strategies to help clients overcome irrationality
Matt Reiner (00:06):
I think it's a really fun presentation. We are going to have engagement, so if you do not like engagement, you're more than welcome to walk out. I am going to ask on some involvement and if I do not get it, I am going to call someone out. So I am just preparing everybody for that. Okay, and that's kind of my disclaimer, but we are going to go through a few things here. We are going to talk about how the future of this industry, that firms will be business sized. We are going to talk about Psychology and how Psychology's going to become prominent more so than ever, and then we are going to talk about how Technology will be used to connect and this is kind of our journey that we are going to go on. Given that we have about 32 minutes or so, we may not get, I may rush through some parts of it, ensuring that we get through all of it and hopefully having some Q and A.
(00:51)
If not, I'll be around the rest of the day and into tomorrow. Happy to chat as well, but we are going to do an exercise that is correct, that's not typo, a PB&J exercise just to get going. This is where there's going to be some involvement or I might ask for some participation. And then we are going to talk about the business ization. We are going to talk about why this industry's really great and for advisors out there, I am actually going to give you some data and a story of why you probably should just raise your fees as opposed to lowering your fees. So that's always exciting to come into a presentation where maybe we make a little bit of extra money and we are talk about some action, some tools utilized and we'll talk about the future of Technology in our space. This presentation here before was great and then the women of Wealth Tech presentation talked a lot about the future of wealth tech that I think I am aligned with very much so.
(01:43)
This is our journey that We are going to go on. I always like to start before just getting into it and talking to you. I always think it's a personal business, it's a relationship business. I like to share a little bit about myself and so that is a real picture of my family. I realized that I sent this in about two months ago and some of this is needs to be updated, but I am a Managing Partner with 3 different RIA firms. I am very fortunate in that side. I've seen, we have a Henry business that focuses on hiring, not rich yet. We have a traditional business focus on Millionaire next door and then we have a ultra high net worth business as well that focuses on alternatives. We founded a wealth tech company. That's actually my best learning experience that got me into this future. Unfortunately, Benjamin has retired, he's gone off into the sunset, but it was an amazing experience that we ran for eight years and then I published three books.
(02:32)
So, Dr. Cole Cash, we'll see you now as our most recent series and we'll talk about some of the findings that I have from that book and the research that we did for that book. As you can see, two kids, my son now is actually four years old and my daughter is now one and a half. If anybody wants to borrow kids for a few days, weeks, months, whatever it may be, they're great and I am happy to send them to you. Graduated from ASU Arizona State University, but I am a huge Georgia fan and I have to put this in. I am a recovering perfectionist, so sometimes I try to make things overly perfect, but I am working on it. Hobby of choice is golf book I am reading that's actually needs to be updated. It's actually, it's called The Minds of Champions and it's by Bob Orella.
(03:12)
If you're in Psychology, it's a phenomenal book about how to kind of think about and have this mindset that keeps you confident and persevering throughout. And my favorite quote, nature has not given us such a generous and free hand of space of time that we can have the leisure to waste any of it. I am a big believer of let's make the most of every moment. So let's have fun here with this presentation. Alright, we are going to jump into the main point of the interaction that I am asking of the group. I am just curious. I usually say well write it down over two minutes or five minutes. I do this with all of my new team members. Every single day or every single training session that we do, we do this and it's, it gets good engagement, so I hope it does the same here, but I am not going to make you take time because it's always awkward me staying up here watching you. All right, so I do not like to do that anymore. I just want to go into saying who wants to maybe take a stab at just very briefly the steps of making a peanut butter and jelly sandwich? And I promise there's a point to this exercise. It's not just to have y'all tell me how to make me brown jelly sandwich. Who wants to try it out? Anybody? We got one right here that thank you. Okay,
Joanna (04:20):
So get the bread out of the bread box. Okay, put the bread in the toaster, wait for toaster to pop, put toast on plate. Grab butter first and butter both sides of the toast. Then grab the peanut butter from the cupboard unscrew. Put it on nice and thick. Screw it. Back up. Put it back. I forgot to tell you I grabbed a knife in this period of time. Grab the jam from the fridge. Open up the jam, put it on nice and thick.
Matt Reiner (04:48):
What kind of jam?
Joanna (04:50):
What kind of jam?
Matt Reiner (04:51):
Strawberry grill.
Joanna (04:52):
The only type that I have.
Matt Reiner (04:52):
Raspberry. Okay, raspberry pizza smith, raspberry jam. Okay. Is in the fridge. Very good.
Joanna (04:57):
Put that on. Make sure that there's nothing like ping through the holes of the bread. Squeeze it together, squish it.
Matt Reiner (05:02):
Now, do you cut it diagonally or you cut it vertically?
Joanna (05:05):
I am cutting in the middle because I am using dry bread.
Matt Reiner (05:08):
Okay. All right. Anybody else want to take a step? One more just like quick. I won't hold you to it. That was very good by the way. Thank you. What was your name? Joanna. Joanna. Thank you Joanna. Anybody else? We got one in the back.
Matt Reiner (05:28):
Fair enough. So I actually in all because all my spare time, I decided to take two minutes and this is my handwriting. It's chicken scratch. My son didn't write that. That's really my handwriting. It's it's terrible, but I took two minutes and I jotted down all the steps and this is where I got right, open the pantry, grab the bread, grab the peanut butter, put bread and peanut butter on the counter near the sink, open the fridge, grab strawberry jelly, more of a strawberry jelly guy, and I am sorry, I know that you do not like peanut butter and jelly. I am sorry. Next time we'll do grilled cheese. Maybe put the strawberry jelly on the counter to the PowerPoint. Oh, for several words, word grab a knife, right? These steps go intricate, right? If we would've gotten another person to come in, they may have done it a little bit differently and there's multiple steps that we are leaving out in this process and you can see the difference if I cut mine diagonally and Joanna cut hers vertically.
(06:16)
We now have inconsistency in a process of making something so simple if we want it to be the same way every time. We want the process to be the same way. Now I also went very deep and I also did the actual steps for PB&J and you can argue with me on this. I did this pretty quickly, but there's 34 steps, but the problem is that step 30 is repeat steps 23 to 28. Again, there's a lot of steps that go into this process that seems so simple and intuitive that we all know how to do this right? Even if you haven't made peanut butter jelly sandwiches, even if you do not like peanut butter and jelly sandwiches, you know how to make a peanut butter and jelly sandwich. And so you'll say, all right, Matt, let's get to the point. I want to move on and talk about the future of financial advisor, but there's two reasons why I believe that this is so important to this conversation.
(06:59)
First, it exemplifies the curse of knowledge and the curse of knowledge is going to inhibit advisory firms from growing in the future. This presentation here was talking about AI, and I kind of want to actually take a step back because we always talk about the tools and the innovations, yet we do not talk about the steps necessary to start getting the most out of those tools and innovations and the curse of knowledge is one of the things that hurts our industry the most when it comes to utilizing new technologies and getting standardization across our teams to have a consistent client experience. And why is that? Because the curse of knowledge is all about this idea that when we do something so frequently, we start to forget the steps that make up the process, which makes it hard for us to train new people to do it consistently.
(07:45)
So if you're in a firm or an organization that's looking to grow and you want to have a consistent experience that's proven in order to get it, it's like a game of telephone to continue to be the same way all the way through. We've got to understand each individual step open the bread, do I tear the bag open? Do I unscrew the little twist tie? Do I do it from the bottom? Do I do it from the top? We all intuitively know that because we've done that, but when you're new to this, you do not and you've got to break your steps down. And the curse of knowledge hurts us, inhibits us from being able to do that. And that makes it difficult because the next step is standardization. This is actually the future of our industry and everybody, when you hear the word standardization like, well Matt, this is a people business.
(08:24)
We got to be unique. We do it all differently. All of our clients, we do not want them to be numbers, and I agree a hundred percent, but your clients do not know how everything's done in the background. They expect it to be done the same way and to have this understanding of consistency of what they're going to have delivered to them every single way. And so this word standardization gets this bad stigma in our industry because it's like, well, We are no, We are personalized, but what I am talking about here is we need to create standardization in our processes because the way that firms are going to differentiate themselves in the future is by the service model and the uniqueness of that, not necessarily the uniqueness of makes maybe their investment philosophy and standardization is going to allow us to do more and be more and spend more time doing what we do best as humans, which is really about building relationships.
(09:13)
And so I want to talk about real quickly about this industry as an opportunity because this industry is amazingly poised to innovate, amazingly poised to benefit from the advancements of technology and amazingly poised to make an extreme impact. And the trend in this industry is growing rapidly. You can see here 120 trillion, this is just in the RIA industry right now. This doesn't include burger deal just in the r a industry and it's almost a hundred percent in seven years. That's quite drastic growth. And you can see that there's been this ramp up really here from this point in time as it was kind of gradually going up, and that is massive opportunity that's happening in our space, and this was talked about here as well. Everybody's talking about the transfer of wealth, tons of opportunity. We all hear about it. These are the data points that around it.
(10:03)
You see baby boomers have now been eclipsed by Gen X and millennials combined, but this is really the area that I think is most interesting and really what's going to either make or break or separate the firms that do and serve clients in a unique action oriented service model versus those that kind of go into the background. This is showing from 2015 to 2030, 2015 to 2030 how the share of net wealth is going to go. And right now, baby boomers, and I am not saying do not focus on baby boomers. Baby boomers focusing on baby boomers is the right thing to do right now because they have 50% of wealth and even in 2030 focusing on baby boomers is still a great business model that's going to be very successful. But what you see in the interesting thing is that the Gen X and millennial generation then eclipse 47% over 45%.
(10:53)
They eclipse a baby boomer generation of the share of household net worth. And what this actually does, everybody talks about the money changing hands. What we do not talk about is that a $3 million client that's in here and it's 50% that then passes away and transfers wealth is usually transferring it to two or three heirs, which means that now firms for the same revenue are going to serve three families as opposed to one family and they have to do it more innovatively, more service oriented, and that in where the challenge comes, we've got to create time and capacity in order to serve more people for the same revenue. That's the real challenge that We are going to have because we have to keep all three of those people to have that same worth. Now, yes, you have more people you can potentially serve, but now we have to manage more families that are three unique families, is more difficult than one family there.
(11:44)
And this then gets us to the opportunity right? There is opportunity with all of the innovation that's out there with all of the continued exponential that's happening in our industry, there's great opportunity if we just look deeply into what we do every day. And this is a chart by Michael Kites who we all know very well and respect and what he shows is the hours spent by a typical financial advisor. And you can see in this chart that there's really 41% of all of our weeks that is being done or we are doing automatable tasks, we are actually doing things that with the advancements in technology as simple as like a workflow and ACRM or using the right CRM to generative AI, we can now actually automate and get back time. Now we can maybe start serving more families. And so the opportunity is to say, how do we go and find these areas, break them down, understand them, overcome the curse of knowledge to create standardization, to bring this down from 41% down to 15 or 10%.
(12:47)
That is the opportunity that presents itself into the next 10 to 15 years in our industry. So this is actually a terrible slide I was looking at on the way up today, and it's not a great slide, so next time We are going to change it, but I love the quote, the quote is really good. It says, in essence, machines are doing what they do best, performing repetitive tasks, analyzing huge data sets, handling routine cases, generative AI, AI in general, robotic process automation, whatever you want. And humans are doing what they do best, resolving ambiguous information, exercising judgment and difficult cases and dealing with dissatisfied customers. This comes from the book Human Plus Machine. If you haven't read it, it's a phenomenal read. It's a really, really great book talking about the difference of how we work together, and I think that this quote goes to the core of how technology and humans are going to be working together in the future.
(13:37)
We have to shift our mindset to what our value is. Our value is in the relationship. Our value is not necessarily in analyzing data or necessarily even putting together portfolios. Technology can maybe do that better. We can be better at explaining that and resolving issues with clients. Now, before we get into it, I want to talk about where the human, I want to dive into some of this human stuff and show you where the value the human comes in. And we've talked about behavioral economics has become more and more of a staple in our industry. More and more people talk about it. I know a good buddy of mine, Daniel Crosby's talking tomorrow. He's done a ton of with behavioral economics. I want to show some of that, but before I do, this is kind of the other part of our interactions, very simple. I just want to make sure we level the playing field for a second.
(14:25)
And the first way I want to do that is just start with something simple, right? Anybody want to take a stab at what the sum is of one plus one? You can just yell it out. Two. Two, thank you. Anybody disagree in this room? Okay, great. We are good. Now, who would rather, would anybody rather $50 if I had money, I do not have any money on me. I have digital tokens. I can send you maybe $50 or a hundred dollars. Who wants $50? Who wants a hundred dollars? Okay, good, we are good. So it's fair to say that we all believe in logic and rational thought. It's rational. One plus one is two, a hundred is better than 50. We all believe in that, right? And so do our clients believe in rational thought too, yet they do not make decisions with rational thought or logic yet we try to sell them and tell them and explain to them with logic.
(15:14)
And so what I want to show share with you is some examples of how our clients think about making financial decisions, which inhibits them. And this is why all of economic theory, all of our data that we utilize to sell and share to our clients is all based on rational, logical thought, but nobody makes decisions that way. So here's a study that's done by Dan Ariely many years ago. If you haven't read any of his books, you're rational, predictably irrational, all those types of books, phenomenal books, but he talks about this one study, it's called the PEN and SUIT study. So he takes one group and this one group is going to buy a pen for $25. I do not know what type of pen it is. It's a really nice pen, I guess $25. They go to a store and he goes to them and says, well write down the street. 20 minutes down the pen is only $10, a 50, 50, $15 savings. And he wanted to see how many people would go. How many people do you think went to drive the 20 minutes to the next store to save $15? More than half, about 80%, right? Makes sense. Okay. Gas prices were cheaper then as well. Then he went to the same, he went to another store, he went to a suit store and they were buying a suit for $465. He said, down the street, 20 minutes down the street, the same exact suit, same size, same color, same brand. Everything is selling for $450. How many people do you think got in the car and drove down to buy that suit?
(16:49)
30 per 30 there for 35%.
(16:53)
It's the same savings. It's $15, $15, doesn't matter the cost. Everybody says, well, percentages and everything, it doesn't matter. It's $15. Ra, we just talked about $50 is less than $115 is equal to $15, whether it's on a product that's $25 or a product that's $465, yet people didn't go. People do not make rational decisions when it comes to finances and spending money, and that's where the advisor's job comes into the second study is another Dan Ariely study, and this one's more in line. I usually do this question, but I am not going to do it with this group because y'all are too smart for it, is always asking about buying and selling stocks. We all know the idea of the concept of loss aversion, right? Losses weigh on us two times more than gains. That's why people do not buy or sell stocks that are down, even though they're dogs, they wouldn't buy them if they had the money because they do not want to take the loss.
(17:43)
That's loss of virgin. So they do not want to deal with that. This endowment effect talks about how the things that we have a higher value to us than truthfully they actually are or have a value to others. And so there was a study that he did at anybody, duke basketball fans or UNC basketball fans in the room. We are up, We are up north. If I did this down south, there would be a lot more. I forgot, I am sorry. So Duke basketball, big time basketball fans. Duke, UNC is a big rival down in North Carolina. And when they have a game at Duke University, the students just camp out waiting for tickets. It's like you have to wait overnight. They're camping sometimes three nights in advance and they go buy the tickets because they can buy them at face value. So what Dan Ariely did is he went down and did a study and he said to the students that had tickets and to the students, he didn't have tickets. He wanted ask them one question. The students say he had tickets. He said, what would you sell your ticket for? They own the ticket. They just got it. What would you now sell your ticket for? Average response is about a thousand dollars. These tickets are like $75. These kids are in college. They were a thousand dollars. He went to the people that stood and then they camped out that didn't get the tickets and said, what would you be willing to pay for the ticket? Anybody have a guess what they would say?
(19:04)
175, 175, drastic difference. We value what we own more than we value what we do not own. This is why it's hard. There's a lot of other aspects, but this is why it's hard for people to get rid of the dogs in their portfolio or some of those things that are lingering or some of those assets that they have that they do not need anymore. This is why it's hard for people to let go of assets that they inherit. There's another tendency behind that too, but that this is one of the aspects of it. And so these are the kinds of things that we need to start to understand about our clients that we have to help guide them through in order to overcome. And this is where our ultimate value hinges not in picking out an investment portfolio that has particular asset allocation, etcetera. And this is where our time needs to be spent.
(19:56)
This is why we need to create capacity. This is why we need to take that 41% down to 15% so that we can spend more time here. Now, anybody whose clients are calling them saying, I am feeling really comfortable when they see headlines like this, terror hits home crisis on Wall Street, jobless claims down, this causes fear. This is what we have to manage with our clients that we do not have, that we need to create capacity for. And these are what the information that they're seeing every single day. And I love this. I was looking at this. This is actually kind of, well, you can see it a little bit better here, but this is what your clients are seeing every single day. I pulled this up on the phone. This is not photoshopped, I promise AI did not create this. I literally took this as a phone, as a screenshot from my phone going through Jeremy Siegel, one of the most prominent names in the industry.
(20:46)
He's saying he sees stocks rallying 10 to 15% in 2023. Ray Dalio, another guy I respect, I trust a hundred percent. He says cash is more attractive than stocks and bonds. Okay, here we go. BlackRock's, rig reader, another prominent name in the industry that I have tons of respect for and everybody does favors, bonds, international stocks over US equities. Now come on, what do I do? These are the kinds of things that your clients are seeing that they're trying to make decisions on to figure out what do they go do with their financial situation. And you wonder why everybody's so worried about what's going on in the world. How do I even digest that? Three people I trust all telling me something different. How am I supposed to know what to do? This is the job of advisors in the future and we have to leverage technology.
(21:34)
We have to leverage psychology to help our clients overcome it because that's what's going to be the difference between making them reach their goals and not necessarily the asset allocation by itself. And so this is what we have to control, and this is what I talk about in my book, Dr. Cole Cash. We'll see you now is the emotions. What time do I have till I forget? 2 25. Yeah, okay, I got to run through these. Then. Fear and guilt and shame and envy. We all know all these. Not having enough money, feeling guilty, having more than your friends. Also, guilt also plays into it. Did I do? I do not want to look bad. I do not want to. That's kind of the shame side. Anybody ever go to the doctor's office? And that question, how many drinks do you have a week? Right?
(22:16)
Two. How many glasses of wine? One. And that's like all BSS. We feel shameful. And you think about, I tell everybody, clients coming in to talk to their advisor feel the same way you do when you go talk to your doctor. They do not want to say they haven't saved. They do not want to say they only have 40,000 and when they should be having maybe they think 150,000. This is what We are dealing with and we have to figure out how to overcome that to get our clients where they can. Because all we can do, all our doctor knows. My doctor thinks I drink two glasses of wine a week. I am lying. I am lying. Drink like two glasses of wine a night with my young kids, but that's a lie. But he can only diagnose me based on that information. But I feel shame and guilt. I had a client once that he came in, I was managing both his money, him and his wife's money, and then his best friends and wife's money.
(23:07)
They were two drastically different people. One had 15 million, the other one had $2 million. They didn't know what they had. They didn't talk about what they had. The one that has $15 million just bought amazing new speedboat, big house in Florida, did all that. The other client that had $2 million, I mean very amazing, perfect. He came in, he wanted to buy a speedboat. He's like, Jimmy bought a speedboat so I want to buy the same one. And I was like, he's like, can we maybe buy a different boat? His speedboat he wanted to buy was $150,000 and it didn't happen. He bought the boat now since had to sell his house. He's tried to keep up with the Joneses and I was able to experience this in real time because I wasn't able to help him overcome. Oh, the envy that's there. And this is where our challenge comes.
(23:50)
So I want to run through this. This is the slide. If you want to take a slide of telling your clients that you need to raise their fees, this is the slide to take. You can use it if your clients fire you. do not blame me, I can't pay you for that, but you can try it with them. So we did this from this example, from 2019 through 2020. That period of time was a tough period. There's a lot going on, a lot of uncertainty in markets. This is the S&P 500, this purple line. And so what we did is we had two scenarios. We said there's two people Nervous, Nelly and support system. Nervous Nelly had a hundred, they both had a hundred thousand dollars Nervous Nelly rode this market right up. Everything's going bad though. They buy more at this correction.
(24:31)
Why doesn't the Fed do anything? Why isn't the Fed saving us? Save us Fed. Come on, save us. Alright, I am out. This is terrible. We are down here. And then they keep going. They're like, oh gosh, I'll fall again. I know it's going. They're like, what's going on here? Oh, I knew it would recover. And then they buy back here. Anybody know people like that that just follow that, right? We all know those people. So that's, that's Nervous Nelly, she had, they had $86,500 at the end, so they lost a little bit of money. Now, support system, Sally, who has a financial advisor who's managing emotions says, no, let's keep holding. We are not going to let this rollercoaster drive us. And they stayed investing. They have 130,000 just over this period of time. This is what, 18 months roughly? That's $45,000 in value. Is that worth percent in fee?
(25:15)
I think it is. But we not good at communicating that to our clients. We need to get better at communicating that to our clients because that's extreme value that they do not see. They only call us and say, why did we lose money? They do not call us up here and says, thanks for making me money. They do not. Losses hurt more than gains. And so we need to be better at showing our value. So here's how we overcome your rationality. I am going to talk about two of these really quickly and I can send you these slides if you'd like, but act as a psychologist, not as an analyst and leverage your technology. I want to talk about those two really briefly here before we wrap up this act as a psychologist, not as an analyst. We are all in this industry. I mean, I got my CFA and CFP.
(25:53)
I thought coming out of college I was going to run a hedge fund or a venture capital fund and do all that type of stuff. And now I talk about psychology, like what the heck? I always thought like an analyst. But I saw that the real value comes in thinking as an acting, as a psychologist. And a lot of this becomes really kind of simple, but I love this Seesaw. Advisors think they need to talk and explain everything so much and so verbose. But reality is we need to help our clients come to clarity by asking the questions and listening too often. We ask a question and we do not listen to hear what they say. We listen to provide a response and provide an action for them to take. And we need to be better at listening and finding ways to relate with our clients.
(26:31)
We ask them all this information, but we do not tell them anything about us. We do not want to be friends with them on Facebook or Instagram because we do not want them to see me having two glasses of wine at night. But we ask them if have two glasses of wine at night and we expect them to tell us. And so we need to change this mentality of creating this relationship with our clients. And I always talk about the gift of going second. Why did I tell you about myself at the beginning? Not I like to talk about myself. I want there to be some sort of relation that you can see in me that I am a human, all the same. We all have the same challenges, we all have the same kind of, we may come from different backgrounds, but we are all very human. And the gift of going second is this idea of being vulnerable at the beginning to open our clients up to expose to us those things that we want to know.
(27:17)
No doctor comes in and says, gosh, I just had a rager last night. I had three glasses of wine and talking about his kids and his family. They do not talk about that. They just come in and just start pinging you with questions and you're now on the defensive. The gift of going second is this idea of let's talk about us not to be egotistical, but to open up this environment of community to be able to dive deeper into the psychology of how the clients are thinking to get the information to help them overcome those, reach their goals. The second is leveraging your technology to get your time back. And this is very just simplistic, but we all try to jump from this, Sol, we jump from this solution, then we identify a problem and then we wonder why the technology doesn't work the way we want because we went backwards through this whole process.
(28:03)
We've got to actually define what our processes are. We've got to go and overcome that curse of knowledge. Then we've got to document it. We've got to be priced, be precise. We've got to continuously review it, make it easily accessible for our team to understand step by step with checklist if you like them. And then we can automate and then we can use technology. But this process, we overlook this because we say, well, everybody's going to know how to open an account at the custodian. Everybody's going to know how to do move money. Everybody knows how to run an annual meeting, but do they run it the same way that you run it or that is consistent that we know has worked time and time again. And this is the step of the process that I think creates firms lack of desire of trying new technologies is because they haven't done this yet and they jump straight to the solution and they do not know what they're solving.
(28:54)
They do not know what they're solving. And then they realize that it doesn't solve what they were hoping that it would give them the answer of what they would solve and then they dump it. And that's the problem in our industry. We do not want to take time to do this because we think we are above this and we are really not. We have to start here. And so I always talk about technology. Look, this is Michael Kit's technology landscape map. Everybody can read this word right here. Anybody can read this. No. I mean that thing is huge. If we go to this and we just try to find, look at all these cool technologies, all these are phenomenal technologies. I know a lot of them. They're all really great solutions and the industry. I was on a panel the other a few weeks ago and they said, what's, how do you like all this new technology?
(29:30)
Is it good or bad? I am like, I think it's great. We have an app store. You can go to the app store and you can find anything. Everybody can find different things. But nobody goes to the app store. I rarely just goes and looks. You're going and you're like, I need something for note taking or I need something for meditation or something. And you go find those apps. And We are using technology and these technology and landscape map the wrong way in our industry because this is opportunity. But we need to identify what is the problem we want to solve and then we can go deeper and drill in. So if we want to solve workflow automation, well maybe we can go and identify what is our problem. We are having a problem. We've identified all of our workflows. We want to start eliminating steps in those workflows.
(30:10)
So now let's dive deeper into workflow automation and let's go and talk to these people. Let's go test these out. Let's see how it solves the problem that we've identified as opposed to just going and trying to find the coolest technology that's out there. Open AI, Chat GPT, whatever it may be. And so this is how I think we need to think about utilizing technology to then streamline and create those efficiencies so that we can serve more families, serve them in the right way, create more value, and offer more services to more families as the wealth transfer happens. So here's some of my takeaways. Those psychology examples were showing you that you're never going away. Open AI. Chat, GPT, none of that's going to take that away. That is our value. And we need to double down, triple down a hundred percent down on that.
(30:53)
And that's how the human is never going away in this process. Managing emotions, fear, guilt, shame. If you just think about going into the doctor, we are doing that same thing with our clients and give the gift of going second. I am telling you, it is game changing. As I started to use it with my clients, it is one of the most thing, most eye-opening experiences I've ever had of doing that. And I got introduced to it by someone doing that to me and how I opened up to them. And our relationship was never stronger after that. And approach to tech, think about a different approach to tech. And if you ever want to continue, if you found any of this interesting or if you just want to give some charity, go sign up for my newsletter@mattryer.com. These are some ways that you can engage with me.
(31:29)
I am on LinkedIn, on Twitter, we have that actually is now 6,000 subscribers. So we've got another thousand subscribers, all wealth management professionals. We do three emails a week. We feel it's necessary to focus on yourself and your mind so you can be able to serve your clients. And then we talk about some tactical ideas and then we also talk about what's going on in the industry and how to create a better client experience. So mattrider.com to sign up for that newsletter, which is called The Circle because we think it's the circle of doing self skills and client experience. So really appreciate your time and your engagement. Thank you so much. Have a great rest of your conference.