Updated: Jul 17, 2020
Almost every week sees the release of new gizmos & gadgets designed to make our lives easier. From AI trading Bitcoin on our behalf to credit cards on wrist watches, the marvels we have come up with never cease to amaze. There is a crucial element we regularly seem to overlook: The human element.
In a co-authored book, 'We are still Human, & Work shouldn't suck' Brad Shorkend explained how he and Andy Golding investigated what the best organisations around do to be great places to work at. The common thread was always the human element which demonstrates that although technology is rather clever, a human will always have a more personal understanding of another human. This is especially true in the Financial Services field.
Technology is to modern man as the flint stone was to the neanderthal, a tool. As a millennial it takes a lot for me to have to admit it. So I guess the trick is to learn how to use the tool in a way that amplifies instead of replaces the human element.
"The wheel works - so stop reinventing it, but consider adding more spokes. It'll last longer."
Through the development of 20Twenty, the core principle was based on the question, "How do we use technology to effectively bring together advisor and client?". The advice process (the wheel) is still turning, but can be done more effectively (adding / removing spokes) to enhance the advisor's expertise. We can now say that 20Twenty in no way replaces the advisor. In fact, the advice that is offered is not only more effective, it challenges advisors to enhance their offering and their ability to adapt to new ways of servicing their clients.
With 20Twenty we have attempted to assist the broker with all the administrative stuff so as to free up time for the important things. We have done this by the simplification of practice management to allow the advisor to spend time on engaging and collaborating with clients. This collaboration has further been simplified with an easy-to-use Financial Needs Analysis which allows the advisor to guide the client through the process without over complication. Not only have we simplified the process, but with 20Twenty it can be done remotely. Given the gloval COVID-19 pandemic, this not only safe, but saves the advisor travel time as well. In this case, simplification is the key to effectiveness.